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Firm aluminium prices, improved cost control, and easing input prices defined the operating performance of Press Metal Aluminium Holdings Berhad in 2025. The year began on a strong footing, with H1 revenue at RM 8.08 billion (USD 2.08 billion) versus RM 7.56 billion (USD 1.94 billion) a year ago. Encouraged by this momentum, financial institutes like Hong Leong Investment Bank Bhd (HLIB) and the company itself heightened expectations for the second half of the year. Much before the year ended in December, Hong Leong Investment Bank Bhd (HLIB) reaffirmed its “BUY” call, raising its target price to RM 7.64 (USD 1.96).

Earning momentum continues as much anticipated

Just the way it was anticipated, Press Metal delivered yet again strong quarters (Q3 and Q4) and closed the year 2025 with higher earnings than the previous year. The Q4 profit not only touched but exceeded the mark of consensus estimates between RM 600 million (USD 148.5 million) and RM 650 million (USD 160.9 million), reaching RM 696 million (USD 178 million) in reality. That reflects a staggering surge of 38 per cent over the year and the company’s highest quarterly profit till date.

Press Metal’s full-year profit stood at RM 2.51 billion (USD 645 million) versus RM 2.12 billion (USD 545 million) a year ago. Factors like increased LME prices that grew from USD 2,600 per tonne to USD 2,968 per tonne and lower input costs like carbon anode prices that dropped 5 per cent Q-o-Q at the end of September and alumina prices that plunged from USD 358 on September 1 to USD 310.18 on December 31, contributed to this celebratory financial output.

The growth in Press Metal’s profit followed elevated revenue, which rose 13.4 per cent Y-o-Y from RM 3.56 billion (USD 0.9 billion) to RM 4.04 billion (USD 1.04 billion). Consequently, full-year’s revenue reached 8.7 per cent higher Y-o-Y from RM 14.9 billion (USD 3.83 billion) to RM 16.2 billion (USD 4.16 billion).

Below the line pressure weighs on net income

Operating expenses grew through 2025 from RM 12.81 billion (USD 3.29 billion) to RM 13.62 billion (USD 3.5 billion), reflecting a 6.4 per cent rise Y-o-Y, while profit from operations jumped by 35.3 per cent from RM 1.9 billion (USD 488 million) to RM 2.57 billion (USD 660 million. This was likely supported by favourable aluminium price realisations and disciplined cost management, with hedging playing a stabilising role. But the concern is that despite the positive operating profit and revenue, Press Metal’s comprehensive net income decreased Y-o-Y by 27.6 per cent from RM 2.6 billion (USD 668 million) to RM 1.86 billion (USD 478 million), likely to be attributed to factors below the operating line, including mark-to-market losses on hedging and derivative positions, as well as adverse foreign-exchange translation effects amid a sharply stronger Malaysian ringgit.

The ringgit emerged as one of Asia's top-performing currencies, appreciating over 10 per cent against the US dollar for the full year 2025. In December alone, the ringgit appreciated by 1.9 per cent M-o-M, closing the month at RM 4.06, which made Malaysian ringgit as a top performing currency in 2025.

Against this backdrop, the company has moved to further strengthen its risk-management framework. In January 2026, Press Metal announced that it had hedged around 40 per cent of its alumina requirements for the year, a step aimed at insulating margins from raw-material price volatility given alumina’s significant share in overall production costs.

Asset base and strong business verticals

At the end of 2025, Press Metal had non-current assets of RM 11.55 billion (USD 2.97 billion) as against RM 10.16 billion (USD 2.61 billion) in 2024 and current assets of RM 19.17 billion (USD 4.92 billion) versus RM 16.63 billion (USD 4.27 billion) a year ago.  

Press Metal’s business segments are involved in aluminium smelting, extrusion, and refinery across Malaysia, Asia region, Europe region, and American region. Among the business segments, smelting yielded the highest revenue from external customers, amounting to RM 13.4 billion (USD 3.4 billion), followed by extrusion RM 3.1 billion (USD 796 million), and refinery RM 384,328 million (USD 98.8 million).

Among geographical locations, Asia (ex-Malaysia) contributed RM 9.14 billion (USD 2.35 billion) to the annual revenue of 2025, followed by Malaysia RM 5.45 billion (USD 1.4 billion), Europe region RM 5.22 billion (USD 1.34 billion), and American region RM 654.3 million (USD 168 million).

2026 outlook: demand drivers seem supportive

For 2026, Press Metal expects trade policies to reshape regional business dynamic, influence metal flows, and support regional premiums. The company further anticipates solar photovoltaic installations, electric vehicle adoption, energy infrastructure, especially power grid expansion and battery energy storage systems, and AI-driven data centres to offset potential demand softness on other applications.

Barring unprecedented situation, the Group expects to deliver yet another strong fiscal output in 2026, supported by strengthening aluminium prices owing to favourable copper-to-aluminium ratio and high usage intensity.

