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Metrod declares six sen dividend, payable on Aug 25

2023-03-24T13:00:21-04:00March 24th, 2023|

KUALA LUMPUR (March 24): Copper rod producer Metrod Holdings Bhd declared a final dividend of six sen per share for the year ended Dec 31, 2022 (FY2022) that will be paid on Aug 25.

The ex-date falls on July 27 and the entitlement date is July 28, according to its bourse filing on Friday.

The group’s annual net profit for FY2022 about doubled to RM17.04 million from RM8.64 million in FY2021, as revenue grew 18.16% to RM4.15 billion from RM3.51 billion.

In releasing its FY2022 results in end-February, Metrod said credit, commercial and security risks are expected to remain high due to volatile copper prices and currency and the uncertainties surrounding weak economic sentiment and forecasts.

“LME [London Metal Exchange] copper prices continue to remain at high levels resulting in significant increase in working capital funding requirements,” it said, adding it continues to manage the copper and exchange exposure due to its hedging policies.

Metrod also said the operating results of the group’s hospitality segment for the full year ahead would be impacted by a partial shutdown due to renovation, which will take place from April to September this year.

Hence, Metrod is optimising its working capital cycle while working with banks to secure additional financing.

“Despite all the above challenges and headwinds, the group continues with its efforts to optimise cost, improve operational efficiencies and internal processes to mitigate the impact of these challenges,” it concluded.

Shares of Metrod closed unchanged at RM1.25 on Friday, translating into a market capitalisation of RM150 million.

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