Press Metal 3Q net profit rises to RM402.3 mln, declares 1.75 sen dividend
KUALA LUMPUR (Nov 29): Press Metal Aluminium Holdings Bhd’s net profit for the third quarter of the financial year ending Dec 31, 2024 (3Q FY2024) rose to RM402.30 million from RM306.12 million last year.
Revenue for 3Q rose to RM3.78 billion from RM3.44 billion previously, an increase of RM337.27 million or 9.8 per cent, due to the higher metal price sold in 3Q FY2024.
The aluminium manufacturing company said in a Bursa Malaysia filing that the group’s profit before tax has also increased by RM113.46 million or 27.6 per cent from RM410.49 million in 3Q FY2023 to RM523.95 million in 3Q FY2024 principally due to the higher profit contribution from its associated companies.
For the cumulative nine months, net profit improved to RM1.32 billion from RM893.88 million, and revenue improved to RM11.35 billion from RM10.27 billion last year.
On prospects, Press Metal said it 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 in Indonesia, will serve as a critical growth driver for the group in the next few years. Further, this vertical integration will ensure our long-term viability and sustainable operations for our aluminium smelters.
“Recent tariff policy changes, driven by trade tensions, may create 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 said.
The company said it is proactively positioning itself to capitalise on these emerging opportunities for sustained growth.
“Barring unforeseen circumstances, the board expects the group to achieve satisfactory results for FY2024,” it added.
The board of directors has approved a third interim single tier dividend of 1.75 sen per share amounting to RM144.20 million payable on Dec 31.
– Bernama
