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DRB-HICOM

DRB-HICOM Berhad is a Malaysian holding headquartered in , , formed in 1996 through the merger of the government-owned Heavy Industries Corporation of Malaysia Berhad (HICOM) and the private Diversified Resources Berhad (DRB). As one of Malaysia's largest and most diversified business groups, it employs approximately 46,000 people as of 2025 and operates across six core sectors: automotive, and defence, banking, postal, services, and , with a focus on , , , and strategic s. In the automotive sector, DRB-HICOM holds a majority 50.1% stake in Berhad, Malaysia's national carmaker established in 1983, and manages assembly operations for brands including , , , , , and through facilities like the DRB-HICOM Automotive Complex in . The group also distributes motorcycles via subsidiaries like Boon Siew and , contributing significantly to Malaysia's , which represents a key pillar of its revenue. The aerospace and defence division positions DRB-HICOM as a leading contractor for the , with subsidiaries such as Deftech () developing and supplying armoured vehicles and logistics support, and Composites Technology Research Malaysia (CTRM) producing composite aerostructures for global clients like and . In banking, it owns Berhad, a full-fledged Islamic bank offering Shariah-compliant financial products through 68 branches nationwide since its establishment in 1999. DRB-HICOM's postal operations are led by Berhad, the national postal service with over 200 years of history, providing , parcel delivery, , and services across . The services sector encompasses education through DRB-HICOM University of Automotive Malaysia (DRB-HICOM U), a specialized institution focused on and management since 2010, alongside heavy industries and engineering solutions. Finally, the properties sector develops industrial parks, commercial spaces, and residential projects, leveraging a significant land bank in states like , , and Melaka to support economic growth.

History

Pre-Merger Origins

The origins of what would become DRB-HICOM trace back to two distinct entities: the Heavy Industries Corporation of (HICOM) and Diversified Resources Berhad (DRB). HICOM Holdings Berhad, the precursor to HICOM, was initially incorporated on 11 1910 under The Enactment 1897 as The New Serendah Rubber Company Limited, an focused on rubber plantations. Over the decades, it underwent several name changes and restructurings, evolving from plantation activities into broader industrial investments by the mid-20th century. In 1980, amid Malaysia's push for national industrialization under Mahathir Mohamad's Look East Policy—which sought to emulate and South models of development—the Malaysian government restructured the entity into the Heavy Industries Corporation of Malaysia Berhad on 27 November 1980. As a wholly government-owned public enterprise, HICOM served as the apex body for spearheading , with significant state backing to foster self-reliance in strategic sectors. Key early projects in the 1980s included the establishment of iron and steel production facilities, such as those under Perwaja Steel, and vehicle assembly initiatives, notably the national car project through Perusahaan Otomobil Nasional Berhad (Proton) in collaboration with , which began production in 1985. HICOM also oversaw motorcycle engine plants and related foundry works, aligning with the policy's emphasis on from East Asian partners. Diversified Resources Berhad (DRB) emerged later as a private-sector counterpart. It was incorporated on 28 August 1990 as Peerless Assets Sdn. Bhd., a focused on investment holding, asset management, and trading in commodities and resources. Founded by Tan Sri , who became its chairman, DRB converted to a and adopted its current name on 19 September 1991, listing on the Stock Exchange's main board in 1994. Early diversification efforts saw DRB acquire interests in automotive-related entities, including Automotive Corporation (Malaysia) Sdn. Bhd. in 1992, marking its entry into vehicle distribution and assembly beyond initial trading activities. These independent trajectories culminated in the 1996 merger of DRB and HICOM, consolidating their strengths into a unified .

Formation and Expansion (1996–2000)

