Latest news with #RM369.8
New Straits Times
24-06-2025
- Business
- New Straits Times
Malaysia, Uzbekistan commit to enhancing bilateral economic and trade cooperation
TASHKENT: Malaysia and Uzbekistan have committed to enhancing bilateral economic and trade cooperation. Deputy Prime Minister Datuk Seri Fadillah Yusof paid a courtesy visit to Uzbekistan President Shavkat Mirziyoyev on Monday, June 23. The meeting, which lasted over an hour, focused on strengthening relations across various sectors following Mirziyoyev's visit to Malaysia in February 2025. Both leaders also exchanged views on how to expand bilateral trade volumes and increase the number of flights between the two countries to boost tourism between Malaysia and Uzbekistan. The discussion also emphasised enhancing economic cooperation through joint projects in the green energy, oil and gas, and chemical industries, as well as the electronics and semiconductor manufacturing sectors. In 2024, trade between Malaysia and Uzbekistan reached RM369.8 million, making Uzbekistan Malaysia's second-largest trading partner in Central Asia. The trade balance favoured Malaysia, amounting to RM360.3 million.
The Sun
24-06-2025
- Business
- The Sun
Malaysia, Uzbekistan boost economic ties in trade, energy, and tourism
TASHKENT: Malaysia and Uzbekistan have pledged to deepen economic and trade collaboration following high-level talks between Deputy Prime Minister Datuk Seri Fadillah Yusof and Uzbekistan President Shavkat Mirziyoyev. The meeting, held on Monday, June 23, lasted over an hour and built on discussions from Mirziyoyev's visit to Malaysia earlier this year. Key focus areas included expanding bilateral trade, increasing flight connectivity to boost tourism, and fostering joint ventures in green energy, oil and gas, chemicals, and semiconductor manufacturing. 'Both leaders exchanged views on how to expand bilateral trade volumes and increase the number of flights between the two countries to boost tourism,' the statement noted. Trade between the two nations reached RM369.8 million in 2024, with Malaysia enjoying a trade surplus of RM360.3 million. Uzbekistan is now Malaysia's second-largest trading partner in Central Asia.
BusinessToday
21-06-2025
- Business
- BusinessToday
Malaysia DPM Heads To Uzbekistan
Malaysia's Deputy Prime Minister (DPM) and Minister of Energy Transition and Water Transformation Datuk Seri Fadillah Yusof will lead a high-level delegation to the Republic of Uzbekistan from June 21 to 24, 2025, as part of a strategic mission to strengthen bilateral cooperation in energy, trade and public service innovation. The visit, which underscores Malaysia's deepening engagement with Central Asia, will see Fadillah holding key discussions with Uzbek leaders, including a courtesy call on President Shavkat Mirziyoyev on June 23. He is also scheduled to meet Uzbekistan's Minister of Energy Mirzamahmudov Jurabek Tursunpulatovich to explore collaborative opportunities in renewable and clean energy, sectors central to Malaysia's energy transition roadmap. Accompanied by Deputy Foreign Minister Datuk Mohamad Alamin, Fadillah will also deliver a keynote address at the United Nations Public Service Forum 2025 in Samarkand, where he will highlight Malaysia's innovations and best practices in governance and public sector reform. Rounding off the visit, the DPM will participate in the Malaysia-Uzbekistan Business Forum 2025 in Tashkent on June 24. The forum aims to foster new business linkages and expand economic cooperation between the two nations. Trade between Malaysia and Uzbekistan reached RM369.8 million in 2024, with Malaysian exports accounting for RM365.1 million. From January to April 2025, bilateral trade has already hit RM106 million, signalling growing commercial potential. The four-day visit reaffirms Malaysia's commitment to advancing strategic partnerships with Uzbekistan and promoting sustainable, mutually beneficial growth in both the public and private sectors. Related
Daily Express
19-06-2025
- Business
- Daily Express
Trade, nuclear energy, tech deals: DPM Fadillah heads to Uzbekistan, Russia to deepen bilateral ties
Published on: Thursday, June 19, 2025 Published on: Thu, Jun 19, 2025 By: Bernama Text Size: Deputy Prime Minister Datuk Seri Fadillah Yusof will make his first official visit to Uzbekistan and Russia from June 20–28 to boost economic ties and explore collaboration in energy and high-tech sectors. — Bernama pic Kuala Lumpur: Deputy Prime Minister Datuk Seri Fadillah Yusof will embark on an official visit to Uzbekistan and Russia from June 20 to 28 to strengthen bilateral economic relations and explore cooperation in energy and high technology. This will be his first official visit to both countries as deputy prime minister and includes meetings with senior government leaders, bilateral talks, and site visits to strategic facilities such as energy infrastructure and innovation hubs. Advertisement In Uzbekistan, the visit aims to build on ties renewed during President Shavkat Mirziyoyev's visit to Malaysia earlier this year. In the capital Tashkent, Fadillah — who is also Minister of Energy Transition and Water Transformation — is expected to pay a courtesy call on President Mirziyoyev and hold a bilateral meeting with Energy Minister Jurabek Mirzamahmudov