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KUALA LUMPUR AND SINGAPORE: Malaysia Smelting Corporation Berhad (MSC), a leading tin miner and metal producer, has announced its financial results for the first quarter ended 31 March 2024 (1QFY24). During this quarter, MSC’s net profit attributable to owners surged by 93.6% quarter-on-quarter (QoQ) to RM18.2 million, up from RM9.4 million in the previous quarter (4QFY23). This significant increase was primarily driven by a rise in average tin prices (RM124,900/tonne in 1QFY24 compared to RM116,000/tonne in 4QFY23). The Group’s tin smelting division recorded a net profit of RM9.9 million in 1QFY24, a turnaround from a net loss of RM2.2 million in 4QFY23. This recovery was attributed to favorable tin price movements and foreign exchange gains during the quarter. Similarly, MSC’s tin mining operations saw a net profit increase of 19.3% QoQ to RM14.2 million in 1QFY24, up from RM11.9 million in 4QFY23, benefiting from the stronger tin prices. Meanwhile, MSC’s revenue for 1QFY24 stood at RM362.5 million, down from RM404.6 million in 4QFY23. Despite the higher tin prices, the Group’s performance was impacted by a shortage of tin ore, leading to lower refined tin sales and smelting revenue. However, the Group believes the situation in tin ore-producing countries like Myanmar and Indonesia, which has affected MSC’s toll smelting business, will improve. MSC Group Chief Executive Officer, Dato’ Patrick Yong commented, “Our 1QFY24 performance demonstrated resilience amidst a challenging global landscape characterized by ongoing inflation, tightening monetary policies, and supply chain disruptions. We remain committed to securing a reliable supply chain and executing our long-term growth plans.” Yong added, “The relocation of our smelting operations from Butterworth to the newer Pulau Indah smelter is nearly complete, with the Butterworth smelter set to be decommissioned by 2025. On the mining side, we are working to enhance productivity by expanding mining activities and exploring new tin resources.” “Looking ahead, our commitment to sustainable growth ensures a brighter future for MSC. We are confident in our ability to unlock new opportunities and solidify our position as a leader in the tin industry.” As of 31 March 2024, total borrowings decreased by 17.4% to RM297.3 million, down from RM359.8 million as of 31 December 2023, due to repayment of borrowings. This resulted in an improved gearing ratio of 0.35x as of 31 March 2024. Year-on-year (YoY), MSC’s revenue grew by 6.6% to RM362.5 million from RM340.1 million, driven by favorable tin price movements. Tin prices averaged 7.6% higher at RM124,900/tonne in 1QFY24 compared to RM116,100/tonne in 1QFY23. The Group’s smelting division posted a net profit of RM9.9 million in 1QFY24, compared to RM24.6 million in 1QFY23. The slower performance was mainly due to the absence of sales of refined tin derived from processed tin intermediates and by-products, as well as lower smelting revenue. The tin mining segment reported a net profit of RM14.2 million in 1QFY24, down from RM17.5 million in 1QFY23, due to lower tin production quantities.

KUALA LUMPUR: Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) has recently introduced an Application Programming Interface (“API”) Gateway to enhance the efficiency of Central Depository System (“CDS”) account management processes by Participating Organisations (“POs”) or brokers. This initiative leverages technology to improve the CDS account holder experience and boost investor participation in the equities market. The API Gateway streamlines the investor onboarding process, reducing turnaround times for account opening, updating, and reactivation. These enhancements enable investors to trade quickly, seizing opportunities as they arise. Additionally, the Gateway allows POs to further digitalize their processes, improving customer experience and promoting sustainability by reducing the carbon footprint. Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia, commented, “The Exchange actively listens to the evolving needs of our customers. This initiative is key in delivering on our commitment to greater customer-centricity. We will continue to work closely with our POs and introduce service innovations to attract more investors, bolstering the competitiveness of our market.” The API Gateway for CDS e-services is now operational. To date, five POs have signed up for the service: AmInvestment Bank Berhad, FSMOne – Online Retail Division of iFAST Capital Sdn Bhd, Hong Leong Investment Bank, Malacca Securities, and Moomoo Securities Malaysia. Other POs interested in offering these enhancements to their customers can visit API Services or email [email protected]. This API Gateway launch complements the recent introduction of the BURSA Remisier Acquisition Hub (“BURSA REACH”), Malaysia’s first profiling platform connecting investors with dealer’s representatives. Together, these initiatives demonstrate the Exchange’s commitment to using technology to provide easy access to investment opportunities and foster a vibrant capital market.

KUALA LUMPUR: Kelington Group Berhad, an integrated engineering solutions provider, announced outstanding financial results for the first quarter ending 31 March 2024 (1Q24). The Group’s net profit surged by 53.3%, reaching RM24.8 million, up from RM16.2 million in the previous year (1Q23). Additionally, revenue increased by 10% to RM339.3 million, compared to RM308.9 million in 1Q23. This growth was primarily driven by substantial revenue increases in key markets, particularly Malaysia (+6%) and China (+129%), which contributed 45% and 31% of the total revenue in 1Q24, respectively. The Ultra High Purity (UHP) division remained the largest revenue contributor, accounting for 61% of the Group’s total revenue in 1Q24. The UHP division’s revenue grew by 12% to RM205.5 million, fueled by several major UHP projects awarded in the second half of 2023. The Process Engineering division generated RM21.4 million, representing 6% of the Group’s total revenue for 1Q24. The General Contracting division saw a 21% year-on-year (YoY) increase in revenue, totaling RM78.4 million, driven by increased project recognitions and a significant project in Kuching. The Industrial Gases division also performed strongly, with revenue rising by 47% YoY to RM35.9 million, largely due to heightened demand for liquid carbon dioxide (LCO2) from Oceania countries. Commenting on the financial performance, Ir. Raymond Gan, Chief Executive Officer of Kelington Group Bhd, stated, “We are pleased with the commendable results across our business divisions, which lay a solid foundation for the year. Our order book continues to replenish at a steady pace.” “Since the beginning of the year, we have secured contracts worth RM235 million as of 31 March 2024. Including carried forward projects, our total order book stands at RM1.54 billion, with RM1.25 billion still outstanding as of 31 March 2024.” “The start of operations at our second LCO2 plant in March 2024 has doubled our annual production capacity to 120,000 tonnes. This expanded capacity strategically positions us to meet the growing demand both locally and internationally, especially given the global LCO2 shortage driven by the shutdown of petrochemical plants due to environmental concerns,” he added. As of 31 March 2024, the Group’s gearing ratio improved to 0.44. Total borrowings decreased to RM166.6 million from RM188.2 million as of 31 December 2023, primarily due to debt repayments in Malaysia and Singapore. Kelington maintains a robust balance sheet with a net cash position of RM135.5 million as of 31 March 2024, significantly up from RM81 million as of 31 December 2023, largely due to debt repayments and proceeds from nearing the completion of several large projects. The Board of Directors of Kelington has proposed a first interim tax-exempt dividend of 2 sen per ordinary share for the financial year ending 31 December 2024, amounting to RM13.3 million.