NHFATT (7060) - NHF eyes 70% export revenue by 2021

NHFATT (7060) - NHF eyes 70% export revenue by 2021

KUALA LUMPUR: Automotive replacement parts manufacturer New Hoong Fatt Holdings Bhd (NHF) aims to increase its export revenue contribution to 70% by 2021.

Managing director Chin Jit Sin said group sales from overseas market currently stood at 52%.

“Asean remains a key focus for the group, with a 30% contribution to total exports. We are making continuous efforts to expand our product range and distribution coverage in the region, along with our ongoing investment in human capital.

“We are confident of being on course to meet the target,” he said after the company’s AGM.

NHF currently exports to over 50 countries. Apart from Asean, its main markets include the Middle East, Central and South America, Europe and Africa.

He said among the Asean countries, Thailand is currently its biggest export country but the group saw growth potential in Indonesia.

For the financial year ended Dec 31, 2016 (FY16), the company registered a 38.3% increase in pre-tax profit to RM36.8mil while revenue grew 11.9% to RM231.9mil.

Chin said the record result was due to the favourable impact from foreign exchange gains, which had contributed about RM6.8mil to the group’s bottom line. — Bernama

NHFATT (7060) - NHF eyes 70% export revenue by 2021