MSC NPW

SGD 0.52 +1.92% +0.01 Updated 23 Oct 2026, 17:16 SGT

Financials

ANNUAL REPORT 2025

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Statements of Profit or Loss (Group and Company)

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Statements of Profit or Loss (Group and Company) from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Income
RevenueRM'000	1,758,969	1,691,774	1,758,969	1,691,774	PDF p. 39
Other items of income
Dividend incomeRM'000	2,636	3,364	43,013	43,685	PDF p. 39
Interest incomeRM'000	4,792	6,679	5,327	6,946	PDF p. 39
Other incomeRM'000	12,587	10,565	14,830	13,435	PDF p. 39
Expenses
Costs of tin mining and smeltingRM'000	(1,514,224)	(1,448,078)	(1,681,688)	(1,601,501)	PDF p. 39
Depreciation expensesRM'000	(13,810)	(12,603)	(6,718)	(5,993)	PDF p. 39
Amortisation expensesRM'000	(955)	(1,046)	(3)	(3)	PDF p. 39
Employee benefits expenseRM'000	(77,226)	(82,133)	(38,376)	(44,815)	PDF p. 39
Finance costsRM'000	(20,841)	(19,243)	(18,583)	(16,948)	PDF p. 39
Other expensesRM'000	(15,047)	(17,043)	(9,791)	(13,318)	PDF p. 39
Total expensesRM'000	(1,642,103)	(1,580,146)	(1,755,159)	(1,682,578)	PDF p. 39
Income
Share of results of associateRM'000	1,449	(233)	-	-	PDF p. 39
Profit before taxRM'000	138,330	132,003	66,980	73,262	PDF p. 39
Income tax expenseRM'000	(41,968)	(38,469)	(2,537)	(8,738)	PDF p. 39
Profit net of taxRM'000	96,362	93,534	64,443	64,524	PDF p. 39
Attributable to
Owners of the CompanyRM'000	81,974	79,423	64,443	64,524	PDF p. 39
Non-controlling interestsRM'000	14,388	14,111	-	-	PDF p. 39
SubtotalRM'000	96,362	93,534	64,443	64,524	PDF p. 39

Definitions & sources

Original report: PDF p. 39 ↗

For the financial year ended 31 December 2025. Amounts in RM'000.

Earnings per share (Group)

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Earnings per share (Group) from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	Source
Earnings per share attributable to owners of the Company
- Basic and dilutedsen per share	9.8	9.5	PDF p. 39

Definitions & sources

Original report: PDF p. 39 ↗

Earnings per share attributable to owners of the Company (sen per share).

Statements of Comprehensive Income (Group and Company)

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Statements of Comprehensive Income (Group and Company) from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Comprehensive income
Profit net of taxRM'000	96,362	93,534	64,443	64,524	PDF p. 40
Items that will not be reclassified to profit or loss
Revaluation reserves on properties, netRM'000	1,439	2,912	545	386	PDF p. 40
Fair Value through Other Comprehensive Income (“FVOCI”)RM'000	1,600	2,883	1,600	2,883	PDF p. 40
SubtotalRM'000	3,039	5,795	2,145	3,269	PDF p. 40
Items that may be subsequently reclassified to profit or loss
Foreign currency translationRM'000	12	5	-	-	PDF p. 40
Share of foreign currency translation of associateRM'000	55	22	-	-	PDF p. 40
SubtotalRM'000	67	27	-	-	PDF p. 40
Comprehensive income
Other comprehensive income for the year, net of taxRM'000	3,106	5,822	2,145	3,269	PDF p. 40
Total comprehensive income for the yearRM'000	99,468	99,356	66,588	67,793	PDF p. 40
Total comprehensive income attributable to
Owners of the CompanyRM'000	85,056	85,214	66,588	67,793	PDF p. 40
Non-controlling interestsRM'000	14,412	14,142	-	-	PDF p. 40

Definitions & sources

Original report: PDF p. 40 ↗

For the financial year ended 31 December 2025. Amounts in RM'000.

Statements of Financial Position - Assets (Group and Company)

