Press Metal Aluminium Holdings (PMETAL) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 rose 5.2% year-over-year to RM3.95 billion, with 6M 2024 revenue up 10.9% to RM7.57 billion, driven by higher metal prices, stronger USD, and increased sales volume.

• Profit before tax surged 68.3% year-over-year in Q2 2024 to RM693.8 million and 53.4% for 6M 2024 to RM1.23 billion, supported by higher associate contributions.

• Net profit for 6M 2024 reached RM1.14 billion, up 55.3% year-over-year.

Financial highlights

• Operating profit for 6M 2024 increased 29.5% year-over-year to RM1.12 billion.

• Basic EPS for 6M 2024 was 11.09 sen, up 54.7% year-over-year.

• Net cash from operating activities for 6M 2024 was RM1.79 billion, up from RM1.59 billion in 6M 2023.

• Cash and cash equivalents at 30 June 2024 stood at RM1.93 billion, more than double the prior year.

Outlook and guidance

• Record Q2 2024 performance attributed to improved aluminium prices, higher value-added product sales, and strong associate results.

• Global aluminium demand remains on a growth trajectory, especially in renewable energy sectors, but faces macroeconomic uncertainties and rising alumina costs.

• All production committed to customers; management remains optimistic for FY2024 performance barring unforeseen circumstances.