“While we anticipate economic fluctuations in some of our markets, we are confident that our strategic vision, resilient infrastructure, and dedication to excellence will sustain our momentum,” said Samsudin Osman in his chairman’s statement in the 2024 Annual Report.

Cautiously optimistic as the conglomerate approaches FY2025, he said the group remains devoted to fulfilling its vision to become the leading motors and industrial player in the Asia-Pacific region.

Meanwhile, group CEO Jeffri Salim Davidson described FY2024 as “interesting” with “strong” performances in some segments of its operations.

“Its Industrial Australia operations performed well on the back of robust commodity prices, and the resultant rise in mining activities.

“In Malaysia, the group benefitted from record automotive industry sales volume,” he said.

However, he said its China motor operations were severely affected by extremely competitive market conditions.

“FY2025 is expected to see a similar trend. Mining activity in Australia should remain relatively robust, but trading conditions in China will likely remain tough.

“Although demand for motor vehicles should remain relatively resilient, heavy discounting will only ease when the supply situation normalises,” he explained.

With trade barriers imposed against Chinese original equipment manufacturers (OEMs) in the US and Europe, he said Chinese automakers would focus on other markets, including the Asia-Pacific region.