KUALA LUMPUR: Tin miner and metal producer, Malaysia Smelting Corporation Bhd, recorded revenue of RM457.0 million for Q1 ended March 31, 2026 (FY26), representing an increase of 24% year-on-year (YoY) from RM369.8 million in Q1 FY25.
The stronger revenue performance was supported by a higher average tin price of RM193,100 per metric tonne (MT) in Q1 FY26, compared with RM142,000 per MT in Q1 FY25, as well as increased sales of tin-bearing intermediates, despite lower refined tin sales quantity during the quarter.
Meanwhile, net profit surged more than fivefold to RM42.9 million in Q1 FY26 from RM7.7 million recorded in Q1 FY25.
The group’s tin smelting segment recorded a profit before tax (PBT) of RM15.5 million in Q1 FY26 compared with RM5.7 million in Q1 FY25, mainly due to higher profit from encashment of tin intermediates arising from higher tin prices and margins.
The segment also benefited from operational cost savings following the closure and decommissioning of the Butterworth smelter plant.
Concurrently, the tin mining segment delivered a stronger performance, with PBT increasing to RM55.2 million compared with RM29.3 million in Q1 FY25, supported by higher tin production quantity and favourable average tin prices.
Co-CEO Nicolas Chen Seong Lee said while global markets continue to face uncertainties arising from geopolitical tensions and evolving trade dynamics, demand for tin remains supported by structural growth trends, particularly in AI, data centre infrastructure, clean energy and semiconductor electronics.
“At the same time, supply disruptions and regulatory developments across the global tin supply chain continue to underpin market fundamentals.
“Against this backdrop, the group will continue to monitor geopolitical developments and potential disruptions to global supply chains and energy markets.
“At the same time, we remain focused on operational efficiencies, prudent cost management and disciplined capital allocation to strengthen competitiveness and financial resilience,” he added.
On a quarter-on-quarter (QoQ) basis, the group recorded revenue of RM457.0 million in Q1 FY26, compared with RM480.7 million in Q4 FY25.
The marginal decrease was mainly attributable to lower refined tin sales volume during the quarter, partially mitigated by a higher average tin price of RM193,100 per MT in Q1 FY26 compared with RM158,100 per MT in Q4 FY25.
Despite the lower revenue, net profit improved by 8% QoQ to RM42.9 million in Q1 FY26 from RM39.9 million in Q4 FY25.
Co-CEO Lam Hoi Khong said the closure and decommissioning of the Butterworth plant have enabled the group to improve operational efficiency and reduce overall operating costs, while the Isasmelt plant at Pulau Indah continues to provide a more efficient, lower-carbon production platform.
“For the mining segment, we remain focused on improving productivity and daily output by expanding mining activities and adopting cost-effective mining and modernised processing methods to scavenge tin from low-grade materials,” he said.
For Q1 FY26, the board has declared a special single-tier dividend of 4 sen per share, amounting to RM33.6 million in dividend payouts.
