KUALA LUMPUR (Sept 27): Flat steel products manufacturer Astino Bhd (KL:ASTINO) reported that its net profit jumped 62.79% year-on-year due to an increase in sales and profit margin.

Net profit rose to RM8.71 million for the fourth quarter ended July 31, 2024 (4QFY2024), from RM5.35 million in 4QFY2023, its bourse filing showed. Revenue climbed 4.59% to RM158.33 million from RM151.38 million, as local demand grew.

Earnings per share rose to 1.80 sen from 1.09 sen. Astino proposed a final dividend of one sen per share, subject to shareholders' approval.

Astino said volatile steel prices and currency fluctuations have created uncertainty in its pricing policies. "To address this, we will continue to closely monitor the changes in steel price in order to ensure that our pricing strategy protects both our profit margins and maintains competitiveness," it said.

The group's net profit for its full FY2024 rose 30.97% to RM37.11 million from RM28.33 million in FY2023, supported by higher local sales and improved profit margins. Revenue rose to RM628.77 million from RM618.70 million.

Shares of Astino closed half a sen higher at 63 sen on Friday, giving the company a market capitalisation of RM308.38 million. Year to date, the stock has gained 16.67%.