Malaysia Steel Works (KL) Bhd (Masteel) delivered a strong performance with a 776.1% increase in net profit in the third quarter ended September 30, 2024. The profit increased to RM 16.2 million (USD 3.5 million) from RM 1.8 million (USD 379,000) in the same period last year, as a result of higher production volumes and improved operational efficiency.
The company’s revenue increased by 9.7% to RM 606.4 million (USD 128.5 million) from RM 552.6 million (USD 117.8 million) in the previous quarter. This increase is driven by the growth in Malaysia’s construction sector, in particular, and the increasing demand for steel bars. The Malaysian steel market is expected to reach a consumption of between 8.3 million and 9.0 million tons by 2024. This growth is supported by increased investment in construction, manufacturing, data centers, and semiconductor manufacturing facilities.
Executive Vice Chairman Dato' Sri Tai Hean Leng said Masteel has reduced its Scope 2 emissions by 27.5% by using green technologies, taking a significant step towards achieving net zero emissions by 2050.
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