SIMS (ASX: SGM) expects EBIT to improve in 2HFY24 amid cost-cutting initiatives

Mon 04 Mar 24, 05:16 AM | Team Kalkine

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Highlights

SIMS offers metal recycling and innovative recycling solutions globally

In 1HFY24, the company recorded 7.4% YoY increase in sales revenue to AUD 4,114.4 million

The company expects to see improvement in underlying EBIT in 2HFY24, compared the previous half

Australia-based SIMS Limited (ASX: SGM) offers recycling and circular solutions for technology. The core activities of SIMS include purchasing, processing and selling of non-ferrous and ferrous recycled metals. In the first half of the current financial year, the company registered a 7.4% YoY increase in sales revenue to AUD 4,114.4 million, driven by acquisition volumes, which assisted in offsetting the negative impact of challenging export markets.

During the reported period, statutory NPAT stood at AUD 65.8 million, compared to AUD 101 million in previous corresponding period. NPAT was impacted by lower trading margins, interest expenses and inflationary pressure on costs.

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