Malaysian steel processor Leon Fuat Bhd's net profit jumped to MYR 38.67 million in July-September 2021 quarter, over five times the MYR 6.75 million in the same quarter a year ago, due to higher average selling prices for its flat carbon steel, other flat steel and long carbon steel products. The group's revenue grew 44.13% to MYR 236.11 million, from MYR 163.82 million. Leon Fuat said revenue from the trading of steel products grew 65.7% to MYR 92.81 million, while revenue from the processing of steel products rose 32.6% to MYR 141.22 million. For nine months of 2021, Leon Fuat's net profit jumped to MYR 106.91 million, more than 10 times the MYR 10.47 million it made in 9M of 2020, while revenue rose 61.9% to MYR 632.37 million, from MYR 390.61 million. Leon Fuat said “Generally, our business was not severely affected by the movement restrictions in 9MFY21, while higher overall revenue, together with higher gross profit margins supported our financial performance. However, we note that while there is potential rebound in domestic economic activities that will lead to recovery in the coming quarter, we will manage the continuing risks from supply disruptions persistently, amid a resurgence in Covid-19 infections in certain economies.”Leon Fuat is in the business of trading and processing of steel products, specialising in rolled long and flat products with focus is on carbon steel, of which the majority are mild steel and complemented by stainless steel and alloy steel. Leon Fuat also has in-house facilities to undertake cutting, levelling, shearing, profiling, bending and finishing of products as well as production of expanded metal.
Malaysian steel processor Leon Fuat Bhd's net profit jumped to MYR 38.67 million in July-September 2021 quarter, over five times the MYR 6.75 million in the same quarter a year ago, due to higher average selling prices for its flat carbon steel, other flat steel and long carbon steel products. The group's revenue grew 44.13% to MYR 236.11 million, from MYR 163.82 million. Leon Fuat said revenue from the trading of steel products grew 65.7% to MYR 92.81 million, while revenue from the processing of steel products rose 32.6% to MYR 141.22 million. For nine months of 2021, Leon Fuat's net profit jumped to MYR 106.91 million, more than 10 times the MYR 10.47 million it made in 9M of 2020, while revenue rose 61.9% to MYR 632.37 million, from MYR 390.61 million. Leon Fuat said “Generally, our business was not severely affected by the movement restrictions in 9MFY21, while higher overall revenue, together with higher gross profit margins supported our financial performance. However, we note that while there is potential rebound in domestic economic activities that will lead to recovery in the coming quarter, we will manage the continuing risks from supply disruptions persistently, amid a resurgence in Covid-19 infections in certain economies.”Leon Fuat is in the business of trading and processing of steel products, specialising in rolled long and flat products with focus is on carbon steel, of which the majority are mild steel and complemented by stainless steel and alloy steel. Leon Fuat also has in-house facilities to undertake cutting, levelling, shearing, profiling, bending and finishing of products as well as production of expanded metal.
