Leading tin producer Malaysia Smelting Corporation has announced group pre-tax profits of RM51.9 million (approximately US$12.5 million) in Q4, up 47.1% from the previous quarter.
MSC reported revenue of RM480.7 million (approximately US$116 million) in Q4 2026, down 9.2% from the previous quarter on lower tin sales, but this decline was offset by lower operating costs.
MSC’s tin smelting segment recorded a pre-tax profit of RM31.3 million (approximately US$7.5 million) following a loss in the previous quarter. The company attributed this increase to stronger sales of higher-margin, higher-profit tantalum slag and cost savings from the closure of the historic Butterworth plant.
This comes despite lower ore intake from suppliers in the quarter. ITA estimates that tin-in-concentrate imports to Malaysia fell by 2.7% to 2,468 tonnes in Q4 compared with Q3, compounding lower output from MSC’s mine.
The tin mining segment, representing the company’s Rahman Hydraulic Tin mine, recorded a pre-tax profit of RM25.4 million (approximately US$6.1 million), down 22.9% from the previous quarter due to a three-week mining suspension for an environmental investigation.
Co-CEOs Mr Lam Hoi Khong and Mr Nicolas Chen Seong Lee, appointed in December 2025, highlighted the improved operational efficiencies against a backdrop of supply disruptions and robust demand.
Our view: MSC faced a challenging 2025 with intense competition from Chinese smelters in Africa due to the continued low concentrate output from Myanmar, the production halt due to the gas pipeline explosion incident, and the temporary mining suspension. Despite this, higher commodity prices have supported the company’s revenue while the closure of the Butterworth plant and improved efficiencies at the new Pulau Indah plant have reduced the company’s costs, with MSC reporting a whole-year increase in pre-tax profits of 5% from 2024.
Protracted mine supply disruptions remain a key risk for MSC going forward, but an anticipated increase in tin entering the international concentrate market in 2026 may see the situation improve.
Malaysia Smelting Corporation is a Member of the International Tin Association.