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Statements of Financial Position - Assets (Group and Company) from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Non-current assets
Property, plant and equipmentRM'000	197,250	183,246	67,198	73,663	PDF p. 41
Right-of-use assetsRM'000	-	4,175	-	263	PDF p. 41
Land held for developmentRM'000	78,654	78,654	-	-	PDF p. 41
Intangible assetsRM'000	142,159	142,291	131	134	PDF p. 41
Investments in subsidiariesRM'000	-	-	148,781	148,781	PDF p. 41
Investments in associate and joint ventureRM'000	31,937	30,517	10,473	10,473	PDF p. 41
Investment securitiesRM'000	28,581	26,981	28,581	26,981	PDF p. 41
Mining assetsRM'000	13,486	13,191	-	-	PDF p. 41
Other receivablesRM'000	5,782	-	76,242	75,105	PDF p. 41
Deferred tax assetsRM'000	5,003	4,125	-	334	PDF p. 41
SubtotalRM'000	502,852	483,180	331,406	335,734	PDF p. 41
Current assets
InventoriesRM'000	678,601	615,844	692,826	625,825	PDF p. 41
Trade receivablesRM'000	10,164	8,137	10,164	8,137	PDF p. 41
Other receivablesRM'000	62,270	23,750	116,824	39,673	PDF p. 41
Trade prepaymentsRM'000	6,771	3,015	6,771	3,015	PDF p. 41
Other prepaymentsRM'000	9,283	3,238	7,747	1,594	PDF p. 41
Tax recoverableRM'000	6,622	14,789	6,618	3,483	PDF p. 41
Derivative financial instrumentsRM'000	-	37	-	37	PDF p. 41
Cash, bank balances and depositsRM'000	226,125	211,848	84,781	99,055	PDF p. 41
SubtotalRM'000	999,836	880,658	925,731	780,819	PDF p. 41
Non-current assets classified as held for saleRM'000	8,355	-	8,355	-	PDF p. 41
SubtotalRM'000	1,008,191	880,658	934,086	780,819	PDF p. 41
Assets
Total assetsRM'000	1,511,043	1,363,838	1,265,492	1,116,553	PDF p. 41

Definitions & sources

Original report: PDF p. 41 ↗

As at 31 December 2025. Amounts in RM'000.

Statements of Financial Position - Equity and Liabilities (Group and Company)

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Statements of Financial Position - Equity and Liabilities (Group and Company) from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Current liabilities
ProvisionsRM'000	6,134	16,529	4,166	15,590	PDF p. 42
BorrowingsRM'000	365,888	343,236	365,888	343,236	PDF p. 42
Trade and other payablesRM'000	233,674	124,579	329,279	184,086	PDF p. 42
Lease liabilitiesRM'000	192	273	79	165	PDF p. 42
Current tax payableRM'000	6,315	4,385	-	-	PDF p. 42
SubtotalRM'000	612,203	489,002	699,412	543,077	PDF p. 42
Net current assetsRM'000	395,988	391,656	234,674	237,742	PDF p. 42
Non-current liabilities
ProvisionsRM'000	67,478	59,303	-	-	PDF p. 42
Deferred tax liabilitiesRM'000	11,167	8,212	2,443	-	PDF p. 42
BorrowingsRM'000	14,445	27,778	14,445	27,778	PDF p. 42
Lease liabilitiesRM'000	3,815	4,003	-	94	PDF p. 42
SubtotalRM'000	96,905	99,296	16,888	27,872	PDF p. 42
Liabilities
Total liabilitiesRM'000	709,108	588,298	716,300	570,949	PDF p. 42
Equity
Net assetsRM'000	801,935	775,540	549,192	545,604	PDF p. 42
Equity attributable to owners of the Company
Share capitalRM'000	237,194	237,194	237,194	237,194	PDF p. 42
Other reservesRM'000	45,408	42,326	23,478	21,333	PDF p. 42
Retained earningsRM'000	448,598	429,624	288,520	287,077	PDF p. 42
SubtotalRM'000	731,200	709,144	549,192	545,604	PDF p. 42
Equity
Non-controlling interestsRM'000	70,735	66,396	-	-	PDF p. 42
Total equityRM'000	801,935	775,540	549,192	545,604	PDF p. 42
Equity and liabilities
Total equity and liabilitiesRM'000	1,511,043	1,363,838	1,265,492	1,116,553	PDF p. 42

Definitions & sources

Original report: PDF p. 42 ↗

As at 31 December 2025 (cont'd). Amounts in RM'000.

Statements of comprehensive income (Group and Company)

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Statements of comprehensive income (Group and Company) from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Comprehensive income
Profit net of taxRM'000	96,362	93,534	64,443	64,524	PDF p. 40
Items that will not be reclassified to profit or loss
Revaluation reserves on properties, netRM'000	1,439	2,912	545	386	PDF p. 40
Net fair value changes in quoted investments at Fair Value through Other Comprehensive Income (“FVOCI”)RM'000	1,600	2,883	1,600	2,883	PDF p. 40
Subtotal: items that will not be reclassified to profit or lossRM'000	3,039	5,795	2,145	3,269	PDF p. 40
Items that may be subsequently reclassified to profit or loss
Foreign currency translationRM'000	12	5	-	-	PDF p. 40
Share of foreign currency translation of associateRM'000	55	22	-	-	PDF p. 40
Subtotal: items that may be subsequently reclassified to profit or lossRM'000	67	27	-	-	PDF p. 40
Comprehensive income
Other comprehensive income for the year, net of taxRM'000	3,106	5,822	2,145	3,269	PDF p. 40
Total comprehensive income for the yearRM'000	99,468	99,356	66,588	67,793	PDF p. 40
Total comprehensive income attributable to
Owners of the CompanyRM'000	85,056	85,214	66,588	67,793	PDF p. 40
Non-controlling interestsRM'000	14,412	14,142	-	-	PDF p. 40

Definitions & sources

Original report: PDF p. 40 ↗

Statement for the financial year ended 31 December 2025; amounts in RM'000.

Printed attribution of total comprehensive income to owners of the Company for Group 2025 is 85,056 on this page, whereas the Group statement of changes in equity (page 44) prints 85,806; both are as printed.

