INGRS shows Strong 91.2 Million Baht Net Profit; achieving a 8 % growth ‘Expanding in India by fully Acquiring Indian Auto Part JV’

posted Sep 16, 2017, 10:18 AM by siam coverage   [ updated Sep 16, 2017, 10:19 AM ]

Ingress Industrial (Thailand) PCL (“INGRS”), the SET-listed ASEAN’s leading auto parts maker reports the first 6-month earnings of 91.2 Million Baht, showing a 8 % growth from same period last year.

Mr. Abdul Rahim bin Haji Hitam, Chief Executive Officer, Ingress Industrial (Thailand) PCL, says that “For the first 6 months, the Company reports Total Revenues of 1,335 Million baht, compared with Revenues of 1,423 Million Baht from same period last year. The Company has a Net Profit before Minority Interest of 91.2 Million baht, showing a 8.0 % Growth from same period last year. Its Net Profit Margin also improved by 15 % to 6.8 % from 5.9 % in same period last year. The main reason is that the company has successfully reduced its production and operating costs, even though the overall revenues slightly declined.”

Mr. Abdul Rahim adds that “INGRS also announces the 100% acquisition of its joint-venture in India, Ingress Mayur Autoventure Private Limited (“IMAPL”). Having owned 40% of IMAPL, Ingress Industrial (Malaysia) Sdn Bhd, INGRS’s wholly-owned subsidiary acquires the remaining 60% shares in IMAPL for INR 159 Million (82.6 Million baht) by using the IPO Proceeds. IMAPL has been running profitably for the last 3 years, therefore, once completed, this acquisition should enhance further INGRS Net Profits. Importantly, this acquisition will enable the Company to expand its business in India’s Large and Fast-growing Automotive markets more aggressively. INGRS plans to launch more new products especially, the Sash related, Bellows and EGR Pipe Product Lines as well as seeking new OEM Customers in enhancing its presence in India as one of its High-Growth Markets. India has been one of the fastest-growing and large automotive market with the expected 4 million car production this year, a 14.3% increase from 3.5 million cars produced in 2016. Whilst the Indian annual car production volume is already larger than all of the ASEAN combined production volumes, the market there is expected to further expand from both the increase in the domestic car sales as well as exports to neighboring countries. 

INGRS is the ASEAN's leading auto parts maker with a registered capital of 1,446,942,690 Baht (with 1 Baht par value). The Group has 9 companies comprising 9 subsidiaries with high-technology capabilities, with operations in 4 key countries namely, Thailand, Malaysia, Indonesia and India. Together with its long-term Japanese and Korean technical partners, the Company has developed the necessary know-how and expertise such as high-technology manufacturing plants which focus on producing high-quality products for various car makers such as Honda, Mitsubishi, Ford, Mazda, General Motor, Isuzu, Suzuki, Nissan, HINO, Toyota, Daihatsu, Perodua and Proton as well as for customers in India such as Maruti-Suzuki, Fiat and Mahindra & Mahindra. With advanced technology, specialized manufacturing expertise and international accredited manufacturing system, the Group can compete in each of the important and high-potential market, therefore creating a strong and sustainable business. Its products range throughout the whole spectrum of the market from passenger cars, Sports Utility Vehicles (SUV), one-tonne pick-up trucks and mini trucks in all the countries where the Group operates. INGRS has a 40% dividend payout policy, of net profit after income tax and the allotment of legal reserve.

Contact ;

Mr. Abdul Rahim bin Haji Hitam

Group CEO , Ingress Industrial ( Thailand ) PCL