KUALA LUMPUR (April 29): Tin producer Malaysia Smelting Corp Bhd (MSC) on Monday declared a final dividend of seven sen per share, amounting to RM29.4 million, for the financial year ended Dec 31, 2023 (FY2023).

The dividend’s ex-date is June 13, and it is payable on June 28, according to the company’s filing with Bursa Malaysia. This brings the total dividend payment for FY2023 to 14 sen per share, or RM58.8 million, the highest payout in eight years.

MSC's FY2023 dividend, which represents a distribution of 69% of the company's FY2023 net profit, comes after the company announced in February that it is adopting a payout policy of at least 30% of net profit.

In comparison, the company paid seven sen per share dividend for FY2022, totalling RM29.4 million.

MSC’s net profit dropped nearly 64% in the fourth quarter ended Dec 31 (4QFY2023) to RM9.37 million from RM25.84 million a year earlier, dragged by foreign exchange losses as well as the absence of sale of refined tin from processed tin intermediates and by-products.

Revenue for 4QFY2023, however, increased 3.5% to RM404.63 million from RM391.15 million as tin prices rose.

For the full year, MSC’s net profit declined 13.5% to RM85.05 million from RM98.31 million in FY2022 while revenue slipped 4.5% to RM1.44 billion from RM1.5 billion.

Shares of MSC closed up seven sen or 2.46% at RM2.91 on Monday, giving it a market capitalisation of RM1.22 billion. The counter has risen over 44% year-to-date.