KUALA LUMPUR: EP Manufacturing Bhd (EPMB) will continue to strengthen its core businesses and at the same time, pursue new market opportunities with substantial growth potential, according to group chief executive officer Ahmad Razlan Mohamed.
“2024 is set to be an exciting year for the group as we will start the construction of our new vehicle assembly plant in Melaka. We will manufacture and assemble vehicle models for BAIC International Development Co Ltd and Great Wall Motor Sales Malaysia (GWM).
“Working with prominent automakers will help us build awareness, branding, credibility, and confidence across the industry. I believe this will unlock even greater growth opportunities for EPMB, even as we continue moving up the value chain in line with Malaysia’s New Industrial Master Plan (NIMP) 2030,” he said in a statement.
In the fourth quarter ended Dec 31, EPMB posted a lower net profit of RM1.33mil compared with RM2.3mil in the same period last year.
The group reported a higher revenue of RM199.64mil, its highest in history, against RM186.7mil a year ago, mainly due to increase in sales of automotive parts.
EPMB’s net profit for FY23 surged more than 50-fold to RM20.22mil, compared to RM400,000 in FY22. Its revenue was RM648mil, 25.5% higher year-on-year versus RM516.3mil.