KUALA LUMPUR / SINGAPORE, 23 February 2026 – Malaysia Smelting Corporation Berhad (MSC) delivered a strong fourth quarter performance for FY2025, driven by firmer tin prices and improved operational efficiencies, while recommending a final dividend that brings its full-year payout ratio to 82%.
4QFY25: Tin Price Strength Drives Earnings Surge
For the fourth quarter ended 31 December 2025, MSC recorded revenue of RM480.7 million, up 7.2% year-on-year (YoY) from RM448.5 million in 4QFY24. The growth was largely supported by a higher average realised tin price of RM158,100 per metric tonne (MT) compared with RM133,700 per MT previously, despite lower refined tin sales volumes.
Net profit for 4QFY25 rose 32.2% YoY to RM39.9 million, reflecting the positive impact of stronger pricing and improved margins.
Segment Performance (4QFY25)
Tin Smelting Segment
- Profit before tax (PBT): RM31.3 million (vs RM26.6 million in 4QFY24)
Performance was bolstered by higher sales and encashment of higher-margin tin intermediates, stronger tantalum slag contributions, foreign exchange gains and cost savings following the closure of the Butterworth plant. However, ore intake from suppliers remained constrained due to supply shortages.
Tin Mining Segment
- PBT: RM25.4 million (vs RM27.1 million in 4QFY24)
The decline stemmed from reduced production following a temporary three-week suspension of mining operations, although higher tin prices provided partial support.
FY25: Revenue Reaches RM1.76 Billion
For the full year FY25, MSC recorded:
- Revenue: RM1.76 billion (up 4.1% YoY from RM1.69 billion)
- Net Profit: RM82.0 million (up 3.3% YoY from RM79.4 million)
- Average Tin Price: RM146,100 per MT (vs RM138,500 per MT in FY24)
Revenue growth was driven by sales of tin-bearing intermediates and by-products, alongside higher average tin prices, despite lower refined tin volumes.
Full-Year Segment Highlights
Tin Smelting Segment
- FY25 PBT: RM26.0 million (vs RM32.3 million in FY24)
Performance was affected by lower ore intake and temporary production disruption following the gas pipeline fire incident at Putra Heights in 2QFY25. This was partially offset by stronger margins from tin intermediates.
Tin Mining Segment
- FY25 PBT: RM116.6 million (vs RM110.4 million in FY24)
Growth was supported by higher realised tin prices.
Dividend Declaration
MSC has proposed a final single-tier dividend of 4 sen per share, amounting to RM33.6 million, subject to shareholder approval at the upcoming Annual General Meeting.
This brings total dividend for FY25 to 8 sen per share, representing an 82% payout ratio of FY25 net profit — signalling management’s confidence in cash flow resilience and balance sheet strength.
Management Outlook
Co-Group Chief Executive Officer Lam Hoi Khong highlighted that demand for tin remains structurally supported by growth in:
- Electronics manufacturing
- Clean energy applications
- Artificial intelligence
- Data centre infrastructure
While supply chain recovery from Myanmar and Indonesia is emerging, risks tied to regulatory changes, policy shifts and geopolitical tensions persist.
Co-Group Chief Executive Officer Nicolas Chen Seong Lee added that operational efficiency remains a key focus. Cost savings from the Butterworth plant closure and improved productivity at Pulau Indah are expected to enhance margins, while mining operations are being strengthened through resource expansion and potential joint ventures.
Strategic Positioning
With tin playing a critical role in semiconductor soldering, renewable energy components and AI-driven infrastructure, MSC remains positioned within long-term technology and clean energy megatrends. However, earnings will remain sensitive to global tin price volatility and supply-side disruptions.