DRB-HICOM Berhad was formed through the merger of Diversified Resources Berhad (DRB) and (HICOM) in 1996, a strategic consolidation driven by the to integrate automotive and industrial assets under a single entity. HICOM, which was predominantly government-owned at 95.8% as of , brought extensive expertise, while DRB, led by , had recently acquired a controlling stake in Proton Holdings Berhad for RM1.24 billion earlier that year, aligning with the government's National Car Project to bolster local automotive manufacturing capabilities. The merger's rationale centered on enhancing , reducing redundancies, and strengthening national industrialization efforts by combining DRB's diversified resources with HICOM's manufacturing base, ultimately creating 's largest conglomerate at the time. Post-merger, the company underwent initial restructuring to streamline operations, including the integration of Proton as a core to support automotive expansion and . In October 1996, DRB-HICOM established Sdn. Bhd. (DEFTECH) as a wholly owned to advance self-reliant , marking an early diversification into the and sector in line with government priorities for industrial growth. These moves occurred amid the onset of the in 1997, which prompted asset rationalization efforts from 1997 to 1999, such as divesting non-core assets to manage and improve while refocusing on high-potential areas like automotive and . By 1999, DRB-HICOM had begun expanding into property development, leveraging HICOM's existing land banks in areas like Glenmarie Industrial Park in Shah Alam to develop integrated townships and commercial properties through subsidiaries such as Glenmarie Properties Sdn. Bhd., providing a buffer against crisis-induced volatility in other sectors. On May 11, 2000, the company officially renamed itself DRB-HICOM Berhad, reflecting the successful consolidation and unified branding of its expanded operations. This period of formation and early expansion solidified DRB-HICOM's role as a key player in Malaysia's economic recovery, with government backing via entities like GOVCO Holdings Berhad—99.99% owned by the Minister of Finance Incorporated—ensuring strategic alignment and financial stability.

Key Developments (2001–Present)

In 2006, DRB-HICOM was acquired by Etika Strategi Sdn Bhd, positioning it as one of the three flagship entities within the AlBukhary Group of Companies and enabling further strategic alignment under new ownership. A pivotal shift occurred in 2017 when DRB-HICOM sold a 49.9% stake in Proton Holdings Bhd to Zhejiang Geely Holding Group Co Ltd for RM460.3 million in cash, alongside technology transfers and platform access, to revitalize the national carmaker's operations and global competitiveness. This transaction marked a significant pivot in DRB-HICOM's automotive strategy, fostering partnerships for new model development and export growth. Between 2018 and 2020, DRB-HICOM pursued a series of divestitures to streamline its portfolio and focus on core sectors. In March 2018, it disposed of non-industrial land assets and its entire portfolio, including hotels and resorts, to Prisma Dimensi Sdn Bhd for RM1.93 billion, exiting the entirely. Additionally, in August 2018, HICOM Holdings Bhd, a wholly-owned , agreed to sell its 97.37% stake in Alam Flora Sdn Bhd to Malakoff Corporation Bhd for RM944.61 million, a transaction completed in December 2019 that generated a disposal gain of approximately RM514.67 million. The from 2020 onward disrupted DRB-HICOM's supply chains, particularly in automotive and logistics, leading to reduced revenues and operational challenges across multiple sectors as global lockdowns hampered production and distribution. By 2023–2024, the group experienced profitability shifts, with net profit dropping 91% to RM22.55 million in FY2024 amid softer and higher costs, though rose 2.1% to RM16.2 billion. In Q2 FY2025 (ended June 30, 2025), DRB-HICOM returned to profitability with a net profit of RM58.09 million. In recent years, DRB-HICOM has pursued growth through targeted and acquisitions. In October 2023, its subsidiary Edaran Otomobil Nasional Bhd () made a strategic in , a subsidiary of Carro, to enhance automotive distribution and opportunities in the used-car . In August 2025, Composites Technology Research Sdn Bhd (CTRM), another subsidiary, agreed to acquire Sdn Bhd for RM403 million ($95.2 million), with completion expected in Q4 2025 following regulatory approvals, bolstering its capabilities with advanced composite manufacturing facilities in Subang. These moves come amid automotive market slowdowns, with 's total industry volume projected to decline in 2025 due to cautious consumer sentiment and intensified competition from new entrants.

Business Sectors

Automotive Operations

DRB-HICOM's automotive operations encompass manufacturing, assembly, and distribution of vehicles, primarily through completely knocked-down (CKD) operations for both local and international brands. The group assembles vehicles for marques including Proton, Honda, Mitsubishi, Isuzu, and Tata, supplying components and supporting production for these brands alongside others like Mercedes-Benz. This division operates as a key pillar of the company's activities, leveraging partnerships to produce high-quality CKD units tailored for the Malaysian and regional markets. Central to these operations are major facilities such as Proton's plant in Tanjung Malim, , which serves as a primary hub for vehicle assembly and is part of the Automotive High-Tech Valley (AHTV) ecosystem. This plant, operational for over two decades, handles CKD assembly for Proton models and supports the group's broader needs. Complementing , Edaran Otomobil Nasional Berhad (), a key subsidiary, manages an extensive distribution network with dealerships and centers across , facilitating the and of Proton and other brands. The group also provides essential after-sales services, including vehicle inspections through its wholly-owned subsidiary Sdn Bhd, which conducts over 3 million computerized inspections annually at 54 fixed centers and via 38 mobile units to ensure and compliance. Recent strategic shifts include electric vehicle () initiatives launched in 2022 via the AHTV collaboration with , culminating in the 2025 opening of Proton's dedicated assembly line in Tanjung Malim for models like the e.MAS 7. However, the sector faces challenges, with Malaysia's Total Industry Volume (TIV) projected to decline to around 780,000 units in 2025 from a record 816,747 units in 2024, amid normalizing demand post-incentive peaks. Historically, automotive operations have contributed approximately 50-60% to the group's overall revenue, underscoring their economic significance.