齐力铝业2025财年盈利奠定2026年发展基调：利润率提升、成本控制优化及宝贵经验积累

铝价企稳、成本控制改善及投入品价格回落，共同决定了齐力金属铝业控股有限公司（Press Metal Aluminium Holdings Berhad）2025年的经营表现。本年度开局强劲，上半年营收达80.8亿林吉特（约合20.8亿美元），上年同期为75.6亿林吉特（约合19.4亿美元）。受这一良好势头鼓舞，丰隆投资银行（Hong Leong Investment Bank Bhd, HLIB）等金融机构及公司自身均上调了下半年预期。早在12月财年结束前，丰隆投资银行便重申其“买入”评级，并将目标价上调至7.64林吉特（约合1.96美元）。

盈利势头如预期持续向好
正如市场预期，齐力铝业在2025年第三、第四季度再度交出亮眼成绩单，全年盈利较上年实现增长。第四季度利润不仅达到，更超出市场普遍预期的6亿至6.5亿林吉特（约合1.485亿至1.609亿美元），实际达到6.96亿林吉特（约合1.78亿美元）。这一数字同比激增38%，创下公司历史最高单季度利润纪录。

齐力铝业2025年全年利润达25.1亿林吉特（约合6.45亿美元），上年同期为21.2亿林吉特（约合5.45亿美元）。伦敦金属交易所（LME）铝价从每吨2600美元上涨至每吨2968美元、投入品成本下降（9月底预焙阳极价格环比下跌5%，氧化铝价格从9月1日的每吨358美元跌至12月31日的每吨310.18美元）等因素，共同推动了这一喜人的财务成果。

利润增长的背后是营收的稳步提升：营收同比增长13.4%，从35.6亿林吉特（约合9000万美元）增至40.4亿林吉特（约合1.04亿美元）。因此，全年营收同比增长8.7%，从149亿林吉特（约合38.3亿美元）增至162亿林吉特（约合41.6亿美元）。

线下压力拖累净收益
2025年，公司运营费用从128.1亿林吉特（约合32.9亿美元）增至136.2亿林吉特（约合35亿美元），同比增长6.4%；而运营利润则从19亿林吉特（约合4.88亿美元）大幅增长35.3%，增至25.7亿林吉特（约合6.6亿美元）。这一增长可能得益于铝价的良好表现、严格的成本管理，以及套期保值所发挥的稳定作用。但令人担忧的是，尽管经营利润和营收表现积极，齐力的综合净收益却同比下滑27.6%，从26亿林吉特（约合6.68亿美元）降至18.6亿林吉特（约合4.78亿美元）。这很可能归因于经营线下项目的因素，包括套期保值和衍生品头寸的按市值计价损失，以及马来西亚林吉特大幅升值带来的不利外汇折算影响。

林吉特成为2025年亚洲表现最佳的货币之一，全年兑美元升值超过10%。仅12月一个月，林吉特环比升值1.9%，月末收于1美元兑4.06林吉特，使其成为2025年表现最优的货币。

在此背景下，公司已采取措施进一步强化风险管理框架。2026年1月，齐力宣布已对当年约40%的氧化铝需求进行了套期保值，鉴于氧化铝在总生产成本中占比较高，此举旨在使利润率免受原材料价格波动的冲击。

资产基础坚实，业务板块表现强劲
2025年末，齐力铝业的非流动资产达115.5亿林吉特（约合29.7亿美元），2024年为101.6亿林吉特（约合26.1亿美元）；流动资产达191.7亿林吉特（约合49.2亿美元），上年同期为166.3亿林吉特（约合42.7亿美元）。

齐力铝业的业务板块涵盖铝冶炼、铝挤压及氧化铝精炼，业务范围遍及马来西亚、亚洲其他地区、欧洲及美洲。其中，冶炼板块来自外部客户的营收最高，达134亿林吉特（约合34亿美元），其次是挤压板块（31亿林吉特，约合7.96亿美元）和精炼板块（38.4328亿林吉特，约合9880万美元）。
从地域来看，亚洲（不含马来西亚）为2025年全年营收贡献91.4亿林吉特（约合23.5亿美元），其次是马来西亚（54.5亿林吉特，约合14亿美元）、欧洲地区（52.2亿林吉特，约合13.4亿美元）和美洲地区（6.543亿林吉特，约合1.68亿美元）。

2026年展望：需求驱动因素具备支撑力
对于2026年，齐力铝业预计贸易政策将重塑区域业务格局、影响金属流向，并支撑区域溢价。公司进一步预期，太阳能光伏装机、电动汽车普及、能源基础设施（尤其是电网扩张和电池储能系统）以及人工智能驱动的数据中心，将抵消其他应用领域可能出现的需求疲软。
除非出现极端意外情况，在铜铝比价向好、铝消费强度提升带动铝价走强的支撑下，集团预计2026财年将再度实现优异业绩。