Group statement of changes in equity - year ended 31 December 2024

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Group statement of changes in equity - year ended 31 December 2024 from ANNUAL REPORT 2025
Metric / unit	2024Group - Total equity	2024Group - Equity attributable to owners of the Company, total	2024Group - Share capital	2024Group - Revaluation reserves (non-distributable)	2024Group - Foreign currency translation reserves (non-distributable)	2024Group - FVOCI reserves (non-distributable)	2024Group - Other reserve (non-distributable)	2024Group - Retained earnings (distributable)	2024Group - Non-controlling interests	Source
Group
At 1 January 2024RM'000	816,457	754,130	237,194	19,426	1,221	24,205	1,706	470,378	62,327	PDF p. 43
Profit for the yearRM'000	93,534	79,423	-	-	-	-	-	79,423	14,111	PDF p. 43
Other comprehensive incomeRM'000	5,822	5,791	-	2,881	27	2,883	-	-	31	PDF p. 43
Total comprehensive incomeRM'000	99,356	85,214	-	2,881	27	2,883	-	79,423	14,142	PDF p. 43
Transfer of FVOCI reserves to retained earnings upon disposal of investment securitiesRM'000	-	-	-	-	-	(9,971)	-	9,971	-	PDF p. 43
Transfer of share of associate’s revaluation reserves to retained earnings upon disposal of the associate’s propertyRM'000	-	-	-	(52)	-	-	-	52	-	PDF p. 43
Group - Transactions with owners
Dividend on ordinary sharesRM'000	(130,200)	(130,200)	-	-	-	-	-	(130,200)	-	PDF p. 43
Dividend to non-controlling interestsRM'000	(10,073)	-	-	-	-	-	-	-	(10,073)	PDF p. 43
Total transactions with ownersRM'000	(140,273)	(130,200)	-	-	-	-	-	(130,200)	(10,073)	PDF p. 43
Group
At 31 December 2024RM'000	775,540	709,144	237,194	22,255	1,248	17,117	1,706	429,624	66,396	PDF p. 43

Definitions & sources

Original report: PDF p. 43 ↗

Columns in printed order: Total equity; Equity attributable to owners of the Company, total; Share capital; Revaluation reserves; Foreign currency translation reserves; FVOCI reserves; Other reserve; Retained earnings; Non-controlling interests. Share capital is a monetary amount in RM'000.

Group statement of changes in equity - year ended 31 December 2025

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Group statement of changes in equity - year ended 31 December 2025 from ANNUAL REPORT 2025
Metric / unit	2025Group - Total equity	2025Group - Equity attributable to owners of the Company, total	2025Group - Share capital	2025Group - Revaluation reserves (non-distributable)	2025Group - Foreign currency translation reserves (non-distributable)	2025Group - FVOCI reserves (non-distributable)	2025Group - Other reserve (non-distributable)	2025Group - Retained earnings (distributable)	2025Group - Non-controlling interests	Source
Group
At 1 January 2025RM'000	775,540	709,144	237,194	22,255	1,248	17,117	1,706	429,624	66,396	PDF p. 44
Profit for the yearRM'000	96,362	81,974	-	-	-	-	-	81,974	14,388	PDF p. 44
Other comprehensive incomeRM'000	3,106	3,082	-	1,415	67	1,600	-	-	24	PDF p. 44
Total comprehensive incomeRM'000	99,468	85,806	-	1,415	67	1,600	-	81,974	14,412	PDF p. 44
Group - Transactions with owners
Dividend on ordinary sharesRM'000	(63,000)	(63,000)	-	-	-	-	-	(63,000)	-	PDF p. 44
Dividend to non-controlling interestsRM'000	(10,073)	-	-	-	-	-	-	-	(10,073)	PDF p. 44
Total transactions with ownersRM'000	(73,073)	(63,000)	-	-	-	-	-	(63,000)	(10,073)	PDF p. 44
Group
At 31 December 2025RM'000	801,935	731,200	237,194	23,670	1,315	18,717	1,706	448,598	70,735	PDF p. 44

Definitions & sources

Original report: PDF p. 44 ↗

Company statement of changes in equity - year ended 31 December 2024

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Company statement of changes in equity - year ended 31 December 2024 from ANNUAL REPORT 2025
Metric / unit	2024Company - Total equity	2024Company - Share capital	2024Company - Revaluation reserves (non-distributable)	2024Company - FVOCI reserves (non-distributable)	2024Company - Retained earnings (distributable)	Source
Company
At 1 January 2024RM'000	608,011	237,194	3,830	24,205	342,782	PDF p. 45
Profit for the yearRM'000	64,524	-	-	-	64,524	PDF p. 45
Other comprehensive incomeRM'000	3,269	-	386	2,883	-	PDF p. 45
Total comprehensive incomeRM'000	67,793	-	386	2,883	64,524	PDF p. 45
Transfer of FVOCI reserves to retained earnings upon disposal of investment securitiesRM'000	-	-	-	(9,971)	9,971	PDF p. 45
Company - Transaction with owners
Dividend on ordinary sharesRM'000	(130,200)	-	-	-	(130,200)	PDF p. 45
Company
At 31 December 2024RM'000	545,604	237,194	4,216	17,117	287,077	PDF p. 45

Definitions & sources

Original report: PDF p. 45 ↗

* The Company is able to distribute dividends out of its entire retained earnings under the single-tier tax system.