Aerospace and Defence Activities

DRB-HICOM's aerospace operations are primarily conducted through its subsidiary Composites Technology Research Malaysia Sdn Bhd (CTRM), a key player in the design, development, and manufacturing of composite aerostructures. CTRM specializes in producing advanced composite components, such as wing parts for A320, A350, and A380 , as well as engine nacelles and other structural elements, leveraging expertise in composite materials to meet standards. Additionally, CTRM has contributed to (UAV) development, including early work on tactical UAV systems that transitioned to its sister entity for further integration into defense applications. In the defense sector, DRB-HICOM operates through Sdn Bhd (Deftech), which focuses on the , production, and supply of armored and vehicles to enhance capabilities. Deftech's flagship product is the AV8 Gempita, an amphibious 8x8 multi-role wheeled armored vehicle developed in collaboration with Turkish firm FNSS Savunma Sistemleri, featuring variants for infantry transport, command, and mortar support, with initial batches delivered to the . This vehicle platform underscores Deftech's role in localizing advanced defense manufacturing, incorporating Malaysian-sourced components to reduce import dependency. DRB-HICOM maintains strategic partnerships with global aerospace leaders, including and , through CTRM's integration for critical components. These collaborations enable and certification under international standards, positioning DRB-HICOM as a reliable tier-one supplier in the global market. In August 2025, CTRM announced the acquisition of for RM403 million, expected to integrate its operations by late 2025 to expand aerostructures production capacity and deepen ties with and programs like the A220, B737, and B787. This acquisition bolsters CTRM's global footprint by adding specialized manufacturing for fuselage and wing assemblies. Through Deftech and CTRM, DRB-HICOM supports Malaysia's policy by localizing and fostering capabilities, aligning with national goals for sustainable industrial growth in strategic sectors. While primarily serving domestic needs, such as equipping the , these activities have facilitated limited exports of defense technologies and components to regional partners, contributing to broader economic resilience.

Banking and Financial Services

DRB-HICOM Berhad holds a 70% stake in Berhad, one of Malaysia's three independent full-fledged Islamic banks, with the remaining 30% owned by Berhad. Acquired in 2008 as part of the group's diversification into following its core automotive focus, Bank Muamalat has since become a key pillar in DRB-HICOM's portfolio, emphasizing Shariah-compliant banking solutions. The bank, established in 1999, operates 67 branches across 14 states and serves both personal and business clients with products such as hire purchase financing, personal loans, mortgages, credit cards, and deposit accounts, all adhering to Islamic principles. In June 2025, it launched Atlas, Malaysia's first faith-aligned platform, enhancing accessibility to Shariah-compliant services through mobile and online channels. Beyond , DRB-HICOM's extend to through its subsidiary DRB-HICOM Leasing Sdn. Bhd., which provides operating and rental solutions primarily for automotive and needs. This entity supports corporate clients with arrangements, integrating financial flexibility into the group's automotive ecosystem without venturing into conventional operations following the divestment of its Uni.Asia stake. Bank Muamalat maintains strict under Bank Negara Malaysia's oversight, ensuring all offerings align with Shariah standards certified by its internal Shariah Advisory Committee and external audits. The bank's growth reflects the broader expansion of Malaysia's Islamic finance sector, where it holds approximately 3.4% market share in gross financing and 4.1% in deposits as of mid-2024, supported by an 8% year-on-year increase in its financing portfolio to RM30.8 billion by June 2024. This positions Bank Muamalat to capitalize on the sector's projected 8% financing growth in 2025, driven by regulatory initiatives promoting Shariah-compliant products amid Malaysia's status as a global Islamic finance hub. However, the financial services arm faced headwinds in 2023–2024, including intense deposit competition and broader economic pressures like inflationary costs and subdued credit demand, which tempered profitability despite stable asset quality.

