by DayakDaily Team
KUCHING, Feb 26: Press Metal Aluminium Holdings Bhd (Press Metal) delivered its highest profit after tax, amortisation, and minority interest (PATAMI) to date for the financial year 2024 (FY24) at RM1.76 billion, a 45 per cent year-on-year (y-o-y) surge.
In a press statement, it also highlighted that its fourth quarter of FY24 (4QFY24) net profit soared 38.5 per cent to RM445.27 million, primarily driven by lower net finance costs and higher contributions from associate companies.
Its quarterly revenue was at RM3.56 billion (up from RM3.53 billion in 4QFY23) while its y-o-y revenue was at RM14.91 billion (up from RM13.80 billion recorded in FY23).
On that note, company declared a fourth interim dividend of 1.75 sen per share payable on March 28, 2025, bringing the total dividend declared in respect of FY24 to RM576.77 million or approximately 33 per cent of its PATAMI.
Press Metal group chief executive officer Tan Sri Paul Koon commented that while there is growing pressure from the US due to its tariff measures, Press Metal sees growing opportunities for low-carbon aluminium producers in Southeast Asia, driven largely by alternative sourcing and manufacturing relocations to the region.
However, he noted that in 2024, elevated alumina prices posed a significant challenge for aluminium producers.
“Although alumina prices have started to ease, risks persist, particularly pertaining to bauxite sourcing due to policy changes.
“In response, Press Metal is increasing its leverage on upstream alumina assets and strengthening vertical integration capabilities to strengthen resilience against market uncertainties and mitigate raw material price volatilities, aiming to optimise operational margins.
“On the whole, the aluminium market remains balanced, supported by rising investments in clean energy sectors, including renewables, electric vehicles (EVs), grid infrastructure, and battery storage, alongside traditional applications.
“By leveraging our low-carbon aluminium solutions, integrated production capabilities and efficient cost model, we are well-positioned to capitalise on the growing aluminium market, enhance our competitiveness, and mitigate potential market distortions,” he added. – DayakDaily
