KUALA LUMPUR: Press Metal Aluminium Holdings Bhd’s net profit jumped 124% to RM1.03bil for the full financial year ended Dec 31, 2021 (FY21) from RM459.85mil a year ago on higher metal price and production output.

       Its revenue rose 47.1% to RM10.99bil in FY21 against RM7.48bil in FY20.

       Press Metal said the substantial increase in revenue was mainly due to the improving metal price and higher production output.

       In the fourth quarter ended Dec 31, 2021, (4Q21), Press Metal posted a net profit of RM285.81mil, up 97% from RM145.24mil a year ago while revenue surged 64% to RM3.36bil versus RM2.05bil last year.

       Press Metal has approved a fourth interim single tier dividend of 1.0 sen per ordinary share, amounting to approximately RM80.76mil for FY21.

       The book closure and payment dates for the dividend are March 15, 2022 and March 31, 2022 respectively.

       Press Metal said in 4Q21, the group witnessed higher aluminium prices compared to the preceding quarters as a result of supply constraints and dwindling inventories.

       Energy crises have forced smelter closure in 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 amidst the tight supply environment.

       “The group is in a favourable position as ESG adoption across industries is tilting demand towards such low carbon aluminium,” it said.

       “With full commissioning of the Phase 3 Samalaju smelter, the group moved into 2022 with increased production capacity.

       “Work is continuing to further enhance value added capabilities and extrusion products portfolio with the aim of increasing the group’s presence in consumer product related sectors.

       “Barring unforeseen circumstances, the board expects the group to achieve favourable results for FY22,” Press Metal said.