Press Metal Aluminium Holdings Bhd group chief executive officer Tan Sri Paul Koon.
PETALING JAYA: Press Metal
Aluminium Holdings Bhd is poised to capture emerging aluminium markets by recalibrating strategies, expanding into new areas and aligning with manufacturing relocations outside China.
Group chief executive officer Tan Sri Paul Koon said with emphasis on low-carbon aluminium production, the largest aluminium smelter in South-East Asia is well positioned to capitalise on shifting buyer preferences away from less sustainable sources.
“Despite subdued construction and property sectors, global investments in renewables and electric vehicles continue to drive the demand for aluminium.
“As climate challenges intensify, accelerating green initiatives is crucial. Press Metal remains committed to providing sustainable aluminium products, contributing to a greener future,” he said in a filing with Bursa Malaysia.
For the first quarter ended March 31, 2024 (1Q24), Press Metal’s revenue increased 17.7% year-on-year (y-o-y) to RM3.62bil due to optimised sales volume and strength of the US dollar.
Earnings grew 44.7% y-o-y to RM408.04mil on higher contributions by its associates.
Koon said the group had a positive start in 2024, following an upturn in economic activities, especially in the Asian market which drove higher demand for aluminium.
He said significant de-stocking was completed last year, which led some manufacturers to replenish inventory, while the higher premiums since the first quarter underscored a more promising demand outlook amid supply tightness.
