Heng Hup Holdings (01891) announced unaudited interim performance for the six months ended June 30, 2024. The Group recorded a revenue of 0.865 billion Malaysian Ringgit, an increase of 50.52% compared to the same period last year. Shareholders' attributable net profit was 11.456 million Malaysian Ringgit, a year-on-year increase of 367.21%. Earnings per share were 1.15 Malaysian cents.
According to the announcement, the significant increase in revenue was mainly due to the increase in sales volume of black scrap metal. In the first half of 2024, sales volume of black scrap metal reached 0.4716 million metric tons, representing 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 1670.00 Malaysian Ringgit per metric ton, a decrease of approximately 4.0% compared to 1740.00 Malaysian Ringgit per metric ton in the first half of 2023.
