Mega First Corp. Bhd. · MYX:MFCB
Mega First Corp. Bhd — Q1 2025 Earnings Presentation
90 slides from Mega First Corp. Bhd's earnings presentation, May 22, 2025
Slide 1: 1Q2025 Results Briefing
1Q2025 RESULTS BRIEFING 22 May 2025
Slide 2: Agenda
AGENDA 1. Financial Review For reference (updated) - 1Q2025 Earnings Review 4. Renewable Energy Division - Balance Sheet Review 5. Packaging Division - Cash Flow Review - Capital Deployed 6. Resources Division - Gearing Position 7. Investment in Joint Venture - JV Edenor Technology Edenor Technology
Slide 3: 1Q2025 Earnings Review
1Q2025 EARNINGS REVIEW ▪ Revenue +9% to RM342m, driven by RM19m construction revenue from Maldives solar project and RM23m from CSC. Core revenue -5%. ▪ PBT -40% to RM71m: Weaker core earnings and higher losses in the Investment Holding & Others Division, partially offset by RM2.4m in construction p
Slide 4: Normalised Profit Before Tax
NORMALISED PROFIT BEFORE TAX 1Q2025 vs 1Q2024 • Normalised PBT -11.5% from RM110m to RM98m, mainly reflecting weaker performance in Resources and Packaging due to softer demand and increased competition, and forex losses. 1Q2025 vs 4Q2024 • Normalised PBT -34.6% from RM149m to RM98m, mainly due to s
Slide 5: Normalised PATNCI
NORMALISED PROFIT AFTER TAX AND NON-CONTROLLING INTEREST (PATNCI) 1Q2025 vs 1Q2024 • Normalised PATNCI -8.4% from RM98m to RM90m, reflecting weaker earnings in Resources and Packaging, and higher forex losses. 1Q2025 vs 4Q2024 • Normalised PATNCI -39% from RM147m to RM90m, reflecting seasonal weakne
Slide 6: Renewable Energy Division
RENEWABLE ENERGY DIVISION
Slide 7: Earnings Review - Renewable Energy Division
EARNINGS REVIEW - RENEWABLE ENERGY DIVISION 1Q2025 vs 1Q2024 • Revenue -4.3% to RM132m, due to 5.8% translation loss, partially offset by 1.6% increase in hydro energy sales revenue in USD terms. Solar energy sales revenue remained stable at RM2.7 mil. • A 7.3% increase in hydro energy sales volume,
Slide 8: Renewable Energy Division - Don Sahong
RENEWABLE ENERGY DIVISION - DON SAHONG Don Sahong : January - March Pakse Water Level and Capacity Factor/EAF
Slide 9: Resources Division
RESOURCES DIVISION _
Slide 10: Earnings Review - Resources Division
EARNINGS REVIEW - RESOURCES DIVISION 1Q2025 vs 1Q2024 • Revenue -12.2% to RM56m: -15.4% sales volume of lime products to certain export markets, reflecting the intense market competition in the region. • Sales of non-lime products -12.7% to RM4.1m, due to weaker demand of calcium carbonate powder. •
Slide 11: Packaging Division
PACKAGING DIVISION
Slide 12: Earnings Review - Packaging Division
EARNINGS REVIEW - PACKAGING DIVISION 1Q2025 vs 1Q2024 • Revenue -1.5% to RM101m: Soft consumer demand, industry overcapacity and intense price competition. • PBT -48.8% to RM4.4m: Margin pressure from price competition, weakening US dollar and under-utilisation of production capacities.
