Steel & Tube nearly doubles annual net profit

Chief executive Mark Malpass said strategic initiatives are paying off. (Photo: supplied)

Mon, 22 Aug 2022

Steel & Tube nearly doubled annual net profit as it fattened margins amid volatile prices and as it reaped the benefits of five years of restructuring.The steel products distributor reported a net profit of $30.2 million for the year ended June, up from $15.4m the previous year.Its gross margin rose to 22.3% from 20.4% as normalised earnings before interest and tax (Ebit) rose to $47.9m from $19.7m. The margin includes freight, direct and subcontract labour.“We are seeing the benefits of our focus on operational excellence and supply-...

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