Nam Lee Pressed Metal

[GreedandFear]

Very strong results. 

Revenues
2015 : 164,042
2014 : 141,452
2013 : 170,798
2012 : 155,193

Gross Profit 
2015 : 37,285 
2014 : 23,072
2013 : 25,834
2012 : 35,018

Gross Profit Margins
2015 ; 22.7%
2014 : 16.3%
2013 : 15.1%
2012 : 22.6%

Net Profit
2015 : 12,940
2014 :  7,150
2013 :  9,028
2012 : 13,874

Net Profit Margins 
2015 : 7.9%
2014 : 5.1%
2013 : 5.3%
2012 : 8.9%

Note that net profit for 2015 was flattered by a lower tax rate due to Malaysian tax incentives in connection with their new Malaysian factory for the refrigerated container business. However, looking at quarterly gross margins, the company does seem to have executed a great turn-around :

Quarterly Gross Profit Margins

Q1 2014 : 13.9%
Q2 2014 : 18.4%
Q3 2014 : 12.3%
Q4 2014 : 20.2%
Q1 2015 : 20.9%
Q2 2015 : 18.2%
Q3 2015 : 24.2%
Q4 2015 : 26.3%

Dividend of 2.5  cents per share. Up from 1.5 cents the prior year and higher than what I believe was the previous high of 2 cents in 2012 (?).

As usual, the company does not provide much colour except to say that the construction business is tough but they continue to expect to be profitable in the aluminium business. My read of that is that the whole turn around is due to the refrigerated container business and the new factory in Malaysia (read my post from the Jan 2015 AGM for more details).

It has been a long ride but hopefully we are now poised to reap the rewards  

Vested.