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Home / 2007 Annual Report: Chairman’s Statement

Dear Shareholders,
On behalf of the Board of Directors, I am pleased to present the Annual Report and Audited Financial Statements of Malaysia Steel Works (KL) Bhd for the financial year ended 31st December, 2007.


The year was endowed with particularly strong earning for the 2nd half of 2007. This was underpinned by surge of domestic demand for steel bars by vibrant construction activities and the improvement of international steel prices that have spurred the demand for our steel exports.


2007 has been an outstanding year for Masteel, thanks to the remarkable team spirits of the Group whom have work hard to strive to gain more markets share both locally and internationally. The turnover grew by more than 51% compared to 2006’s and also achieved an outstanding profit of RM44.33 million which is 48% higher than the previous year. The other contributing factors are higher selling price and cost savings measures being undertaken during the financial year.


In respect of the financial year ended 31 December 2007, the Board of Directors is recommending a first and final single tier dividend of 3.0 sen per share amounting to RM4,380,000.

The proposed dividend is subject to the approval of shareholders at the Company’s forthcoming Annual General Meeting.


The prospect for the year 2008 is expected to be better than 2007. With the much publicized national election over, the ruling coalition party is expected to follow through with the implementation of the 9th Malaysia Plan which will help to sustain the forecasted 5.2% national growth rate for 2008, we expect the country will continue to enjoy moderate and sustainable growth throughout the year.


The support and confidence shown by the Group’s shareholders, valued customers, bankers, suppliers and business associates are much appreciated. It has been an eventful year and the Board acknowledges the dedication and commitment of its Management team.

In closing, I take this opportunity to thank my fellow Board members, for their professionalism and hard work that was dedicated to the Group.



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