Heng Hup Holdings (01891.HK) announced that its earnings for the six months ended June 30, 2024 were 0.865 billion Malaysian Ringgit, an increase of 50.5% year-on-year. The attributable profit to owners of the company was 11.5 million Malaysian Ringgit, an increase of 367.2% year-on-year. The board of directors did not declare any dividends for the six months ended June 30, 2024 (none for the six months ended June 30, 2023).
The significant increase in earnings was mainly attributed to the increase in sales volume of black scrap metal. In the first half of 2024, the sales volume of black scrap metal recorded 471,580 metric tons, an increase of approximately 52.7% compared to the first half of 2023. However, the average selling price of black scrap metal in the first half of 2024 was 1,670.00 Malaysian Ringgit per metric ton, a decrease of approximately 4.0% compared to 1,740.00 Malaysian Ringgit per metric ton in the first half of 2023.