recorded a net profit of RM136.01mil in the financial year ended Dec 31, 2021, more than four times the net profit of RM28.46mil in the previous year.The group reported revenue of RM886.58mil, a 50.37% jump from RM589.58mil in 2020.
Earnings per share in FY21 leapt to 41.17 sen from 9.18 sen previously.
In the fourth quarter alone, the steel products manufacturer recorded a net profit of RM29.1mil, which was 61.71% improved over the previous corresponding quarter, while revenue climbed 27.77% to RM198.96mil.
"The group's financial performance for the quarter under review was supported by higher revenue and better gross profit margin from the rise in average selling prices in both the trading and processing of steel products.
"For the financial year as a whole, revenue was also supported by higher overall average selling prices that also resulting in better overall gross profit margin, said Leon Fuat executive director Calvin Ooi Shang How.
Moving forward, he said the group remains cautious in 2022 as there are downside risks arising from decelerating economic growth and continued Covid-19 flare ups across the world.
He noted also diminishing policy support for the economy and lingering supply bottlenecks.
"We will continue to monitor the movement of steel prices as we anticipate commodity price volatility due to global factors. Our monitoring will also continue for foreign currencies while negotiating forward contracts where necessary and having prudent inventory management.
"The group will continue to actively address Covid-19 concerns by adhering strictly to standard operating procedures and having in place emergency response teams in three of our major subsidiaries," said Ooi.