KUALA LUMPUR: MSM Malaysia Holdings Bhd expects sugar sales volume to improve in financial 2024 (FY24) as the company aims to expand into countries in...
Syed Feizal says MSM Malaysia’s flagship product, Gula Prai, maintains a domestic market share of over 60%.MSM Malaysia Holdings Bhd expects sugar sales volume to improve in financial 2024 as the company aims to expand into countries in the region with higher selling prices.
“The main markets for this year will be Indonesia and China due to the anticipation of deficit markets in those regions. We also foresee a positive growth for other destinations such as Singapore and South Korea,“ he toldWhen asked about the company’s leveraging lower trending raw sugar prices in Brazil, currently driven by better production forecasts, Syed Feizal said the NY11 price is projected to be around US$18.50–US$21.00 cups per pound.
To note, MSM Malaysia operates its own sugar refinery facility in Chuping, Perlis, via subsidiary MSM Perlis Sdn Bhd. It purchases raw sugar from Brazil, Australia, Thailand and India. He said MSM Malaysia has engaged with the government on the ceiling price review for the wholesale segment, given the industry’s rising input costs.
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