Press Metal Aluminium Holdings Bhd group chief executive officer Tan Sri Paul Koon.
KUALA LUMPUR: Press Metal
Aluminium Holdings Bhd noted that several unresolved external factors are intermittently challenging the global aluminium demand outlook.
Persistent macroeconomic uncertainties and weaker-than-expected economic data are dampening business confidence and demand, the company said.
“Additionally, rising alumina prices due to temporary supply interruptions are impacting the smelter’s cost structure, though we anticipate these pressures to ease by year-end as supply normalises.
“Despite these interim challenges, we have committed all of our production to our customers. Our strengthened financial position enables us to capitalise on the opportunities arising from the ongoing shift towards renewable energy and the relocation of manufacturing to Southeast Asia,” group chief executive officer Tan Sri Paul Koon said in a statement.
The aluminium smelter and extruder’s net profit jumped 65.4% to RM505.8mil in the second quarter ended June 30, 2024 (2Q24) from RM305.79mil a year ago, boosted by lower finance costs and higher contribution from associate companies.
Revenue rose 5.2% to RM3.95bil against RM3.76bil previously, primarily driven by higher all-in realised aluminium prices and a stronger US dollar.
In the first half, Press Metal posted a net profit of RM913.9mil, up 55.5% from RM587.8mil while revenue rose 10.9% to RM7.6bil versus RM6.8bil last year.
Press Metal has declared a second interim dividend of 1.75 sen per share, payable on Sept 30, 2024.
