Its revenue rose to RM2.62 billion compared with RM2 billion previously, it said in a filing with Bursa Malaysia today.

In a statement, it said revenue for the six-month period ended June 30, 2021 (H1 2021) rose 29.4% to RM6.13 billion against RM4.74 billion for the same period in 2020.

DRB-Hicom’s automotive sector revenue for H1 2021 rose 52% to RM4.35 billion against RM2.87 billion in H1 2020 despite sales pressure as a result of the enforcement of the movement control order (MCO).

“This was largely due to sales of vehicles by Proton and other marques under the group as well as revenue from manufacturing and engineering companies such as PHN Industry Sdn Bhd and Hicom-Teck See Manufacturing Malaysia Sdn Bhd.

“Revenue came in at RM1.78 billion for Q2 2021, rising by RM721 million or 68% against the same period in 2020,” it said.

In the services sector, DRB-Hicom said Q2 2021 revenue slipped 9% year-on-year to RM791.83 million, as revenue from Pos Malaysia dropped.

“For H1 2021, revenue for this sector was RM1.66 billion, compared with RM1.70 billion for the same period last year,” it said.

DRB-Hicom noted that the lower contribution from its property development projects saw its properties sector revenue falling 28% against the same period in 2020.

For Q2 2021, revenue was RM54.91 million, compared with RM78.90 million in Q2 2020, while for H1 2021, the sector brought in RM124.57 million compared with RM172.24 million in H1 2020.

DRB-Hicom remains optimistic that the automotive sector will be the backbone of its business. With the implementation of the full MCO that halted vehicle sales, Proton and other marques within the group will focus on re-strategising its sales plan.

“For the remainder of 2021, the group is taking necessary steps to reshape its business to remain competitive in an unpredictable environment.

“The government’s decision to extend the sales tax exemption for passenger vehicles until Dec 31, 2021, is expected to lift overall demand in 2021,” it said.