KUALA LUMPUR, Feb 21 ― Sime Darby Bhd’s net profit for the second quarter ended December 31, 2023 (2Q FY2024) jumped to RM2.29 billion as compared to RM389 million recorded in the same quarter last year.

Revenue soared to RM15.55 billion, or 37.7 per cent higher, from RM11.29 billion previously, the group said in a filing with Bursa Malaysia today.

Sime Darby said the significant jump in net profit was largely attributed to the RM2 billion gain on the disposal of Ramsay Sime Darby Health Care Sdn Bhd (RSDH) in December 2023.

"Core net profit for the quarter, excluding the gain on disposal, amounted to RM269 million or a 7.2 per cent improvement from the corresponding quarter last year,” it said.

Its chief executive officer Datuk Jeffri Salim Davidson said the completion of the sale of RSDH, which marked its full exit from the healthcare business, would allow the group to fully focus on the growth of its two core businesses, namely industrial and motors.

"We also completed the acquisition of UMW Holdings Bhd. We are very excited that through this acquisition, we will be adding two leading mass-market brands, Toyota and Perodua, into our portfolio, helping to broaden our earnings and unlock further value for the group.

"Work is ongoing to ensure a smooth and seamless integration of UMW into the Sime Darby family,” he said.

For the first half period ended Dec 31, 2023 (1H FY2024), the group recorded a significantly higher net profit of RM2.88 billion as compared to RM596 million recorded in the same period a year before, while revenue advanced to RM29.53 billion versus RM23.47 billion previously.

In a separate filing with the bourse, the group announced its first interim dividend of 3.0 sen per share, payable on March 27, 2024. ― Bernama