Press Metal says it is currently evaluating several initiatives that will steer it towards its net zero emission ambition and reducing its climate footprint across the value chain.
KUCHING: Press Metal Aluminium Holdings Bhd (Press Metal) announced its fourth quarter financial results for the three months ended December 31, 2021 (4Q21), with its revenue for FY21 up by 47.1 per cent to RM10.99 billion compared to RM7.48 billion while its profit after tax and non-controlling interests (PATNCI) for FY21 closed at RM1.03 billion.
In a press statement, it explained that its revenue in 4QFY21 increased by 63.9 per cent to RM3.37 billion as compared to RM2.05 billion in the same quarter of the preceding year (4QFY20).
Revenue for this quarter was supported by higher average aluminium prices and increased production output from the Phase 3 Samalaju Smelter which achieved full commissioning in October 2021.
PATNCI increased by 96.8 per cent to RM285.82 million in 4QFY21 compared to RM145.25 million in 4QFY20, bolstered by higher revenue and contribution from associate companies.
This was partially offset by rising operating costs and annual accrual for state sales tax amounting to RM50.0 million which was recorded in 4QFY21.
The company also declared a fourth interim dividend of 1.0 sen per share payable on 31 March 2022, bringing the total amount of dividend declared in respect of FY2021 to RM302.86 million or approximately 30 per cent of PATNCI.
Commenting on the results, group chief executive officer Tan Sri Paul Koon stated: “In the last quarter of 2021, we witnessed higher aluminium prices compared to preceding quarters as a result of supply constraints and dwindling inventories. Energy crises have forced smelter closures across Europe and production curtailments in China which limits new supply.
“On the other hand, demand for low carbon aluminium in modern applications is expected to rise in industries such as automotive to solar energy.
“Press Metal is in a favourable position as ESG adoption across industries is tilting demand towards such low carbon aluminium.
“Like most businesses in 2021, the group was not spared the challenges from the pandemic and lockdowns.
“Operations were pressured by extreme logistic costs, increasing material prices and higher human capital expenses.
“Supply chain disruptions has inevitably inflated direct and indirect operational expenditures on numerous fronts.
“To safeguard the welfare of our workers, we also undertook additional expenses to ensure operational health and safety at our plants. It is anticipated that these challenges will persist in the near term.”
He added, “With the full commissioning of our Phase 3 Samalaju smelter (P3) in 4QFY21, we moved into 2022 with higher production volume.
“We are working towards further enhancing value added capabilities and our extrusion product portfolio with the aim of increasing the group’s presence in consumer product related sectors.
“Sustainability is of utmost importance within Press Metal, and we want to entrench this culture into our people in becoming an increasingly ESG-compliant company.
“We are currently evaluating several initiatives that will steer us towards our net zero emission ambition and reducing our climate footprint across the value chain.”
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