Press Metal Reports 40% Profit Surge in 2024 Amid Strong Aluminium Demand and Vertical Integration Push

Press Metal Holdings

Higher Value-Added Sales and New Indonesian Alumina JV Offset Raw Material Pressures

Press Metal Delivers Record Earnings in 2024 Despite Raw Material Challenges

Malaysia’s largest aluminium producer, Press Metal Holdings, posted a 39.82% increase in pre-tax profit in 2024, reaching 2.3 billion ringgit ($519.3 million). This growth came on the back of rising aluminium prices and strong demand for value-added products, although higher alumina costs dampened some of the gains.

Annual revenue rose by 8% year-on-year to 14.91 billion ringgit, with fourth-quarter profits up 24% to 542.5 million ringgit, as reported by the company. Q4 revenue inched up 0.73% to 3.56 billion ringgit, signaling steady market demand despite input cost volatility.

Strategic JV in Indonesia Strengthens Upstream Position

To manage raw material price swings, Press Metal launched a strategic joint venture in West Kalimantan, Indonesia, in September 2024. The project involves the development of an integrated alumina refinery and supporting infrastructure, aimed at enhancing upstream control and reducing exposure to global bauxite and alumina supply risks.

CEO Koon Poh Keong noted that although alumina prices have begun to ease, policy uncertainties around bauxite sourcing continue to pose risks. The company’s vertical integration strategy is designed to boost operational resilience and protect margins against market fluctuations.

Aluminium Demand Remains Strong Across Traditional and Green Sectors

Looking ahead, Press Metal remains optimistic, citing a balanced aluminium market supported by robust investment across sectors. Demand continues to grow in clean energy, electric vehicles, grid infrastructure, and battery storage, in addition to traditional industrial uses.

By reinforcing its supply chain integration, Press Metal is positioning itself to sustain profitability while adapting to raw material cost dynamics and evolving end-market trends.