Press Metal group chief executive officer Tan Sri Paul Koon Poh Keong
KUALA LUMPUR: Press Metal
Aluminium Holdings Bhd's net profit for the second quarter of the financial year ended June 30, 2022 (Q2 FY2022) rose 60.1 per cent to RM409.17 million against RM255.58 million in the same quarter last year, bolstered by improved revenue and contribution from associate companies.
In a filing with Bursa Malaysia, revenue increased 51.8 per cent to RM4.01 billion compared with RM2.64 billion in Q2 FY2021, mainly due to the higher metal price and production output as its Phase 3 smelter achieved full operations in October 2021.
The largest aluminium smelter in Southeast Asia said the strengthening of the US dollar also contributed to the increase as the group's revenue is mainly denominated in US dollar.
For the six-month period (H1 FY2022), its net profit surged 80 per cent to RM830.19 million from RM461.30 million in the same period of the preceding year.
On revenue, it improved 67.2 per cent to RM7.93 billion versus RM4.74 billion previously.
The higher revenue and profitability were mainly attributable to the higher metal price and production volume during the current year period.
To reward shareholders for their support, Press Metal Aluminium announced a second interim dividend of 1.75 sen per share payable on Sept 29, 2022, an increase from 1.00 sen declared in the corresponding period of the preceding year.
Moving forward, group chief executive officer Tan Sri Paul Koon said aluminium market fundamentals should be able to sustain any aggressive challenges as soaring energy prices and power shortages are putting supply in check, especially in Europe.
He said that in Asia, the extreme weather experienced by India and China is another supply risk for primary capacity as governments seek to prioritise the supply of electricity to households.
"For the remainder of the year, in addition to improving production efficiency, the group will continue to take advantage of the pockets of growth from various markets in the regional countries," said Koon. - Bernama
