Mewah International (MV4) H2 2024 earnings summary

Executive summary

• FY24 revenue rose 16.0% to US$4,782.0m on 10.3% higher sales volume and 5.1% higher average selling prices; net profit fell 4.4% to US$38.8m.

• Operating margin reached US$206.6m; Consumer Pack achieved a record US$110.3m, offsetting pressure on Bulk refining margins.

Financial highlights

• FY24 sales volume was 4,781.8k MT and average selling price was US$1,000/MT; operating margin per MT declined 6.9% to US$43.2.

• Profit before tax fell 16.4% to US$46.1m; income tax expense declined 36.5% to US$10.5m.

• Overheads rose 4.3% to US$130.7m and finance costs rose 3.5% to US$28.3m; other losses/income shifted to a US$1.6m loss from US$6.6m income.

Segment performance

• Bulk sales volume rose 14.3% to 3,607.7k MT; revenue grew 21.9% to US$3,518.5m as ASP increased 6.6% to US$975.3/MT.

• Bulk operating margin fell 5.0% to US$96.3m and margin per MT declined 16.8% to US$26.7, reflecting lower prevailing refining margins.

• Consumer Pack volume decreased 0.4% to 1,174.1k MT; revenue rose 2.1% to US$1,263.5m as ASP increased 2.6% to US$1,076.1/MT.

• Consumer Pack operating margin reached a record US$110.3m, up 10.6%; margin per MT rose 11.0% to US$93.9.

• Malaysia/Singapore accounted for 54% of FY24 revenue and Rest of Asia 24%, versus 55% and 18%, respectively, in FY23.