Malaysia-based Press Metal Aluminium is in the process of expanding its annual aluminium production capacity by 42pc from the present 760,000mt to 1.08mn mt by late 2020.
The company has three smelting plants in Malaysia producing aluminium billets and ingots. Press metal’s phase 3 smelter is on schedule to meet its target commissioning by the end of the Q4 2020 (Oct-Dec 2020). The company also plans to commission phase 1 of alumina refinery at Bintan by the end of 2020.
Press metal posted a revenue of MYR8.55bn ($2.03bn) in 2019, a drop of 7pc from MYR9.17bn in 2018. In 2019, operating profit stood at MYR799mn, down by 24pc and the net profit was MYR578mn, down by 25pc from 2018.
Covid-19 has temporarily disrupted the global economy, hurting aluminium prices. Press metals believes that prices of aluminium would rise if the economic situation betters.