PETALING JAYA: MSM Malaysia Holdings Bhd posted a net profit of RM56.24 million for the fourth quarter ended Dec 31, 2021 compared to a net loss of RM40.28 million reported in the same quarter of the previous year, on the back of an improved margin from better capacity utilisation and lower finance costs.
Revenue for the period rose 22.1% to RM630.33 million from RM516.04 million reported previously.
For FY20, MSM saw a narrowed net loss to RM71.23 million from a net loss of RM299.77 million reported in FY19.
Meanwhile, its revenue improved 8.8% to RM2.18 billion from RM2.01 billion reported previously.
According to its Bursa disclosure, the group sees the outlook for FY2021 to remain challenging due to the economic disruption arising from the movement restriction from the Covid-19 pandemic.
With the vaccine rollout, it anticipates the national sugar consumption to gradually improve. It is also aiming towards capacity and assets optimisation in FY21.
MSM’s group CEO Syed Feizal Syed Mohammad commented that the group’s capacity rationalisation efforts through cessation of its operation in MSM Perlis and consolidation of operations in MSM Johor has reduced refining costs and improved its capacity utilisation rate.
“The expansion of our business segments for the export market has also broadened our market presence and diversified our revenue stream,” he said in a press release.
Moving forward Syed Feizal remarked that MSM has made good strides on executing its key strategies.