Slide 13: Balance Sheet Review
BALANCE SHEET REVIEW Explanation (RM million) (RM million) (RM million) Service concession asset 2,146.1 2,175.7 (29.6)|Mainly due to RM21.5 mil amortisation charge and RM21.1 mil translation loss,| partly offset by RM13.1 mil addition. PPE 840.8 775.8 65.0 |Mainly due to RM78.3 mil Capex*, partly o
Slide 14: Cash Flow Review
CASH FLOW REVIEW 3-Month Period Ended 2025 2024 (RM mil) (RM mil) After tax cash from operating activities 215.8 106.2 Proceed from issuance of ordinary shares - - Insurance claims 4.0 - Net investment receipts 82 37 New capital from minority of subsidiaries 34 : [Total Cash Made Available to the Gr
Slide 15: Expansionary Investment Capital Deployed
EXPANSIONARY INVESTMENT CAPITAL DEPLOYED 1Q2024: RM153.6 mil 1Q2025: RM82.6 mil
Slide 16: Gearing Position
1,000.0 900.9 800.9 700.9 600.9 500.9 400.9 300.0 200.9 100.9 0.0 GEARING POSITION 31.12.2021 31.12.2022 mmm Net Debt (RM mil) 31.12.2023 31.12.2024 Net Debt/Equity 66) 300% 25.0% 200% 15.0% 10.0% 0.0% 313.2025 At 31.12.2021 | At 31.12.2022 | At 31.12.2023 | At 31.12.2024] At 31.3.2025 (RM mil) (RM
Slide 17: JV Edenor Technology
JV EDENOR TECHNOLOGY 2024 2025 1Q 2Q 3Q 4Q Total 1Q (RM mil) (RM mil) (RM mil) (RM mil) (RM mil) (RM mil) Revenue 197.9 178.1 217.9 211.2 805.1 207.4 Depreciation 9.5 9.1 8.9 9.0 36.5 9.0 and amortisation PBT (25.1) (21.5) (14.1) (75.1) (135.8) (61.9) PAT (24.1) (20.5) (13.8) (74.2) (132.6) (61.2) P
Slide 18: Prospects for the Remaining Quarters of 2025
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 ➢ The global economy is facing significant uncertainty, with supply chain disruptions worsened by unpredictable U.S. policies. ➢ Businesses, including MFCB Group, are responding cautiously by reducing investments and controlling costs, which has dampened
Slide 19: Capital Commitment as at 31 March 2025
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 CAPITAL COMMITMENT AS AT 31 MARCH 2025
Slide 20: Prospects: Renewable Energy Division (Hydro)
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 Renewable Energy Division (Hydro) ➢ Don Sahong completed overhaul of one turbine in March 2025. Commenced annual maintenance on the remaining 4 turbines in early April 2025, estimated completion in May 2025. We expect all five turbines to resume full oper
Slide 21: Prospects for the Remaining Quarters of 2025
PROSPECTS FOR THE REMAINING QUARTERS OF 2025
Slide 22: Prospects: Renewable Energy Division (Solar)
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 Renewable Energy Division (Solar) ➢ We expect increased solar earnings in the remaining quarters of 2025 with the addition of 62.4 MWp of capacity, bringing the total to 94.5 MWp upon full commercial operation. ➢ We are also actively pursuing new opportun
Slide 23: MF Solar Tronoh
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 MF Solar Tronoh
Slide 24: MF Solar (Maldives)
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 MF Solar (Maldives)
Slide 25: Prospects for the Remaining Quarters of 2025
PROSPECTS FOR THE REMAINING QUARTERS OF 2025
Slide 26: Portfolio Summary as at 31 March 2025
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 PORTFOLIO SUMMARY AS AT 31 MARCH 2025
Slide 27: Prospects: Resources and Packaging Divisions
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 Resources Division ➢ Domestic and regional demand for lime products is expected to be subdued amid a projected slowdown in economic activities. As demand weakens, competition from regional players becomes fiercer. ➢ Management is focused on improving cost
Slide 28: Prospects: Edenor Technology
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 Edenor Technology ➢ Edenor continued to face disruptions into early 2025, delaying expected stabilisation and causing capacity losses. These were worsened by: ❖ A planned catalyst change that requires a temporary plant shutdown. ❖ Explosion and fire in Pu
Slide 29: Our Sustainability Strategy
OUR SUSTAINABILITY STRATEGY
Slide 30: Key Sustainability Highlights 1Q2025
KEY SUSTAINABILITY HIGHLIGHTS 1Q2025
Slide 31: Environmental Performance 1Q2025
ENVIRONMENTAL PERFORMANCE 1Q2025
Slide 32: Social Performance 1Q2025
