KUALA LUMPUR (Feb 27): MBM Resources Bhd’s (KL:MBMR) fourth-quarter net profit increased marginally to RM97.72 million, from RM94.59 million a year earlier, driven by better performances of associates.

Earnings per share for the quarter under review came in at 25 sen, against 24.2 sen previously, the group showed in a bourse filing on Thursday.

Revenue for the fourth quarter ended Dec 31, 2024 (4QFY2024) decreased 5.5% to RM660.86 million, from RM699.58 million in 4QFY2023, owing to lower supply of Perodua vehicles at year end, and reduced Volkswagen volume due to lack of new models.

“Sales volume of commercial vehicles under Daihatsu remained challenging as well due to model limitations, among other factors,” MBM Resources said.

The auto retailer and parts manufacturer did not declare any dividend for the latest quarter.

For FY2024, net profit was flat at RM332.99 million, versus RM331.23 million in FY2023. This was on the back of a 2.87% rise in revenue to RM2.49 billion from RM2.42 billion.

On its prospects, MBM Resources said: “The Malaysian Automotive Association reported a record-breaking total industry volume (TIV) of 816,747 units in 2024, surpassing the 800,000-unit milestone. For 2025, TIV is expected to remain stable, underpinned by upcoming model launches, government-led electrification initiatives, and higher consumer spending power.

“Nevertheless, the group anticipates facing key challenges, such as the implementation of fuel subsidy rationalisation, higher volatility of foreign exchange rates, and rising competition from local and foreign brands, especially from Chinese OEM (original equipment manufacturing) players. Despite these challenges, the group remains focused on long-term value creation for its stakeholders,” it added.

Shares of MBM Resources declined six sen or 1.08% to close at RM5.47 on Thursday, giving the group a market capitalisation of RM2.14 billion.