Company statement of changes in equity - year ended 31 December 2025

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Company statement of changes in equity - year ended 31 December 2025 from ANNUAL REPORT 2025
Metric / unit	2025Company - Total equity	2025Company - Share capital	2025Company - Revaluation reserves (non-distributable)	2025Company - FVOCI reserves (non-distributable)	2025Company - Retained earnings (distributable)	Source
Company
At 1 January 2025RM'000	545,604	237,194	4,216	17,117	287,077	PDF p. 46
Profit for the yearRM'000	64,443	-	-	-	64,443	PDF p. 46
Other comprehensive incomeRM'000	2,145	-	545	1,600	-	PDF p. 46
Total comprehensive incomeRM'000	66,588	-	545	1,600	64,443	PDF p. 46
Company - Transaction with owners
Dividend on ordinary sharesRM'000	(63,000)	-	-	-	(63,000)	PDF p. 46
Company
At 31 December 2025RM'000	549,192	237,194	4,761	18,717	288,520	PDF p. 46

Definitions & sources

Original report: PDF p. 46 ↗

* The Company is able to distribute dividends out of its entire retained earnings under the single-tier tax system.

Statements of cash flows (Group and Company)

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Statements of cash flows (Group and Company) from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Operating activities
Profit before taxRM'000	138,330	132,003	66,980	73,262	PDF p. 47
Operating activities - Adjustments for
AmortisationRM'000	955	1,046	3	3	PDF p. 47
DepreciationRM'000	13,810	12,603	6,718	5,993	PDF p. 47
Dividend incomeRM'000	(2,636)	(3,364)	(43,013)	(43,685)	PDF p. 47
Fair value changes in forward currency contractsRM'000	37	(37)	37	(37)	PDF p. 47
Gain on disposal of property, plant and equipmentRM'000	(7)	-	-	-	PDF p. 47
Interest expenseRM'000	18,540	16,610	18,570	16,421	PDF p. 47
Interest incomeRM'000	(4,792)	(6,679)	(5,327)	(6,946)	PDF p. 47
Property, plant and equipment written offRM'000	494	296	483	228	PDF p. 47
Movement in provision for retrenchment compensationRM'000	(1,879)	971	(1,879)	971	PDF p. 47
Impairment of trade receivablesRM'000	-	1	-	-	PDF p. 47
Share of results of associateRM'000	(1,449)	233	-	-	PDF p. 47
Unrealised (gain)/loss on exchangeRM'000	(3,022)	2,755	(3,022)	2,755	PDF p. 47
Unwinding of discount on provisionRM'000	2,288	2,618	-	512	PDF p. 47
Operating activities
Operating cash flows before changes in working capitalRM'000	160,669	159,056	39,550	49,477	PDF p. 47
Operating activities (cont’d)
Increase in inventoriesRM'000	(62,757)	(20,604)	(67,001)	(31,429)	PDF p. 48
Increase in receivablesRM'000	(43,504)	(23,009)	(44,057)	(19,175)	PDF p. 48
Decrease in amount due from subsidiariesRM'000	-	-	5,288	5,262	PDF p. 48
(Increase)/Decrease in trade prepaymentsRM'000	(3,756)	28,644	(3,756)	28,644	PDF p. 48
Increase in other prepaymentsRM'000	(5,923)	(1,017)	(6,033)	(87)	PDF p. 48
Increase in payablesRM'000	101,475	5,454	105,318	747	PDF p. 48
Increase in amount due to subsidiariesRM'000	-	-	17,670	16,419	PDF p. 48
Increase/(Decrease) in amount due to an associateRM'000	67	(1,155)	67	(1,155)	PDF p. 48
Cash generated from operationsRM'000	146,271	147,369	47,046	48,703	PDF p. 48
Income tax paidRM'000	(30,248)	(46,267)	(3,067)	(12,035)	PDF p. 48
Interest paidRM'000	(18,561)	(16,065)	(18,361)	(15,860)	PDF p. 48
Payment for mine restoration fundRM'000	(5,782)	-	-	-	PDF p. 48
Payment for retrenchment compensationRM'000	(9,002)	(1,139)	(9,002)	(1,139)	PDF p. 48
Net cash generated from operating activitiesRM'000	82,678	83,898	16,616	19,669	PDF p. 48
Investing activities
Advances given to subsidiariesRM'000	-	-	(2,215)	(2,049)	PDF p. 48
Interest receivedRM'000	4,792	6,679	1,750	3,382	PDF p. 48
Dividend received from a subsidiaryRM'000	-	-	-	72,963	PDF p. 48
Dividend received from an associateRM'000	84	28	84	28	PDF p. 48
Dividend received from investment securitiesRM'000	2,636	3,364	2,636	3,364	PDF p. 48
Payment for deferred mine exploration and evaluation expenditures and mine propertiesRM'000	(1,118)	(413)	-	-	PDF p. 48
Proceeds from disposal of investment securitiesRM'000	-	12,145	-	12,145	PDF p. 48
Proceeds from disposal of property, plant and equipmentRM'000	7	-	-	-	PDF p. 48
Purchase of property, plant and equipmentRM'000	(23,714)	(18,952)	(8,146)	(9,338)	PDF p. 48
Net cash (used in)/generated from investing activitiesRM'000	(17,313)	2,851	(5,891)	80,495	PDF p. 48
Financing activities
Advances received from a subsidiaryRM'000	-	-	26,000	-	PDF p. 49
Dividend paid to shareholdersRM'000	(63,000)	(130,200)	(63,000)	(130,200)	PDF p. 49
Dividend paid to a non-controlling shareholder of a subsidiaryRM'000	-	(18,241)	-	-	PDF p. 49
Repayment of term loanRM'000	(14,444)	(26,667)	(14,444)	(26,667)	PDF p. 49
Drawdown of short term trade borrowingsRM'000	26,606	36,619	26,606	36,619	PDF p. 49
Payment of lease liabilitiesRM'000	(269)	(326)	(180)	(222)	PDF p. 49
Net cash used in financing activitiesRM'000	(51,107)	(138,815)	(25,018)	(120,470)	PDF p. 49
Cash and cash equivalents
Net increase/(decrease) in cash and cash equivalentsRM'000	14,258	(52,066)	(14,293)	(20,306)	PDF p. 49
Effect of changes in foreign exchange ratesRM'000	19	(308)	19	(308)	PDF p. 49
Cash and cash equivalents as at 1 JanuaryRM'000	211,848	264,222	99,055	119,669	PDF p. 49
Cash and cash equivalents as at 31 DecemberRM'000	226,125	211,848	84,781	99,055	PDF p. 49

