Better results by CSC Steel in FY21

For the year in review revenue rose to RM1.47bil from RM1.08bil in FY20, driven by a rise in steel prices.

PETALING JAYA: CSC Steel Holdings Bhd saw its net profit jump more than two-fold to RM86.09mil in the financial year ended Dec 31, 2021 (FY21) from RM37mil in FY20 on improved product margin.

For the year in review, the steel coil maker’s revenue rose to RM1.47bil from RM1.08bil in FY20, driven by a rise in steel prices.

CSC Steel declared a final single-tier dividend of 14 sen per share for FY21.

For the fourth quarter of FY21, the group’s net profit increased to RM38.86mil from RM21.43mil, while revenue rose to RM532.35mil from RM367.53mil.

The group said the construction activity was expected pick up pace after the 2022 Chinese New Year holiday as a result of the gradual easing of restrictions on real estate in China. China’s injection of capital into the financial market would also help stabilise steel prices in the region, it said.