Mewah International (MV4) H2 2023 earnings summary

Executive summary

• FY23 net profit attributable to equity holders fell 64.3% to US$40.6m; revenue declined 24.0% to US$4,123.8m, while sales volume rose 1.0% to 4,334.6k MT.

• Average selling price fell 24.8% to US$951.4/MT; operating margin declined 33.2% to US$201.1m.

Financial highlights

• Profit before tax fell 61.2% to US$55.1m; income tax expense declined to US$16.6m from US$29.0m.

Segment performance

• Bulk sales volume rose 1.0% to 3,155.7k MT; revenue fell 28.3% to US$2,886.8m as ASP declined 29.1% to US$914.8/MT.

• Bulk operating margin fell 53.0% to US$101.4m; margin per MT declined to US$32.1 from US$69.1.

• Consumer Pack sales volume rose 0.9% to 1,178.9k MT; revenue fell 11.7% to US$1,237.0m as ASP declined 12.4% to US$1,049.3/MT.

• Consumer Pack operating margin rose 17.3% to US$99.7m; margin per MT increased to US$84.6 from US$72.7.