KUALA LUMPUR (Dec 6): LB Aluminium Bhd’s net profit jumped 81% year-on-year for the second quarter ended Oct 31, 2022 (2QFY2023), thanks to higher average selling prices and improved margin in its aluminium products segment.

Net profit rose to RM12.35 million in 2QFY2023 from RM6.83 million in 2QFY2022, on the back of RM206.09 million revenue, a 30% increase from RM158.84 million, said the aluminium extrusion manufacturer in a stock exchange filing on Tuesday (Dec 6).

For the first six months of FY2023 (1HFY2023), the group’s net profit more than doubled to RM24.86 million from RM9.87 million in 1HFY2022, while revenue grew 58% to RM433.15 million from RM273.39 million.

Going forward, the group said stabilising global aluminium prices and the strengthening of the ringgit against the US dollar augur well for its prospects, as its raw material is priced in US dollar.

The group, which is 30% owned by executive chairman Tan Sri Leow Chong Howa, also expects demand for its aluminium products to be sustained, given the growth trajectory of Malaysia and global economy.

Shares of LB Aluminium, which have fallen 22.5% from its year-to-date high of 57 sen in March, closed one sen or 2.2% lower at 44 sen per share, giving the group a market capitalisation of RM191.33 million.