Steel distributor and processor, Vulcan Steel, has reported a 55% decline in net profit after tax (NPAT) for the financial year ended June 2024.
NPAT dropped to $40 million, down from $88m in the previous year.
The company's EBITDA also saw a 29% decrease to $148m.
However, Vulcan's operating cashflow increased by 16% to $169m.
In light of the results, a final dividend of 12 cents per share was declared for FY24.
Vulcan attributed the challenging conditions to higher interest rates and business costs.
It expressed optimism for the future, citing a 4% year-on-year growth in active customer accounts and progress in its growth programme.
The company expects trading activity to remain low in Australia and New Zealand for the first half of FY25.
Vulcan will provide an update on trading at its annual meeting of shareholders in November.
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