COMMUNITY 2021 Launched Dec 2024 224,494 beneficiaries impacted since 2021 Strategy RM5.49 mil. spent on community investments since 2021 Education Infrastructure Support Ensure all children Improve the have access to infrastructure of education to rural communities support continuous to boost commu
Slide 33: Social Performance 1Q2025 - Workforce
SOCIAL PERFORMANCE 1Q2025 WORKFORCE yl = a AR OR ey a 2a we & & # ota Related 0 0 0 otal juri wae 7 Workforce ca Ea | 1638 Injuries Fatalities consenence Cases Injuries Ratio in . Workforce 3.1 males : 1 female OT wr & fF Ethnicity 38% 4% 40% Related 0 0 Ill Health Fatalities Cases Chinese =Malay =I
Slide 34: Governance Performance 1Q2025
GOVERNANCE PERFORMANCE 1Q2025
Slide 35: Thank You Q&A
THANK YOU Q&A
Slide 36: Remaining Slides for Reference (Updated)
Remaining Slides for Reference (Updated)
Slide 37: Renewable Energy Don Sahong
RENEWABLE ENERGY DON SAHONG
Slide 38: Renewable Energy Division Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 39: Renewable Energy Division Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG • 325 MW run-of-river hydropower project located on the mainstream of the Mekong River in Southern Laos. • High projected average Energy Availability Factor (EAF) of 81% compared to other large hydro of between 40-70%. • Projected average energy generation 2,300
Slide 40: Renewable Energy Division Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 41: Renewable Energy Division Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 42: Renewable Energy Division Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 43: Don Sahong 2022-2024 Water Level and Capacity Factor
RENEWABLE ENERGY DIVISION DON SAHONG Don Sahong : 2022-2024 Pakse Water Level and Capacity Factor/EAF
Slide 44: Renewable Energy C&I Solar
RENEWABLE ENERGY C&I SOLAR
Slide 45: Renewable Energy Division C&I Solar
RENEWABLE ENERGY DIVISION C&I SOLAR
Slide 46: Renewable Energy Division Financial Highlights
RENEWABLE ENERGY DIVISION FINANCIAL HIGHLIGHTS
Slide 47: Renewable Energy Division Strategy & Strength
RENEWABLE ENERGY DIVISION STRATEGY & STRENGTH Strategy • Leveraging current strong and stable cashflow of approx. RM500 mil per annum from existing RE portfolio to pursue selective RE opportunities in the region. Strength • Strong project management/execution track record → Don Sahong completed sign
Slide 48: Renewable Energy Division Investment Approach
RENEWABLE ENERGY DIVISION INVESTMENT APPROACH • New investments must fulfil the following criteria: 1) Attractive project IRR (varies between markets) 2) Project manageability 3) Project bankability 4) Project risk acceptability • Avoid herd instinct. • Strict investment discipline.
Slide 49: Packaging
PACKAGING
Slide 50: Packaging Division
PACKAGING DIVISION Mission statement “To become a leading provider of innovative, environmentally sustainable, safe and competitive packaging solutions” The division currently manufactures and sells paper bags, flexible packaging products, and stickers and labels. Global trends • Consumers and our c
Slide 51: Packaging Division Differentiating Strategy
PACKAGING DIVISION DIFFERENTIATING STRATEGY • We develop packaging solutions that promote the use of ONLY fully recyclable materials (e.g. paper and mono-family plastic materials). • Malaysia’s first and only manufacturer that only uses 100% toluene-free print ink and solvent-free lamination process
Slide 52: Packaging Division Bangi (Stenta)
PACKAGING DIVISION BANGI (STENTA)
Slide 53: Packaging Division Melaka (Hexachase)
PACKAGING DIVISION MELAKA (HEXACHASE)
Slide 54: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Fuji Kikai Printing Machine Fuji Kikai 14 colours Rotogravure Printing Machine
Slide 55: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Super Combi 5000 Super Combi 5000 Lamination Machine
Slide 56: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Flat Handle Paper Bag Machine Twisted Handle Paper Bag Machine
Slide 57: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY SOS Machine Flat & Satchel Bag Machine
Slide 58: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Reifenhauser LLDPE Line Vacuum Metallizer Slitter for Metallized Film
Slide 59: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Reifenhauser LLDPE Line Vacuum Metallizer
