Press Metal 4Q net profit up 23% to RM320mil


Press Metal Aluminium Holdings Bhd group chief executive officer Tan Sri Paul Koon

KUALA LUMPUR: Press Metal Aluminium Holdings Bhd is proactively strengthening its position by expanding value-added products and extrusion capacity, according to group chief executive officer Tan Sri Paul Koon.

“The new landscape presented by recently developed global trade rules arising from geopolitical and trade tensions is also an opportunity for us to strategically penetrate new markets.

“We maintain a cautiously optimistic outlook on aluminium demand for 2024, supported by a slow growth projection in aluminium supply dynamics at this juncture,” he said in a statement.

In the fourth quarter ended Dec 31, 2023 (4Q23), Press Metal’s net profit rose 22.9% to RM320.5mil, or earnings per share of 3.89 sen compared with RM260.8mil, or 3.16 sen achieved in the same quarter last year.

Revenue, however, fell 9.6% to RM3.53bil against RM3.9bil a year ago, mainly due to lower metal prices.

On a full-year basis, revenue for the twelve months ended Dec 31, 2023 (FY23) closed at RM13.8bil, while net profit was RM1.21bil.

The company declared a fourth interim dividend of 1.75 sen per share payable on March 29, bringing the total dividend declared in respect of FY23 to RM576.77mil or approximately 47% of net profit.

Meanwhile, Koon also noted that the surge in capital investments in green sectors and the shift towards low-carbon input metals present more opportunities for sustainable aluminium producers.

“This trend is expected to elevate demand in burgeoning sectors, mitigating the decline in traditional industries like construction and real estate. As a key player in Southeast Asia, Press Metal stands to benefit from the potential trend of manufacturing relocation to the region,” he said.

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Press Metal , aluminium , Paul Koon

   

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