Mewah International (MV4) H1 2025 earnings summary

Executive summary

• H1 2025 revenue reached a record US$2,988.7m and sales volume a record 2.54m MT; profit attributable to equity holders more than doubled YoY to US$37.6m.

• Stronger operating margin reflected higher volumes and margin per MT; results also included a US$35.2m net foreign-exchange gain, versus a US$22.0m loss in H1 2024.

Financial highlights

• Revenue rose 56.5% YoY to US$2,988.7m; cost of sales increased 58.9% to US$2,814.4m and gross profit rose 25.6% to US$174.4m.

• Profit before tax increased 138.2% to US$54.4m; net profit rose 137.1% to US$37.5m and attributable profit increased to US$37.6m from US$18.6m.

• Basic and diluted EPS increased 102.6% YoY to 2.51 US cents.

• Net operating cash flow was negative US$74.1m after working-capital use; investing used US$20.4m and financing generated US$142.4m.

Outlook and guidance

• Robust demand, cost controls and margin management supported H1; US-led tariff actions, geopolitical developments and broader external uncertainty remain relevant risks.

• Phased resumption at the fire-affected Indonesian factory is anticipated within FY2025, while full restoration is expected to take longer.