Press Metal's Q2 net profit jumps 65%, driven by higher prices and export gains

For the quarter ending June 30, 2024, the company posted a net profit of RM505.83 million, up from RM305.79 million in the same period last year. Revenue also increased 5.2 per cent year over year, rising to RM3.95 billion from RM3.76 billion.

However, Press Metal cautioned that macroeconomic uncertainties and rising alumina costs, driven by temporary supply disruptions, have increased expenses. The company remains optimistic, noting that these pressures are expected to ease by year-end as supply conditions stabilise.