Press Metal Aluminium Holdings (PMETAL) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 rose 9.8% year-over-year to RM3.78 billion, with 9M 2024 revenue up 10.5% to RM11.35 billion.

• Profit before tax for Q3 2024 increased 27.6% year-over-year to RM523.95 million; 9M 2024 PBT up 44.0% to RM1.76 billion.

• Net profit for 9M 2024 reached RM1.62 billion, a 44.9% increase year-over-year.

• Higher metal prices, stronger US Dollar, and increased delivery volumes drove improved results.

Financial highlights

• Operating profit for 9M 2024 was RM1.51 billion, up 19.4% year-over-year.

• Share of profit from associates surged 194.9% year-over-year to RM368.3 million for 9M 2024.

• Basic EPS for 9M 2024 was 15.97 sen, up 47.2% year-over-year.

• Net assets per share increased to RM1.06 as of 30 September 2024, from RM0.84 at end-2023.

• Cash and cash equivalents at 30 September 2024 stood at RM1.91 billion, up from RM929 million a year earlier.

Outlook and guidance

• Expansion of upstream operations, especially alumina refineries in Indonesia, is a key growth driver.

• Vertical integration and new supply chain opportunities in Southeast Asia are expected to support long-term growth.

• Board expects satisfactory results for FY2024 barring unforeseen circumstances.