Press Metal group chief executive officer Tan Sri Paul Koon Poh Keong
KUALA LUMPUR: Press Metal
Aluminium Holdings Bhd’s net profit jumped 31.4% to RM402.3mil in the third quarter ended Sept 30, compared with RM306.1mil achieved a year ago on higher profit contribution from its associated companies.
Revenue for the quarter rose 9.8% to RM3.78bil compared to RM3.44bil in the same quarter of the preceding year, primarily driven by higher aluminium prices.
In the first nine months to Sept 30, Press Metal’s revenue rose 10.5% to RM11.35bil, while net profit surged 47.2% to RM1.32bil.
Press Metal has declared a third interim dividend of 1.75 sen per share, payable on Dec 31, 2024.
“The group’s financial performance for the quarter was impacted by the sharp US dollar depreciation over a short period, resulting in notable foreign exchange losses on trade receivables and cash assets.
“However, excluding this impact, our underlying performance — bolstered by forward-selling strategies and increased volumes of value-added products — would have demonstrated even stronger results,” group chief executive officer Tan Sri Paul Koon said in a statement.
Press Metal remains committed to pursuing growth while navigating macroeconomic challenges. The expansion of our upstream operations, especially through alumina refineries such as PT Bintan Alumina Indonesia and PT Kalimantan Alumina Nusantara both in Indonesia, will serve as a critical growth driver for the group in the next few years.
The group noted that securing alumina assets is essential for the long-term success of an aluminium smelter, as alumina is a key raw material. With rising demand for aluminium in energy industries, the alumina sector offers strong growth potential.
“Recent tariff policy changes, driven by trade tensions, are creating opportunities that we are strategically positioned to leverage on. The China+1 strategy is driving the development of a new supply chain ecosystem in Southeast Asia, opening up opportunities for alternative material supply sources,” it added.