Slide 60: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Bruckner OPP Line High Capacity Roll Slitting and Winding Machine
Slide 61: Packaging Division Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 62: Packaging Division Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 63: Packaging Division Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 64: Packaging Division Financial Highlights
PACKAGING DIVISION FINANCIAL HIGHLIGHTS
Slide 65: Resources
RESOURCES
Slide 66: Resources Division Profile
RESOURCES DIVISION PROFILE • Largest quicklime producer in Malaysia with 1,960 tonne per day installed kiln capacity. • Owned one of the largest limestone reserves, sufficient for more than 100 years supply. • Wide industrial applications: steel, mining, pulp and paper, agriculture, construction mat
Slide 67: Resources Division Success Factors
RESOURCES DIVISION SUCCESS FACTORS • Fully integrated facilities • Own high purity limestone reserves, on-site and at vicinity • High and consistent lime quality • Cost leadership • Diversified customer base
Slide 68: Resources Division Mission & Financial Highlights
RESOURCES DIVISION MISSION & FINANCIAL HIGHLIGHTS Mission • To be the leading lime producer in the region • 2015-2018: Completed massive expansion plan. +160% increase in kiln capacity 760 tonnes 1,960 tonnes per day • Current plant utilisation rate approx. 70% Financial Highlights
Slide 69: Investment in Joint Venture Edenor Technology
INVESTMENT IN JOINT VENTURE EDENOR TECHNOLOGY
Slide 70: Investment in Joint Venture Edenor Technology
INVESTMENT IN JOINT VENTURE EDENOR TECHNOLOGY • A 50:50 JV between MFCB and 9M Technology Sdn Bhd (RM40 million paid up capital). • Set up to acquire Emery’s Asia Pacific oleochemical business from Sime Darby Plantation Berhad and PTT GC International Limited (“Acquisition”). • The Acquisition was c
Slide 71: Emery's Asia Pacific Business
INVESTMENT IN JOINT VENTURE EDENOR TECHNOLOGY Emery’s Asia Pacific business • Integrated 300,000-tonne per annum capacity oleochemical complex on a 34-acre site at Telok Panglima Garang. • Original plant cost: > RM1.1 billion • Plant book value @ 31 Oct 2021: approx. RM430 million • Plant Acquisitio
Slide 72: Edenor Technology Plant Site
EDENOR TECHNOLOGY PLANT SITE
Slide 73: Edenor Technology Plant Layout
EDENOR TECHNOLOGY PLANT LAYOUT
Slide 74: Edenor Technology TPG Plant
EDENOR TECHNOLOGY TPG PLANT
Slide 75: Investment in Joint Venture Turnaround Strategy
INVESTMENT IN JOINT VENTURE TURNAROUND STRATEGY • Full set of new management team in place. • Major cultural and operational transformation underway. Key turnaround strategies • Simplify management processes: leaner, and more responsive and effective. • Revamp purchasing, lower cost of goods/service
Slide 76: Food Security
FOOD SECURITY
Slide 77: Food Security Division
FOOD SECURITY DIVISION “RESPECT NATURE, WORK WITH NATURE” • Water and irrigation key to sustainable cultivation: 1) Protect and improve O’plai River catchment areas to collect and store rainwater; 2) Development wetland pockets, creation of mini lakes along extensive riparian corridors. • Developmen
Slide 78: Food Security Division
FOOD SECURITY DIVISION • MFCB obtained approval from the Royal Government of Cambodia for the concession of a plot of land measuring 6,428 hectares situated in Mondulkiri Province, Kingdom of Cambodia for agricultural development. • The term of the concession is 50 years, commencing from 29 April 20
Slide 79: Food Security Division Cambodia
FOOD SECURITY DIVISION CAMBODIA
Slide 80: Food Security Division Cambodia
FOOD SECURITY DIVISION CAMBODIA
Slide 81: Food Security Division Cambodia
FOOD SECURITY DIVISION CAMBODIA
Slide 82: Food Security Division Cambodia Malaysia
FOODFOOD SECURITY SECURITY DIVISION CAMBODIA MALAYSIA
Slide 83: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 84: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 85: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 86: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 87: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 88: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 89: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 90: Thank You!
THANK YOU!
Mega First Corporation Berhad — Q1 2025 Earnings Presentation on 6ix