FOREWORD The year 2022 started with the aluminium price heading towards one of the strongest performances in decades. This was one of the ramifications of the Russian-Ukraine tensions and compounded by an energy crisis that presented significant challenges to smelting operations, primarily from Europe, leading to immense capacity curtailment. Subsequently, in the second half of the year, the economy shakeout stemming from high inflation and monetary tightening policies impaired demand and aluminium prices. Observing this, we are constantly vigilant and responsive in adapting to the dynamics of the market, making the best out of every situation. Every business is susceptible to external challenges constantly but we must remain agile to navigate and ascend. We kept our focus on our long-term goals, and despite a year filled with unexpected occurrences, we achieved another record financial performance. We remain steadfast in our core strength and business aspirations moving forward. Aluminium will continue to have a significant role in shaping modernising societies and contributing to a cleaner world. With this, we set our eyes on new goals and possibilities in the new year. The strategic decisions that we have taken throughout the years underpinned our progress and made a material difference in our ability to overcome obstacles. Our accomplishment is attributed to our commitment to staying competitive, resilient and relevant by focusing on enhancing our competency and efficiency. As we reflect on the past year, I am reminded of the critical role that our workforce plays in our success. Our employees are our most important asset, and we recognise that their well-being is essential to the triumph of our business. We will continue to prioritise initiatives that support our employees’ health, safety, and growth as a healthy and engaged workforce is critical to achieving our strategic objectives and delivering performance. MANAGEMENT DISCUSSION & ANALYSIS BY GROUP CEO Cont’d MANAGEMENT DISCUSSION & ANALYSIS BY GROUP CEO PRESS METAL ALUMINIUM HOLDINGS BERHAD 13
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