to enhance energy cooperation. According to the ministry's itinerary, Fadillah will also deliver the keynote address at the Malaysia-Uzbekistan Business Forum 2025, aimed at linking businesses from both countries. Malaysia-Uzbekistan trade reached RM369.8 million (US$80.9 million) in 2024, with Malaysia enjoying a surplus of RM360.3 million (US$78.9 million), according to news reports. Malaysia's main exports to Uzbekistan include palm oil, palm-based oleochemicals, processed food, coffee, margarine, shortening and coconut oil, while key imports are fertilisers, fruits and textiles. Fadillah's visit to Russia begins on June 24, where he will meet Russian Deputy Prime Minister Alexander Novak. A key highlight will be the exchange of a non-disclosure agreement between MyPower Corp and Russia's state nuclear agency Rosatom, as Malaysia continues assessing nuclear energy as part of its net-zero emissions goal by 2050. Fadillah is also expected to visit Rosatom's nuclear facilities in St Petersburg. The visit comes on the heels of Prime Minister Datuk Seri Anwar Ibrahim's state visit to Russia in May, during which President Vladimir Putin pledged joint ventures in natural gas and peaceful nuclear energy, including expanding Petronas's operations in the country. Malaysia and Russia established diplomatic ties in 1967. In 2024, Russia was Malaysia's ninth-largest trading partner in Europe, with trade totalling RM11.46 billion (US$2.48 billion). Major Malaysian exports to Russia included electrical and electronic products, machinery and parts, and processed food. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Sun
26-05-2025
- Business
- The Sun
Malaysia Smelting Corporation sees 2% YoY revenue growth despite one-off tax hit
KUALA LUMPUR: Tin miner and metal producer Malaysia Smelting Corporation Bhd (MSC) saw a revenue growth of 2.0% year-on-year (YoY) to RM369.8 million in the first quarter (Q1) ended March 31, 2025 (FY25), as compared to RM362.5 million in Q1 FY24. The growth was primarily fuelled by favourable average tin prices, increasing to RM142,000 per metric tonne (MT) in Q1 FY25 from RM124,900/MT in Q1 FY24. Meanwhile, net profit amounted to RM7.7 million in Q1 FY25, up from RM18.2 million posted in Q1 FY24. This was impacted by a one-off additional tax assessment raised by the Inland Revenue Board on Rahman Hydraulic Tin Sdn Bhd (RHT), the group's mining subsidiary. The tin mining segment's profit after tax (PAT) stood at RM10.8 million in Q1 FY25, compared to RM14.2 million posted in Q1 FY24. The lower contribution was primarily due to the one-off additional tax recognised during the quarter. Operationally, the segment remained stable. Meanwhile, the Group's tin smelting segment posted a PAT of RM4.1 million in Q1 FY25 from RM9.9 million in Q1 FY24. The moderated performance was mainly attributed to the prolonged effects of low incoming feed stemming from China's tin ore accumulation and stockpiling. This was in response to the supply challenges in tin-producing countries, including export restrictions in Myanmar and Indonesia, and ongoing geopolitical tensions. MSC Group CEO Datuk Dr Patrick Yong said as the company continue to navigate a fragile global economic landscape, marked by ongoing trade tensions, protectionist economic policies, and geopolitical uncertainties, it remains focused on what matters most - running the operations efficiently and staying competitive. 'Despite these external pressures, MSC's performance in Q1 FY25 demonstrates our resilience and ability to adapt in a complex operating environment. 'Looking ahead, we continue to take a measured and disciplined approach, remaining cautious in light of the external environment. 'Our focus remains on driving improvements across the group from technology and manpower to logistics and cost management, while also exploring opportunities in both our smelting and mining divisions. 'In our tin smelting business, the planned shutdown of our Butterworth plant is on track for 2025, with all future smelting activities to be consolidated at our smelting facility in Pulau Indah. 'This is expected to deliver cost savings and operational efficiencies for the Group. Furthermore, we are installing a new rotary furnace at Pulau Indah to support the continuity of tin production during the annual maintenance shutdowns. Additionally, the Pulau Indah plant utilises cleaner energy sources, including natural gas and solar, further minimising our carbon footprint. 'In the tin mining segment, we focus on increasing daily mining output and enhancing overall productivity. We are constructing a new processing plant to extract tin from the mine's sandy tailings and exploring new mining methods to enhance tin ore recovery and yield,' he said. The group reported revenue of RM369.8 million in Q1 FY25, up from RM448.5 million in Q4 FY24. This was primarily attributed to softer sales volumes of refined tin despite a higher average tin price of RM142,000/MT in Q1 FY25, as compared to RM133,700/MT in Q4 FY24. As a result, the group's net profit amounted to RM7.7 million in Q1 FY25, down from RM30.2 million in Q4 FY24. Yong said as the company continue to navigate a fragile global economic landscape, marked by ongoing trade tensions, protectionist economic policies, and geopolitical uncertainties.
