KUALA LUMPUR: DRB-HICOM Bhd reported a net profit of RM74.46 million for the first half of 2024 (1H 2024), compared to a net profit of RM141.62 million in the same period last year.
The group's revenue rose to RM8.09 billion from RM8.08 billion in the first half of last year.
For the second quarter ended June 30 2024, DRB-HICOM posted a net loss of RM17.07 million on the back of a 5.6 per cent drop in revenue from RM3.98 billion to RM3.75 billion.
This was primarily due to lower sales in the automotive, postal and property sectors.
"In the automotive sector, Proton vehicle sales were affected by a scheduled plant maintenance shutdown during the quarter under review," it said.
In the banking sector, the group reported a significant revenue increase to RM1.04 billion in the first half, marking a 28.3 per cent rise from RM810 million previously.
This was primarily driven by higher financing income, resulting from increased financing volume, supported by sustainable growth and an expanding customer base.
The aerospace and defence sector saw revenue reach RM394.06 million in H1 2024, up from RM312.84 million in H1 2023.
This improvement was mainly attributed to the higher volume of product deliveries, including single-aisle aircraft and specific aircraft parts.
The services sector recorded a 7.7 per cent increase in revenue, achieving RM436.12 million in H1 2024, up from RM405.06 million in H1 2023.
This growth was primarily driven by the in-flight catering business, which saw a significant rise in meal preparations, and the ground handling business which benefited from an increasing number of flights.
DRB-HICOM said it will remain focused on embracing technology and driving digital transformation, particularly in its banking, postal and services.
"The group maintains a satisfactory outlook for the financial year ending Dec 31, 2024," it said.
DRB-HICOM said the introduction of new models from other brands within the group, along with the upcoming launch of Proton's first electric vehicle, the Proton e.MAS 7, is expected to have a positive impact on its automotive sector.