Definitions & sources

Original report: PDF p. 47 ↗ PDF p. 48 ↗ PDF p. 49 ↗

Statement for the financial year ended 31 December 2025, spanning physical pages 47-49; amounts in RM'000. The note-reference column is not included in values.

Reconciliation of liabilities arising from financing activities (pages 49-50) is not extracted.

Note 14 Basic and diluted earnings per share (Group)

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Note 14 Basic and diluted earnings per share (Group) from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group (weighted shares retrospectively adjusted for bonus issue)	Source
Earnings per share
Profit net of tax attributable to owners of the Company (RM’000)RM'000	81,974	79,423	PDF p. 84
Weighted average number of ordinary shares in issue (’000)'000 shares	840,000	840,000	PDF p. 84

Definitions & sources

Original report: PDF p. 84 ↗

Basic and diluted earnings per share are calculated by dividing profit for the year attributable to owners of the Company by the weighted average number of ordinary shares in issue during the financial year.

Pursuant to the requirements of MFRS 133 Earnings per Share, the weighted average number of ordinary shares used in the calculation of basic and diluted EPS for the previous financial year ended 31 December 2024 have been retrospectively adjusted to reflect the bonus issue.

Note 15 Dividends recognised by the Company

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Note 15 Dividends recognised by the Company from ANNUAL REPORT 2025
Metric / unit	2025Company, amount RM'000 (recognised in 2025)	2024Company, amount RM'000 (recognised in 2024)	2025Net dividend per ordinary share, sen (2025)	2024Net dividend per ordinary share, sen (2024)	Source
Total
Total dividends recognisedRM'000 / sen	63,000	130,200	11	31	PDF p. 85

Definitions & sources

Original report: PDF p. 85 ↗

Dividends recognised by the Company are as follows. Per-share rates in sen are net single-tier; the 2025 interim is on 840,000,000 shares after the 1-for-1 bonus issue, earlier dividends on 420,000,000 shares. Total row has no printed label.

Tin Statistics – Deliveries of Refined Tin from MSC (Tonnes Refined Tin by reported destination)

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Tin Statistics – Deliveries of Refined Tin from MSC (Tonnes Refined Tin by reported destination) from ANNUAL REPORT 2025
Metric / unit	2021Tonnes	2022Tonnes	2023Tonnes	2024Tonnes	2025Tonnes	Source
Destination
Africatonnes	100	75	40	70	-	PDF p. 145
Australia & New Zealandtonnes	-	-	-	20	-	PDF p. 145
Chinatonnes	120	1,859	2,276	1,777	786	PDF p. 145
EECtonnes	891	800	1,104	238	25	PDF p. 145
India, Pakistan & Bangladeshtonnes	308	285	-	275	791	PDF p. 145
Japantonnes	4,197	4,587	3,454	3,580	3,080	PDF p. 145
Koreatonnes	1,825	680	1,311	1,370	420	PDF p. 145
Middle Easttonnes	425	329	380	495	350	PDF p. 145
Taiwantonnes	774	581	423	414	351	PDF p. 145
Rest of Asia Pacifictonnes	480	1,103	1,240	60	-	PDF p. 145
USA, Canada & Central Americatonnes	1,195	270	904	572	290	PDF p. 145
Subtotal export (unlabelled)tonnes	10,315	10,569	11,132	8,872	6,094	PDF p. 145
Malaysia
For domestic consumption*tonnes	5,818	8,148	9,912	7,673	6,809	PDF p. 145
Total
Total deliveries (unlabelled)tonnes	16,133	18,717	21,044	16,545	12,903	PDF p. 145

