KUCHING: Press Metal Aluminium Holdings Bhd has posted stronger earnings, with group net profit surging to RM1.76 billion for the financial year ended December 31, 2024 (FY2024), up from RM1.22 billion in FY2023. This growth was in tandem with a revenue increase to RM14.9 billion from RM13.8 billion.
The company’s earnings per share rose to 21.38 sen from 14.75 sen. The Southeast Asia’s largest integrated aluminium smelter declared a dividend of 7 sen per share, matching 2023, amounting to a total payout of RM576.77 million.
In 4Q2024, Press Metal’s group net profit surged by 38.5 per cent to RM445.3 million (4Q2023: RM321.4 million), an increase of RM123.9 million, despite a marginal rise in revenue to RM3.56 billion (RM3.53 billion).
The company attributed its strong performance to lower net finance costs and higher contributions from associated companies, including PMB Technology Bhd.
For the full year, Press Metal recorded its highest-ever revenue of RM14.91 billion in 2024, while profit after tax and minority interests (PATAMI) jumped 45 per cent to RM1.76 billion, driven by robust performance across the smelting and refinery segments, as well as higher associate contributions.
Group chief executive officer (CEO) Tan Sri Paul Koon described 2024 as a challenging but rewarding year, with the group achieving strong financial results.
“The US administration’s announcement of a 25 per cent tariff on aluminium imports initially triggered higher aluminium prices and an increase in the US Midwest premium. This suggests that US consumers may face rising costs, as the country remains a net importer of aluminium and still depends on external sources to fill the supply gap.
“At this stage, it is too early to determine the long-term impact on global metal flows and regional pricing, as the market awaits further clarity. However, our direct exposure to the US market remains minimal. On the other hand, we see increasing opportunities for low-carbon aluminium producers in Southeast Asia, driven largely by alternative sourcing and manufacturing relocations to the region,” he said in a media release.
Koon also noted that elevated alumina prices posed a major challenge to aluminium producers in 2024. Although alumina prices have begun to ease, risks remain, particularly in bauxite sourcing due to policy changes.
In response, Press Metal is increasing its reliance on upstream alumina assets and strengthening vertical integration capabilities to enhance resilience against market uncertainties and mitigate raw material price volatility, ultimately aiming to optimise operational margins.
“Overall, the aluminium market remains balanced, supported by rising investments in clean energy sectors such as 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, strengthen our competitiveness, and mitigate potential market disruptions,” Koon added.
Press Metal, which operates aluminium smelting plants in Samalaju Industrial Park, Bintulu, and Mukah, has a smelting capacity of 1.08 million tonnes and an extrusion capacity of 230,000 tonnes per annum.
