Press Metal announces steady operations for 2023 amid challenging economy; revenue drops 12% Y-o-Y

Press Metal Aluminium Holdings Berhad, a Malaysia-based aluminium company engaged in the manufacturing and trading of both midstream and downstream aluminium products, announced its full-year 2023 financial and operational report, demonstrating its resilience, operational efficiency, and steadfast dedication for the year.

Although its financial output recorded a dip last year due to global economic challenges, Press Metal maintained steady operations, expanding its extrusion capacity, enhanced efficiency, and optimised cost structure. 

Press Metal declared a full-year revenue of RM13.8 billion, down by 12 per cent from the previous year, while net income decreased by 14 per cent to RM1.22 billion. 

In tandem with lower revenue, Press Metal’s profit margin also dipped over the year from 9 per cent to 8.8 per cent. Earnings per share came in at RM0.15, compared to RM0.17 in FY2022. 

Press Metal’s FY2023 financial output missed the analyst’s estimations. Revenue and earnings per share fell by 2.3 per cent and 1.4 per cent, respectively, from the analyst’s projection. Affin Hwang Investment Bank Bhd estimated Press Metal’s 2024 earnings to be RM1.3 billion.

Currently, the integrated aluminium company has an annual smelting capacity of 1.08 million tonnes and an extrusion capacity of 230,000 tonnes. 

Press Metal announced in the report that its smelting facilities meet the GHG emissions intensity benchmark set by the Aluminium Stewardship Initiative, emitting well below 11 tonnes CO2e per tonne of aluminium produced. 

Datuk Yvonne Chia, Independent Non-Executive Chairman of Press Metal, commented: “We delivered a strong financial performance in FYE2023 despite operating in a very challenging environment. This was achieved by leveraging our strong customer base, which forms the solid foundation of our efforts, expanding our product range to serve the automotive, industrial and various commercial sectors and enhancing our portfolio with value-added ancillary products. Most importantly, the resilience of our workforce empowered us to adapt to the fast-changing environment and meet our goals while remaining true to our purpose.”