Postal and Logistics Services

DRB-HICOM oversees Berhad, Malaysia's national provider and the sole licensee for universal postal services, which delivers mail and parcels to over 11 million addresses nationwide. Established over 200 years ago, has evolved from traditional mail delivery to a comprehensive network encompassing services, fulfillment, and solutions. The company's core offerings include standard postal services alongside Pos Laju, its express courier arm recognized for dominating Malaysia's logistics market through an extensive channel network. Pos Laju facilitates parcel shipping via platforms like the SendParcel app, enabling seamless online bookings and tracking integrated into Pos Malaysia's ecosystem. This expansion supports growth, with handling increased parcel volumes amid Malaysia's rising online retail sector, which reached US$23.5 billion in sales in 2024. Pos Malaysia's logistics operations intersect with DRB-HICOM's automotive sector through specialized services like and parts transportation, optimizing supply chains for efficient . Key infrastructure comprises over 1,000 touchpoints, including post offices, Pos Mini branches, and agent networks, bolstered by recent technological upgrades such as cloud migration to for enhanced tracking and operational efficiency. In 2024 and 2025, Pos Malaysia reported growth in e-commerce logistics despite overall revenue challenges from declining traditional mail volumes, driven by initiatives like Pos Fulfill for advanced fulfillment and a sustainability push with 1,092 new electric motorcycles added in 2024 and 136 electric vans in 2025 to support greener deliveries. This aligns with market recovery trends, positioning Pos Malaysia as a key player in digital parcel services while DRB-HICOM streamlined its portfolio by divesting non-core assets such as Alam Flora in 2020.

Property and Infrastructure Development

DRB-HICOM's property and infrastructure development activities are primarily managed through its subsidiary Glenmarie Properties Sdn Bhd, which focuses on the creation of townships, commercial properties, and industrial parks across . This arm undertakes integrated developments that include residential communities, retail spaces, and industrial facilities, emphasizing strategic locations to support economic growth. For instance, the company has developed housing projects in and , alongside commercial and industrial sites in regions such as Melaka and . A prominent example of DRB-HICOM's contributions is the HICOM Glenmarie Industrial Park in , , a freehold industrial enclave spanning Section U1 that houses factories, warehouses, and business operations. This park, strategically positioned between and , facilitates and activities. Additionally, DRB-HICOM manages assets under government concessions, including developments that support public and industrial connectivity, building on the pre-1996 foundations of HICOM's industrial land initiatives in areas like . In 2018, DRB-HICOM announced a strategic realignment in its properties sector, disposing of non-industrial assets totaling approximately 890 hectares and its entire hospitality portfolio, including Rebak Island Marina Berhad, to focus exclusively on core industrial property development. This RM1.9 billion transaction with major shareholder Tan Sri Syed Mokhtar Albukhary enabled the acquisition of industrial land, such as in Tebrau, Johor, to bolster township and park expansions. The shift marked DRB-HICOM's exit from hospitality, redirecting resources toward sustainable industrial growth. Sustainability forms a core aspect of DRB-HICOM's property initiatives, with efforts centered on practices to minimize environmental impact. The company has pursued certifications under the Green Building Index (GBI) and GreenRE, exemplified by the Platinum-rated Building B6, 's first manufacturing facility equipped with (BIPV) for . Further, Composite Technology Research Malaysia (CTRM), a group entity, introduced a in 2022 that incorporates resource-efficient designs, aligning with broader goals across developments.

