The company's revenue rose from RM 470.03 million (approximately USD 103 million) in Q1 2023 to RM 662.51 million (approximately USD 145 million) in Q1 2024. This also marked a 19.91% increase from the last quarter of 2023.
Despite an annual decrease in gross profit since the last quarter of 2022, the first quarter of 2024 saw a 46.82% rise. Similarly, the company's net income, which had been declining annually since Q4 2022, surged to RM 3.14 million (approximately USD 688,000) in Q1 2024, representing a significant increase of 382.03%.
Masteel remains optimistic about its future, bolstered by the Malaysian government's fiscal stimulus measures, including a record budget of RM 393.80 billion (approximately USD 86 billion) for 2024, with RM 90 billion (approximately USD 20 billion) allocated for development spending. The construction industry is projected to grow by 5-6% in 2024, driven by major infrastructure projects.
Masteel's upgraded facilities are set to enhance productivity and cost efficiency, reflecting the company's commitment to environmentally responsible practices as it aims to become Malaysia's first ultra-low emissions steel mill.
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