Definitions & sources

Original report: PDF p. 145 ↗

* Include tin deliveries to LME warehouses in Port Klang

Tin Statistics – Production of tin-in-concentrates in Malaysia and imports of foreign tin concentrates

2 metrics

Units appear below each metric. Scroll to compare years

Tin Statistics – Production of tin-in-concentrates in Malaysia and imports of foreign tin concentrates from ANNUAL REPORT 2025
Metric / unit	2016Tonnes	2017Tonnes	2018Tonnes	2019Tonnes	2020Tonnes	2021Tonnes	2022Tonnes	2023Tonnes	2024Tonnes	2025Tonnes	Source
Year 2016–2025 (in order 2016..2025)
Production of tin-in-concentrates in Malaysia (tonnes)tonnes	4,123	4,576	3,850	3,607	4,128	2,975	3,517	5,384	5,707	6,096	PDF p. 146
Import of foreign tin concentrates into Malaysia (tonnes)tonnes	27,535	33,455	32,785	31,809	29,889	14,486	21,255	21,904	13,824	13,001	PDF p. 146

Definitions & sources

Original report: PDF p. 146 ↗

Printed as year rows with two value columns; values listed in chronological order 2016 to 2025. Also printed: 2025 LME 3-month buying average tin prices (USD per tonne), monthly chart, Jan–Dec: 29,758.18 31,931.00 34,048.33 32,691.50 32,185.75 32,472.86 33,652.83 33,787.25 34,489.77 36,011.74 36,912.75 41,257.14.

Where the money comes from

Segment information

By business

Business segments 2025 - Revenue (Note 39) 3 lines

Business segments 2025 - Revenue (Note 39)
Item / unit	2025Tin smelting, RM'000	2025Tin mining, RM'000	2025Others, RM'000	2025(Eliminations)/Adjustments, RM'000	2025Total Group, RM'000	Source
Revenue
Sales to external customersRM'000	1,758,969	-	-	-	1,758,969	PDF p. 137
Inter-segment salesRM'000	-	327,009	-	(327,009)	-	PDF p. 137
Total revenueRM'000	1,758,969	327,009	-	(327,009)	1,758,969	PDF p. 137

Notes

Segment performance is evaluated based on profit before tax. Transfer prices between operating segments are on an arm's length basis; intercompany transactions are eliminated on consolidation.

Business segments 2025 - Results, assets, liabilities and other information (Note 39) 19 lines

Business segments 2025 - Results, assets, liabilities and other information (Note 39)
Item / unit	2025Tin smelting, RM'000	2025Tin mining, RM'000	2025Others, RM'000	2025(Eliminations)/Adjustments, RM'000	2025Total Group, RM'000	Source
Results
Profit/(Loss) from operationsRM'000	43,675	119,127	(27)	(5,053)	157,722	PDF p. 138
Finance costsRM'000	(17,670)	(2,488)	(683)	-	(20,841)	PDF p. 138
Share of results of associateRM'000	-	-	1,449	-	1,449	PDF p. 138
Profit/(Loss) before taxRM'000	26,005	116,639	739	(5,053)	138,330	PDF p. 138
Income tax (expense)/creditRM'000	(2,719)	(40,462)	-	1,213	(41,968)	PDF p. 138
Profit/(Loss) net of taxRM'000	23,286	76,177	739	(3,840)	96,362	PDF p. 138
Assets
Segment assetsRM'000	1,062,115	395,945	28,589	(15,898)	1,470,751	PDF p. 138
Total assetsRM'000	1,070,470	395,945	60,526	(15,898)	1,511,043	PDF p. 138
Liabilities
Segment liabilitiesRM'000	595,789	113,173	146	-	709,108	PDF p. 138
Other segment information - Additions of non-current assets
- Property, plant and equipmentRM'000	8,162	22,468	-	-	30,630	PDF p. 138
- Mining assetsRM'000	-	1,118	-	-	1,118	PDF p. 138
Other segment information
Reversal of provision for retrenchment compensationRM'000	(1,879)	-	-	-	(1,879)	PDF p. 138
Depreciation expensesRM'000	7,769	6,041	-	-	13,810	PDF p. 138
Amortisation of mining rightsRM'000	-	124	-	-	124	PDF p. 138
Amortisation of corporate club membershipsRM'000	3	5	-	-	8	PDF p. 138
Amortisation of mine propertiesRM'000	-	823	-	-	823	PDF p. 138
Interest incomeRM'000	(1,750)	(3,042)	-	-	(4,792)	PDF p. 138
Net realised foreign exchange gainRM'000	(4,062)	-	-	-	(4,062)	PDF p. 138
Net unrealised foreign exchange gainRM'000	(3,022)	-	-	-	(3,022)	PDF p. 138

Notes

Investments in associate and joint venture: Others 31,937, Total 31,937 (other columns -). Non-current assets classified as held for sale (Note 29): Tin smelting 8,355, Total 8,355 (other columns -). Total assets includes these. Note column refs shown in quotes where printed; some labels wrap across lines, so quotes use final line fragments.

