KUALA LUMPUR, May 23 — MSM Malaysia Holdings Bhd’s net profit for the first quarter ended March 31, 2024 (1Q 2024) made a big turnaround to RM41.71 million from a net loss of...
Turbulence-hit Singapore Airlines flight: Three Malaysians in ICU conscious but closely monitored, six others stable and under surveillance, says country’s ambassador to Thailand
MSM also noted that the higher revenue growth was attributable to higher overall sales volume, increased average selling prices and incentives received for certain packaged sugar sold in the domestic market.The company also shared that it achieved a higher utilisation factor of 52 per cent in 1Q 2024, compared to 42 per cent in 1Q 2023 and additionally, there was an improvement in efficiency yield, reaching 96.3 per cent in the quarter under review, up from 94.
“Natural gas costs also remain elevated, and raw sugar imports are impacted by the weak ringgit. However, raw sugar prices are at slightly lower levels due to improved production forecasts from Brazil.“Nevertheless, the raw sugar cost remains much higher than the once-manageable levels of below 15 US cents per pound. Hence, there is a need to ensure the joint sugar industry remains sustainable to secure the nation’s consumption,” he said.
Syed Feizal said MSM is also actively expanding its export market from the present 17 countries to 25 countries beyond Asia Pacific and South Asia into Africa, Europe and North America.
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