South African semi-finished aluminum producer Hulamin saw a 2% increase in rolled product volumes by 2024, although the market recovery failed to significantly boost its growth.
The company, which plans to sell its Hulamin Containers unit, indicated that operational difficulties have limited its ability to expand. Financial results showed a significant drop in earnings, with basic earnings per share (NHEPS) down 45% from 77 cents to 42 cents.
Due to this decline, no dividend was distributed. Hulamin Containers, which produces rigid aluminum containers for the household and catering sectors, was classified as a non-core unit following a strategic evaluation. The company is seeking to optimize its operating efficiency and cost competitiveness as it works to regain market share.
Despite favorable conditions at the beginning of the year, CEO Meganathan Gounder acknowledged that challenges continued, such as pricing pressure in certain sectors and a fire at the Can End finishing line, which affected production.
However, the company remains committed to its five-year strategy, which includes the expansion of Wide Can Body’s capacity. Hulamin reported a 1% decrease in revenue, totaling R13.64 billion (South African Rands), while operating profit increased by 2% to R540.38 million. Local sales accounted for 55% of total revenues, with record sales in Can Body and plate.
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