Other Services and Ventures

DRB-HICOM's involvement in is exemplified by the DRB-HICOM of Automotive Malaysia (DHU), established in 2010 as the International College of Automotive Malaysia (ICAM) and upgraded to in 2015, located on a 42-acre campus in , within the DRB-HICOM Automotive Complex. The offers specialized programs through its Faculty of Engineering and Technology, including (Hons) in Mechatronic Engineering and Technology (Hons) in Automotive Technology, alongside diplomas in mechanical and automotive maintenance engineering. In the Faculty of Business and Management, programs such as the [Bachelor of Business Administration](/page/Bachelor of Business Administration) (Hons) in Management and (Hons) in emphasize skills in business operations, , and ethical practices tailored to the automotive and sectors. These offerings aim to develop a skilled for 's industrial needs, with pathways to postgraduate studies like the . Beyond education, DRB-HICOM maintains a significant presence in the motorcycle manufacturing sector through its 70% ownership of Motosikal dan Enjin Nasional Sdn Bhd (), Malaysia's national motorcycle company established in 1995. , with the remaining 30% held by of , produces a range of scooters and motorcycles, including models like the Brusky and collaborations with partners such as for street bikes, contributing to export growth in markets like the where 4,522 units were shipped in 2024. The company operates from a facility in , and focuses on innovation, such as launching a new brand identity in 2024 to position itself as a global mobility provider. This venture diversifies DRB-HICOM's automotive portfolio by addressing two-wheeler demand and leveraging international partnerships for and market expansion. In recent years, DRB-HICOM has pursued strategic investments to bolster its diversification, notably through its wholly-owned subsidiary Edaran Otomobil Nasional Berhad (), which acquired a stake in Genie Malaysia in 2023. Genie Malaysia, a subsidiary of Singapore-based used car platform Carro, provides automotive financing solutions with an outstanding loan book nearing RM600 million, enhancing access to vehicle ownership via digital lending and inspection services. This investment integrates into DRB-HICOM's , supporting transactions and aligning with broader group efforts to adopt digital capabilities across non-core sectors. Overall, these , , and initiatives contribute to DRB-HICOM's resilience by expanding beyond traditional automotive and services into talent development and innovative financing, fostering long-term group stability amid economic shifts.

Corporate Structure

Ownership and Governance

DRB-HICOM Berhad's ownership is dominated by Etika Strategi Sdn Bhd, which holds approximately 56% of the company's shares as of September 2025, making it the majority shareholder. Etika Strategi is a private investment vehicle controlled by Tan Sri Syed Mokhtar Albukhary and forms part of the AlBukhary Group, following its acquisition of a controlling stake in DRB-HICOM in 2006. The remaining shares are held by minority interests, including institutional investors such as the Employees Provident Fund Board (EPF) with about 8.3% as of November 2025 and Lembaga Tabung Haji, alongside public shareholders, reflecting indirect government ties through these state-linked funds. The comprises five members as of November 2025, with a strong emphasis on independent non-executive directors (INEDs) who constitute 80% of the board, ensuring balanced oversight by experienced Malaysian business leaders. In June 2025, Datuk Idris Abdullah retired from the board due to health reasons, reducing the board size. Tan Sri Wan Zulkiflee Wan Ariffin serves as Chairman and INED, bringing over 37 years of experience from where he was President and Group CEO, and currently chairs boards of companies like Gas Malaysia Berhad and (Malaysia) Berhad. Tan Sri Syed Faisal Albar Syed A.R. Albar is the Group Managing Director and CEO, with a background in accountancy and prior leadership roles at Malakoff Corporation Berhad and Gas Malaysia Berhad; he also chairs Berhad and Berhad. Other key INEDs include Dato’ Ibrahim Taib (Senior INED, former Deputy CEO of EPF), Puan Uji Sherina Abdullah (HR expert and former Bursa Malaysia board member), and Madam Tang Saw Hua (finance professional and director at Petronas Dagangan Berhad). DRB-HICOM's corporate governance framework aligns with Bursa Malaysia's Main Market Listing Requirements, particularly Paragraph 15.25, promoting transparency, accountability, and effective board practices. The board is supported by specialized committees, including the Board Audit Committee (chaired by Dato’ Ibrahim Taib, comprising three INEDs for financial oversight), the Board Risk and Sustainability Committee (focusing on risk management and ESG integration), and the Board Nomination and Remuneration Committee (chaired by the Chairman, handling director appointments and compensation). On sustainability, the board oversees ESG strategies through the BRSC, with quarterly reporting and a dedicated Chief Risk & Sustainability Officer; the company issued its first Integrated Annual Report in 2024 using the International Integrated Reporting Council framework to enhance stakeholder disclosures.

