Mewah International (MV4) H1 2026 earnings summary

Executive summary

• H1 2026 revenue fell 5.9% YoY to US$2,811.3m; attributable net profit declined 68.7% to US$11.8m as volume and operating margin fell.

• Gross profit rose 15.9% to US$202.0m, but operating margin fell 21.6% to US$115.3m; a swing from FX gains to losses also weighed on PBT.

• Operating cash flow was US$78.9m, versus US$74.1m used in H1 2025.

Financial highlights

• Revenue was US$2,811.3m, down 5.9% YoY; sales volume fell 6.8% to 2,365.0k MT while average selling price rose 0.9% to US$1,188.7/MT.

• Cost of sales decreased 7.3% to US$2,609.3m, lifting gross profit by US$27.6m to US$202.0m.

• Operating margin declined 21.6% to US$115.3m; margin per MT fell 15.9% to US$48.8 and margin rate eased to 4.1% from 4.9%.

• PBT fell 56.5% to US$23.7m; profit after tax declined 74.4% to US$9.6m, while attributable profit was US$11.8m, down 68.7%.

• Selling and distribution expenses rose 22.9% to US$85.9m, mainly on higher export duties and levies; finance expenses fell 9.7% to US$18.9m.

Outlook and guidance

• H2 2026 market conditions are expected to remain mixed, shaped by global trade developments, weather patterns and evolving regulatory requirements.

• Edible-oil demand remains supported by food consumption and biofuel applications; priorities include operational excellence, prudent risk management and sustainable shareholder value.