KUALA LUMPUR (May 28): Press Metal Aluminium Holdings Bhd’s (KL:PMETAL) record-breaking strike continued in the first quarter ended March 31, 2026 (1QFY2026).
The aluminium smelter, whose share price has rockets 79% year-to-date, announced that its net profit jumped by 35.2% to RM624.5 million for 1QFY2026 versus RM461.77 million a year ago. This is the third consecutive quarter of record profit.
Press Metal attributed the strong profit growth to higher aluminium prices, coupled with an increase in sales volumes and lower input costs, according to its bourse filing with Bursa Malaysia on Thursday.
Quarterly revenue grew by 5.2% to RM4.1 billion, with support from improved delivery volumes and firmer realised aluminium prices.
The group declared a first interim dividend of 2.5 sen per share, payable on June 30, representing a payout ratio of 33%.
On a quarterly basis, its profit before tax increased by 9.6%, supported by firmer metal prices despite the ringgit strengthening against the US dollar and lower profit contributions from its associated companies.
Press Metal said it expects satisfactory performance for the full financial year, with firmer aluminium prices and moderated alumina input costs.
However, it flagged supply disruptions stemming from the Middle Eastern conflict as a factor reshaping regional metal trade flows and pushing prices and premiums higher, while cautioning that logistics cost pressures and broader macroeconomic uncertainty remain headwinds to demand.
“We will continue to closely monitor developments in the global market while remaining focused on operational resilience, disciplined execution and capturing growth opportunities as they arise,” said group chief executive officer Tan Sri Paul Koon Poh Keong in a press statement.
Press Metal's shares closed flat at RM9 on Thursday, giving the group a market capitalisation of RM74.2 billion. Year to date, the counter is up by 79% after hitting a new peak of RM9.10 on May 22.
Three stockbrokers pegged their target prices at above RM10 — RHB Research at RM10.50, Nomura Research at RM10.30, and JPMorgan at RM10.10 — prior to the release of the quarterly earnings.