Core Subsidiaries

DRB-HICOM Berhad maintains control over its core operations through several wholly-owned and majority-owned subsidiaries that span key sectors including automotive, postal, banking, , , and vehicle services. These entities are integral to the group's diversified portfolio and contribute significantly to its strategic objectives. In the automotive sector, DRB-HICOM holds a 50.1% majority stake in , Malaysia's national carmaker, which focuses on the design, development, manufacturing, and distribution of vehicles. The group also owns 70% of Motosikal dan Enjin Nasional Sdn Bhd (), a leading manufacturer that produces scooters and bikes for domestic and export markets. Pos Malaysia Berhad, in which DRB-HICOM owns a 53.5% stake, serves as the national provider, handling mail delivery, parcel logistics, retail outlets, and related aviation services across . DRB-HICOM holds a 70% stake in Berhad, a full-fledged Islamic bank offering Shariah-compliant financial products such as financing, deposits, and credit cards through its network of branches. In and , the group fully owns Composites Technology Research Malaysia Sdn Bhd (CTRM), which specializes in manufacturing composite aerostructures and components for global suppliers. DRB-HICOM also wholly owns Sdn Bhd (Deftech), responsible for developing, producing, and supplying armored vehicles, systems, and equipment to defense forces. Pusat Pemeriksaan Kenderaan Berkomputer Sdn Bhd (), a wholly-owned , provides computerized services to ensure roadworthiness and compliance for commercial and private in .

Associated Companies

DRB-HICOM maintains significant influence over several partially owned associates and joint ventures in the automotive sector, enabling strategic collaboration without majority control. These entities contribute to distribution, , and , aligning with broader automotive partnerships. A prominent associate is , in which DRB-HICOM holds a 34% equity stake; this handles the assembly and distribution of vehicles across . Mitsubishi Motors Malaysia Sdn Bhd represents another key associate, with DRB-HICOM's 48% effective interest supporting the sales and marketing of vehicles in the local market. Similarly, DRB-HICOM owns a 49% stake in HICOM Malaysia Sdn Bhd, which focuses on the production and distribution of commercial vehicles, including trucks and buses. Following the 2017 partnership with Zhejiang Holding Group, DRB-HICOM has developed additional Geely-related associates, such as the AHTV Alliance Sdn Bhd , aimed at fostering innovation in next-generation vehicles and electric mobility solutions. Through these equity positions, DRB-HICOM shapes industry strategies, leveraging shared expertise to enhance competitiveness in automotive operations.

Financial Performance

Historical Overview

DRB-HICOM Berhad's revenue demonstrated steady long-term growth, expanding from approximately RM5 billion in 2000 to RM16.19 billion in , primarily fueled by strategic diversification into sectors such as banking, services, and property alongside its core automotive operations. This expansion reflected the group's evolution from a predominantly base to a multifaceted , with automotive activities consistently contributing the largest share to overall revenue, often exceeding 70% in key periods. Profitability experienced significant volatility, particularly during the 1997-1998 , when the group incurred substantial losses due to its high debt exposure and economic downturn impacts on asset values. Recovery gained momentum post-2006 following the acquisition by Etika Strategi Sdn Bhd, which facilitated restructuring and operational efficiencies, leading to more stable net profits in subsequent years as the group refocused on core competencies and cost management. The asset base evolved markedly from an industrial-centric portfolio in the early to a diversified RM41.68 billion by , incorporating banking assets, property developments, and infrastructure investments that enhanced resilience. payments, suspended during periods of financial strain, resumed in 2017 with a payout of RM0.01 per share and gradually increased to RM0.03 per share by , signaling improved generation and shareholder returns. Debt management strategies played a pivotal role in stabilizing finances, with the group actively reducing leverage through asset disposals—such as stakes in non-core entities during the early —and efforts, lowering the net from elevated levels post-crisis to around 29.4% by recent historical assessments.

Recent Results and Outlook

In 2024, DRB-HICOM Berhad achieved full-year revenue of RM16.19 billion, marking a 2.1% increase from the previous year, driven by contributions across its key sectors including automotive and banking. The company's pre-tax profit for the year reached RM247.39 million, reflecting improved operational efficiencies despite market challenges. Performance strengthened further in the second quarter of 2025, with pre-tax profit surging to RM123.19 million, up significantly from RM25.93 million in the same quarter of 2024, supported by higher financing and income in the banking . Net profit for the quarter stood at RM58 million, a turnaround from a loss in the prior year period, aided by robust results in and defence activities. This earnings rebound propelled the company's stock to surge 17% in August 2025, reflecting investor confidence in the recovery. Looking ahead to 2025, analysts forecast annual revenue growth of 3.4% on average over the next three years, tempered by a moderate overall outlook amid sector-specific dynamics. The automotive segment faces headwinds from a projected decline in total industry volume, as anticipated by the Malaysian Automotive Association, while aerospace acquisitions, such as the takeover of Spirit AeroSystems Malaysia for RM491.3 million following shareholder approval on November 14, 2025, are expected to bolster long-term capabilities but introduce integration risks. Broader risks include competitive pressures in banking and ongoing automotive market softness, potentially impacting margins.

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