Embracing the shifting global trade dynamics resulting from geopolitical tensions, the company perceives these changes as opportunities to explore new markets strategically. Despite projections of sluggish growth in aluminium supply, Press Metal maintains a cautiously optimistic outlook for demand in 2024.
In the fourth quarter of 2023, Press Metal reported a robust 22.9% increase in net profit to RM320.5 million, despite a 9.6% decline in revenue to RM3.53 billion, primarily attributed to lower metal prices. For the full year, the company's revenue stood at RM13.8 billion, with a net profit of RM1.21 billion. Shareholders were rewarded with a fourth interim dividend of 1.75 sen per share, reflecting a dividend payout equivalent to approximately 47% of the year's net profit.
A strategic move by Press Metal involves capitalizing on investments in green sectors and shifting towards low-carbon input metals. CEO Koon views this transition as a significant opportunity to cater to the rising demand for sustainable aluminium producers. This strategic realignment, coupled with the potential relocation of manufacturing to Southeast Asia, positions Press Metal favorably to tap into emerging sectors, mitigating the decline observed in traditional industries like construction and real estate.
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