MSM cautiously optimistic of turnaround


MSM group chief executive officer Syed Feizal Syed Mohammad

KUALA LUMPUR: MSM Malaysia Holdings Bhd, which posted a net profit of RM96.86mil in the third quarter ended Sept 30, is cautiously optimistic on its turnaround plan.

“We remain cautiously optimistic on the group’s turnaround plan and the ability to achieve sustainable growth amidst the rising trend of global raw sugar price.

“The group is working towards improving its efficiency and remains positive of its full year target performance,” MSM group chief executive officer Syed Feizal Syed Mohammad said in a statement.

He added that MSM is now focused on improving its yield and capacity utilisation which will result in lower refining and production cost.

MSM said the significant turnaround in the third quarter was contributed by a gain from disposal of a subsidiary, MSM Perlis Sdn Bhd of RM91.81mil.

Excluding the disposal gains, MSM recorded an operational profit of RM98.5mil million in 9M 2021.

The sugar manufacturer’s revenue, however, was lower at RM548.64mil during the quarter from RM594.55mil a year earlier.

In the first nine to Sept 30, MSM posted a net profit of RM141.51mil from a net loss of RM127.47mil.

MSM’s group pretax profit inclusive of the disposal of MSM Perlis for year-to-date is RM173.93mil.

The group saw its revenue climb 4% to RM1.61bil against the RM1.55bil posted in the corresponding period a year earlier, due to the increase in average selling

price (ASP) for the wholesale segment and improved premium for industry and export segments.

Meanwhile, the operation in MSM Johor is on track with the completion of its second boiler rectification work.

MSM Johor's production capacity remains one million tonne per annum and continues to record significant improvement.

Progressively, MSM Johor is expected to achieve its targeted utilisation factor rate of 50% by the year-end of 2021 and improve its financial performance in 2022 with forecasted profitability.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

MSM , Syed Feizal Syed Mohammad

   

Next In Business News

Bitcoin skids to six-month low as fears of Ukraine conflict shake markets
Govt considering aid in the form of special grants for MSMEs, informal traders affected by flood
Raya Airways refutes speculations on acquisition
Maju Healthcare inks MoU with MAH
Haily bags RM41mil contract to resort villas in Johor
Financial Sector Blueprint 2022-2026 an opportunity to build stronger economy
Bursa Malaysia ends lower in line with regional retreat
Oil prices rise on supply fears amid tensions in Eastern Europe, Middle East
Bank Negara’s international reserves at US$116.2bil as at Jan 14
Maybank says allegations it would face major financial trouble due to Genting HK are baseless

Others Also Read


Vouchers