Press Metal 2Q Net Profit Hits Record High Of RM505.83 Mln

KUALA LUMPUR, Press Metal Aluminium Holdings Bhd reported a surge in net profit to RM505.83 million in the second quarter ended June 30, 2024 (2Q FY2024) from RM305.79 million a year ago, boosted by lower finance costs and higher contribution from associate companies. Revenue rose 5.2 per cent to RM3.95 billion compared to RM3.76 billion previously, primarily driven by higher all-in realised aluminium prices and a stronger US dollar. The aluminium smelter and aluminium extruder said the group achieved a record 2Q performance amid the global demand for aluminium, which grew at a slower pace, bolstered by industries tied to renewable energy. 'We also observed increased aluminium premiums, mainly driven by escalating global freight costs,' group chief executive officer Tan Sri Paul Koon said in a Bursa Malaysia filing today. On prospects, he said several unresolved external factors are intermittently challenging global aluminium demand outlooks. 'Persistent macroeconomic uncertainties and some weaker-than- expected economic data are dampening business confidence and demand. 'Additionally, rising alumina prices resulting from temporary supply interruptions are impacting the smelter's cost structure, though we anticipate these pressures to ease by year-end as supply normalises,' he said. Despite these interim challenges, Koon said the group remains optimistic about aluminium's long-term prospects as economic conditions improve. 'We are dedicated to operating efficiently and competitively, with a strong emphasis on strategic positioning, cost management, and a focus on sustainable practices', he added. Press Metal has also declared a second interim dividend of 1.75 sen per share, payable on Sept 30, 2024. Source: BERNAMA News Agency