MSM RETURNS TO BLACK WITH RM31.25 MLN NET PROFIT IN FY2024

KUALA LUMPUR, Feb 24 (Bernama) -- MSM Malaysia Holdings Bhd (MSM) has returned to the black in the financial year ended Dec 31, 2024 (FY2024), recording a net profit of RM31.25 million compared to a net loss of RM49.88 million in FY2023.

Revenue increased to RM2.54 billion in FY2024 against RM3.09 billion previously, attributable to a six per cent increase in the average selling price (ASP) of sugar as well as an eight per cent increase in sales volume, it said in a statement to Bursa Malaysia today.

For the fourth quarter of FY2024 (4Q 2024), the company achieved a higher net profit of RM71.70 million from RM42.87 million in 4Q 2023, while revenue was slightly lower at RM943.60 million against RM949.88 million previously.  

MSM group chief executive officer, Syed Feizal Syed Mohammad said the company's profitability is the result of stronger operational performance, driving cost efficiencies.

“The sugar industry continues to face prolonged high input costs, with global freight and natural gas prices remaining elevated.

"Additionally, raw sugar prices are volatile due to fluctuations in global production volumes. To mitigate these risks, MSM continues to enhance its raw sugar hedging practices as part of a broader risk management strategy," he said.

Syed Feisal noted that despite these challenges, the group remains committed to strengthening both domestic and export markets amid steady demand, while actively exploring additional regional opportunities.

Furthermore, he said the Joint Sugar Industry is working closely with the government to finalise a sustainable pricing mechanism for the domestic retail segment and manage imported refined sugar.

"This collaborative effort is essential in ensuring food security and the long-term sustainability of the local sugar industry.

"MSM will continue its year-on-year growth and profitability, targeting to return as a dividend paying stock, backed by a dividend policy,” he added.

-- BERNAMA