PETALING JAYA: Integrated steel manufacturer Malaysia Steel Works (KL) Bhd registered a 776.1% surge in net profit to RM16.2 million for the third qua...
PETALING JAYA: Integrated steel manufacturer Malaysia Steel Works Bhd registered a 776.1% surge in net profit to RM16.2 million for the third quarter ended Sept 30,2024 from RM1.8 million in the corresponding quarter last year, mainly driven by improved margins from higher production volume and enhanced efficiency.
The Group benefited from a 9.7% increase in revenue to RM606.4 million in 3Q24 from RM552.6 million previously, driven by higher demand for steel bars from growth in the construction industry. The positive performance reflects the broader expansion of the Malaysian steel market, which is projected to reach between 8.3 million and 9.
Moreover, he added the rollout of many new construction projects will further strengthen the demand for their steel products and these positive factors will drive continued growth and allow them to deliver strong results in the year ahead. The modernised plant incorporates green technologies that have significantly reduced Scope 2 emissions by 27.5%, a key milestone towards the Group’s net-zero emissions target before 2050. By utilising induction furnaces, Masteel minimises its carbon footprint and produces high-quality green steel, achieving a class-leading carbon intensity within the industry.
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