Press Metal earnings likely hit record high this year

According to RHB, although Press Metal’s full-year earnings of RM1.03bil were up 121% year-on-year but they were below its and consensus estimates at 93% and 94%, respectively.

KUALA LUMPUR: Press Metal Aluminium Holdings Bhd’s commissioning of its Samalaju phase three plant coupled with the decade-high aluminium prices are expected to push its earnings to record-high in 2022, according to RHB Research.

This comes following the below than expected earnings in the financial year (FY) 2021 as the group provisioned the full-year state sales tax into a single quarter.