Its 2009 net earnings of RM72.65mil is a 42% improvement over that of the previous year.
The results were due to a combination of higher original equipment manufacturing (OEM) sales, high operating leverage, and a positive overseas contribution resulting from a price adjustment granted by a major OEM customer.
APM provides leverage to a sector recovery, as its top 10 customers account for over 90% of TIV.
Currently, APM relies rather significantly on the national carmakers, which account for some 51% of its revenue. This is set to change as the contribution from sister company Tan Chong Motor Holdings Bhd is expected to grow substantially within the next two years, from 7% of APM’s revenue currently to 19%.
This will come firstly from Tan Chong’s massive expansion plans to fill up the existing gaps in its model mix locally. Second, Tan Chong’s regional expansion will see APM playing an important role – being a key auto parts supplier for the larger Tan Chong group.
This also lifts APM’s earnings prospects towards the larger regional auto market.
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