Business segments 2024 - Revenue, results, assets, liabilities and other information (Note 39) 22 lines

Business segments 2024 - Revenue, results, assets, liabilities and other information (Note 39)
Item / unit	2024Tin smelting, RM'000	2024Tin mining, RM'000	2024Others, RM'000	2024(Eliminations)/Adjustments, RM'000	2024Total Group, RM'000	Source
Revenue
Sales to external customersRM'000	1,691,774	-	-	-	1,691,774	PDF p. 139
Inter-segment salesRM'000	-	319,226	-	(319,226)	-	PDF p. 139
Total revenueRM'000	1,691,774	319,226	-	(319,226)	1,691,774	PDF p. 139
Results
Profit/(Loss) from operationsRM'000	48,667	112,755	(35)	(9,908)	151,479	PDF p. 139
Finance costsRM'000	(16,320)	(2,311)	(612)	-	(19,243)	PDF p. 139
Share of results of associateRM'000	-	-	(233)	-	(233)	PDF p. 139
Profit/(Loss) before taxRM'000	32,347	110,444	(880)	(9,908)	132,003	PDF p. 139
Income tax (expense)/creditRM'000	(8,912)	(31,935)	-	2,378	(38,469)	PDF p. 139
Profit/(Loss) net of taxRM'000	23,435	78,509	(880)	(7,530)	93,534	PDF p. 139
Assets
Segment assetsRM'000	962,302	356,088	26,989	(12,058)	1,333,321	PDF p. 139
Total assetsRM'000	962,302	356,088	57,506	(12,058)	1,363,838	PDF p. 139
Liabilities
Segment liabilitiesRM'000	492,498	95,641	159	-	588,298	PDF p. 139
Other segment information - Additions of non-current assets
- Property, plant and equipmentRM'000	9,348	11,180	-	-	20,528	PDF p. 139
- Mining assetsRM'000	-	413	-	-	413	PDF p. 139
Other segment information
Provision for retrenchment compensationRM'000	971	-	-	-	971	PDF p. 139
Depreciation expensesRM'000	7,020	5,583	-	-	12,603	PDF p. 139
Amortisation of mining rightsRM'000	-	131	-	-	131	PDF p. 139
Amortisation of corporate club membershipsRM'000	3	5	-	-	8	PDF p. 139
Amortisation of mine propertiesRM'000	-	907	-	-	907	PDF p. 139
Interest incomeRM'000	(3,382)	(3,297)	-	-	(6,679)	PDF p. 139
Net realised foreign exchange gainRM'000	(426)	-	-	-	(426)	PDF p. 139
Net unrealised foreign exchange lossRM'000	2,755	-	-	-	2,755	PDF p. 139

Notes

Investments in associate and joint venture 2024: Others 30,517, Total 30,517 (other columns -). Some labels wrap across lines; quotes for those rows use the final line fragment.

Reconciliation items of segment profit before tax and segment assets to consolidated amounts (Note 39) 3 lines

Reconciliation items of segment profit before tax and segment assets to consolidated amounts (Note 39) — Group
Item / unit	2025RM'000	2024RM'000	Source
Items added to segment profit before tax
Realised profit arising from inter-segment salesRM'000	15,865	5,957	PDF p. 140
Unrealised profit arising from inter-segment salesRM'000	(20,918)	(15,865)	PDF p. 140
Items deducted from segment assets
Unrealised profit arising from inter-segment sales, net of taxRM'000	(15,898)	(12,058)	PDF p. 140

Notes

Net total of the profit before tax reconciliation: (5,053) for 2025 and (9,908) for 2024, printed as an unlabelled subtotal line.

Debt

Borrowings

Remaining maturities of borrowings

Remaining maturities of borrowings — Group and Company
Item / unit	2025RM'000	2024RM'000	Source
Remaining maturities
On demand or within one yearRM'000	365,888	343,236	PDF p. 115
More than 1 year and less than 2 yearsRM'000	13,333	13,333	PDF p. 115
More than 2 years and less than 5 yearsRM'000	1,112	14,445	PDF p. 115
TotalRM'000	380,333	371,014	PDF p. 115

Notes

Total row unlabelled in source. No 'over 5 years' bucket printed for borrowings.

Note 37(c) Contractual undiscounted maturity - Group, 31 December

Note 37(c) Contractual undiscounted maturity - Group, 31 December — Group
Item / unit	2025Within 1 year, RM'000	20251 to 5 years, RM'000	2025Over 5 years, RM'000	2025Total, RM'000	2024Within 1 year, RM'000	20241 to 5 years, RM'000	2024Over 5 years, RM'000	2024Total, RM'000	Source
Borrowings
- PrincipalRM'000	365,888	14,445	-	380,333	343,236	27,778	-	371,014	PDF p. 124 PDF p. 125
- InterestRM'000	3,171	397	-	3,568	3,805	1,531	-	5,336	PDF p. 124 PDF p. 125
Lease liabilities
- PrincipalRM'000	192	515	3,300	4,007	273	584	3,419	4,276	PDF p. 124 PDF p. 125
- InterestRM'000	198	718	1,989	2,905	210	746	2,159	3,115	PDF p. 124 PDF p. 125

Notes

Based on contractual undiscounted repayment obligations. 29% (2024: 23%) of the Group’s and the Company’s borrowings are denominated in United States Dollar (page 123).

