KUALA LUMPUR: Tin miner and metal producer, Malaysia Smelting Corporation Bhd’s (MSC) revenue grew to RM529.5 million for the third quarter (Q3) ended September 30, 2025 (FY25), a 12.7% year-on-year (YoY) increase from RM470.1 million in Q3 FY24, driven by higher sales of refined tin and tin bearing intermediates, and higher average tin price of RM143,500 per metric tonne (MT) from RM141,500 in Q3 FY24.
The group’s tin smelting division registered a loss after tax of RM1.6 million in Q3 FY25, attributed to trading losses and foreign exchange impacts arising from the stronger ringgit.
Nevertheless, higher sales of tin intermediates, which carry comparatively higher margins, helped narrow the loss significantly from the RM10.3 million after-tax loss reported in Q3 FY24.
The tin mining segment’s profit after tax (PAT) rose by 8.0% YoY to RM24.4 million in Q3 FY25, vis-Ã -vis RM22.5 million in Q3 FY24, underpinned by higher tin production quantity and the previously mentioned higher average tin prices.
Based on the factors above, the group’s net profit increased by 42.7% YoY to RM20.4 million in Q3 FY25, from RM14.3 million in Q3 FY24, translating to a higher net margin of 3.9%.
In 9M FY25, MSC’s revenue climbed by 2.8% YoY to RM1.3 billion, versus RM1.2 billion in 9M FY24.
The performance was primarily supported by higher sales of tin-bearing intermediates and higher average tin prices of RM141,900 per MT, despite lower refined tin sales volumes.
However, net profit softened to RM42.1 million in 9M FY25 from RM49.2 million in
9M FY24 due to a one-off additional tax assessment imposed on the group’s mining subsidiary, Rahman Hydraulic Tin Sdn Bhd (RHT), by the Inland Revenue Board (IRB) during the period.
Group CEO Datuk Dr Patrick Yong said that, building on this earnings momentum, the broader outlook for tin remains favourable, with sustained demand from emerging technology-driven industries such as renewable energy systems, electronics manufacturing, artificial-intelligence-related infrastructure, and defence applications.
“However, the global supply of tin remains comparatively constrained, even as demand from technology-driven industries continues to strengthen.
“Together, these conditions point towards a structurally tight market environment, where regulatory developments in key producing countries could influence future output. Recent measures in Indonesia to curb illegal mining, for example, may affect supply levels over time,” he said.
He said across the organisation, MSC continue to reinforce our competitive position by enhancing operational performance, strengthening technological capabilities, improving manpower and logistics efficiency, and pursuing potential new business avenues within both its mining and smelting operations.
Yong also highlighted that the decommissioning of MSC’s long-standing Butterworth smelter is progressing.
“The transition is expected to provide cost advantages, while the Pulau Indah plant offers superior efficiency and lower operational and manpower requirements.
“The facility also carries a smaller carbon footprint, given its reliance on natural gas and its ability to generate renewable energy through rooftop solar installations,” he said.
On the mining front, he noted that the group is intensifying efforts to raise mining output and productivity.
“Key initiatives include widening our mining footprint, enlarging resource areas, adopting more efficient extraction methods, deploying modern processing techniques to recover tin from lower-grade materials, and exploring possible mining joint ventures.”
On a quarter-on-quarter (QoQ) basis, the group’s revenue surged 39.7% to RM529.5 million in Q3 FY25, from RM379.0 million in Q2 FY25.
This growth was bolstered by higher sales quantities of refined tin and tin-bearing intermediates, as well as higher average tin prices of RM143,500 per MT.
Net profit expanded by 46.3% QoQ to RM20.4 million from RM13.9 million in Q2 FY25, translating to an improved net profit margin of 3.9%.
