Currently, the group’s mining operations are solely conducted at the Chaah Mine in Johor, Malaysia, under its 60 per cent subsidiary Honest Sam Development. It also has three other exploration assets there, which will commence operations only upon the listing of the company. Its key customers are steel mills in Malaysia and China, and trading companies.
The group is also optimistic about the company's prospects on the back of resilient iron ore demand. This comes as South-east Asian countries are expected to continue to spend on infrastructure with the support of government stimuli. SAM also expects the pipe-coating market to grow in line with increasing oil and gas activities.
For the first quarter of 2020, net profit stood at RM23.9 million , up 30 per cent from the year-ago period. For the fiscal year 2019, it made a net profit of RM88.2 million, reversing its net loss of RM17.2 million in FY2018. Its revenue rose 92.9 per cent to RM189.1 million in FY2019 compared to the year-ago period.
Source: News Formal (newsformal.com)
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