Contractual undiscounted basis.

Note 37(c) Contractual undiscounted maturity - Company, 31 December

Note 37(c) Contractual undiscounted maturity - Company, 31 December — Company
Item / unit	2025Within 1 year, RM'000	20251 to 5 years, RM'000	2025Over 5 years, RM'000	2025Total, RM'000	2024Within 1 year, RM'000	20241 to 5 years, RM'000	2024Over 5 years, RM'000	2024Total, RM'000	Source
Borrowings
- PrincipalRM'000	365,888	14,445	-	380,333	343,236	27,778	-	371,014	PDF p. 125 PDF p. 126
- InterestRM'000	3,171	397	-	3,568	3,805	1,531	-	5,336	PDF p. 125 PDF p. 126
Lease liabilities
- PrincipalRM'000	79	-	-	79	165	94	-	259	PDF p. 125 PDF p. 126
- InterestRM'000	4	-	-	4	10	4	-	14	PDF p. 125 PDF p. 126

Notes

Contractual undiscounted basis.

Borrowing notes 1 tables

Borrowings

Borrowings — Group and Company
Item / unit	2025RM'000	2024RM'000	Source
Short term borrowings - Unsecured
Short term trade financingRM'000	109,023	86,962	PDF p. 114
Bankers’ acceptances/ Trust receiptsRM'000	243,532	241,830	PDF p. 114
Short term borrowings - Secured
Term loanRM'000	13,333	14,444	PDF p. 114
Short term borrowings
Short term borrowings subtotalRM'000	365,888	343,236	PDF p. 114
Long term borrowings - Secured
Term loanRM'000	14,445	27,778	PDF p. 114
Total
Total borrowingsRM'000	380,333	371,014	PDF p. 114

Notes

Short term trade financing bears interest rates ranging from 4.1% to 5.1% (2024: 4.8% to 5.8%) per annum.

Bankers’ acceptances/ Trust receipts bear interest rates ranging from 3.6% to 4.1% (2024: 3.9% to 4.3%) per annum.

The term loan is denominated in Ringgit Malaysia. The term loan bears interest rate of 4.8% (2024: 5.1%) per annum and is collaterised by land held for development of a subsidiary. At the reporting date, the carrying amount of land held for development is RM78,654,000.

Covenants: consolidated gearing ratio not more than 2.0 times; debt service cover ratio not less than 1.25 times. The Group has complied with these covenants.

Subtotal row 365,888/343,236 is unlabelled in source (short term borrowings total).

Payout

Dividends & distributions

Dividends declared and proposed

Item	Value	Period / scope	Source
final single-tier dividend of RM0.04 per share	RM0.04	Proposed final dividend, FY2025, subject to AGM approval	PDF p. 24
Final Single-Tier Dividend payment date	26 June 2026	Proposed final dividend FY2025	PDF p. 151
Entitlement date	16 June 2026	Proposed final dividend FY2025	PDF p. 151
An interim single-tier dividend of RM0.04 per share on 840,000,000 ordinary shares, paid on 9 September 2025	4 sen per share	Interim dividend FY2025, paid; 2025 column	PDF p. 85
Net dividend per ordinary share total	11 sen per share	Dividends recognised in 2025 (FY2024 final 7 sen + FY2025 interim 4 sen); 2025 column	PDF p. 85
A final single-tier dividend of RM0.07 per share on 420,000,000 ordinary shares, paid on 26 June 2025	7 sen per share	Final dividend FY2024, paid 2025	PDF p. 85
A first interim single-tier dividend of RM0.07 per share on 420,000,000 ordinary shares, paid on 24 October 2024	7 sen per share	First interim dividend FY2024; 2024 column	PDF p. 85
A second interim single-tier special dividend of RM0.17 per share on 420,000,000 ordinary shares, paid on 23 December 2024	17 sen per share	Second interim special dividend FY2024; 2024 column	PDF p. 85

Dividend policy

Item	Value	Period / scope	Source
Share capital bonus issue	by way of bonus issue of new ordinary shares on the basis of 1 bonus share for every 1 existing MSC share	FY2025 share capital	PDF p. 25

Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

Item	Value	Period / scope	Source
Ernst & Young PLT	Ernst & Young PLT	Group and Company	PDF p. 38
Elina Chan Su Yin	Elina Chan Su Yin	Group and Company	PDF p. 38
Auditors' report date	15 April 2026	Group and Company · As at 2026-04-15	PDF p. 38
Opinion	In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and of the Company as at 31 December 2025	Group and Company · As at 2025-12-31	PDF p. 31

Key audit matters

Item	Value	Period / scope	Source
Inventories	Inventories	Group and Company	PDF p. 32

Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.