KUALA LUMPUR, Feb 25 — Press Metal Aluminium Holdings Bhd’s net profit for the financial year ended Dec 31, 2021 jumped to RM1.03 billion from RM459.85 million registered in the previous year.

Its revenue for the period under review rose 47.1 per cent to RM10.99 billion from RM7.48 billion in the preceding year.

"The substantial increase in revenue was mainly due to the improving metal price and higher production output,” it said in a filing with Bursa Malaysia today.

For the fourth quarter ended Dec 31, 2021, its net profit improved to RM285.82 million from RM145.25 million, while revenue increased 63.9 per cent to RM3.37 billion from RM2.05 billion chalked up previously.

"The significant increase in the revenue was mainly due to the higher aluminium price and additional production output from its Phase 3 smelter which achieved full commissioning in October 2021,” it added.

On its outlook, the company said with full commissioning of the Phase 3 Samalaju smelter, the group moved into 2022 with increased production capacity.

"Work is continuing to further enhance value added capabilities and extrusion products portfolio with the aim of increasing the group’s presence in consumer product-related sectors.

"Barring unforeseen circumstances, the board expects the group to achieve favourable results for financial year 2022,” it said. — Bernama