27/02/2026

BIZ & FINANCE FRIDAY | FEB 27, 2026

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Axiata full-year earnings slip on impairments and disposals

MSM posts loss before tax in Q4 on non-cash impairment PETALING JAYA: MSM Malaysia Holdings Bhd recorded a loss before tax (LBT) of RM363 million for the fourth quarter of the financial year ended Dec 31 2025 (Q4’25), compared to a profit before tax (PBT) of RM96 million in the corresponding quarter of last year. The quarterly loss was primarily due to non-cash impairment of the group’s non-financial assets, amounting to RM360 million. A review, conducted in line with accounting standards, was prompted by a reassessment of asset values based on current operating con ditions. Key factors influencing the review included the increase in losses recorded by MSM Sugar Refinery (Johor) Sdn Bhd (MSM Johor) throughout the year, resulting from lower-than-expected capacity utili sation and reduced sales demand. Additionally, the industry anti cipates a rationalisation of the pricing framework for sales of products subject to price control. Group revenue for the quarter declined 17% to RM783.1 million from RM943.6 million a year earlier, mainly due to lower sales volume and lower average selling price (ASP). On a positive note, production costs improved by 4%, benefiting from a favourable foreign exchange rate and lower freight costs. Commenting on the results, newly appointed MSM group CEO Dr Aini Shahar said the impairment is a prudent accounting exercise to align the carrying value of MSM Johor’s assets with current realities. “It is a non-cash adjustment, based on updated assumptions regarding incentive support and plant performance, and it ultimately strengthens the quality and transparency of our financial reporting,” she said. Aini emphasised that the ad justment has no immediate im pact on the group’s operational liquidity. “This does not have an immediate impact on our day-to day operations or cash flow. Our focus remains firmly on execution. We are prioritising improved sales, better plant performance, and stringent cost discipline to build a more resilient and sustainable earnings profile,” she said. For FY25, MSM recorded an LBT of RM375 million, primarily due to the cumulative impact of impairment and the challenging operating environment. This con trasts with a PBT of RM75 million in FY24. Full-year revenue declined 12.7% to RM3.09 billion from RM3.54 billion previously. Looking ahead, MSM anticipates the operating environment to remain challenging in 2026 amid intensified competition from imported sugar. The global oversupply in the refined sugar market has led to a surplus in Malaysia, contributing to a con traction in MSM’s market share. In response, the group is streamlining and optimising its operations to return to profitability.

the group transitions to Axiata28: Advancing Asia, its focus remains on disciplined capital allo cation, consistent exec ution and sustaining returns across a more focused and resilient portfolio. “In light of Axiata’s performance, the board is pleased to announce a second dividend of five sen per share. This brings the group’s overall dividend declaration to 10 sen per share for the full year 2025,” he added.

operating companies, improved financial resi lience and sharpened our strategic focus across markets. Disciplined execution enabled us to

o Telco announces second dividend of 5 sen per share, bringing total payout for FY25 to 10 sen

KUALA LUMPUR: Axiata Group Bhd’s net profit fell to RM364.62 million for the financial year ended Dec 31, 2025 (FY25), from RM946.82 million in the preceding year, due to one-off impairments and disposals. The telecommunications com

infrastructure operation of Edotco and Linknet,” it said in a filing with Bursa Malaysia yesteerday. For the fourth quarter ended Dec 31, 2025, Axiata’s net loss narrowed to RM38.68 million from RM224.77 million in the corresponding period in 2024, while revenue grew to RM2.98 billion from RM2.97 billion previously.

improve performance, strengthen cash flows and reinforce a strong group balance sheet,” he said. With key market consolidations completed and integration pro gressing well, he said the group’s operating companies are now positioned to deliver strong cashflows in a more rational market structure. “Our frontier markets continue to demonstrate resilience and contribute steady cash flows, while in Malaysia and Indonesia, merger synergies are translating into im proved earnings visibility,” he said. Meanwhile, Axiata chairman Tan Sri Shahril Ridza Ridzuan said that as

Looking ahead, Axiata said this year the group is progressing into the next phase of its strategic journey which is centred on its telecoms and technology portfolios, with a con tinued focus on profitability and valuation growth, to deliver sus tainable shareholder returns. – Bernama Whitman plans to expand services, enhance talent pool pany said its revenue eased 6.3% to RM11.76 billion in FY25 from RM12.54 billion previously, mainly due to unfavourable foreign currency translation impacts following the depreciation of its operating com panies’ (OpCos) currencies against the ringgit. “At constant currency, group revenue increased by 2.2%, contri buted by all OpCos except for Group chief executive officer and managing director Vivek Sood said 2025 marked the conclusion of a critical phase in Axiata’s trans formation as it completed its Axiata 5*5 Strategy launched in 2023. “Over the past three years, we strengthened the core of the

KUALA LUMPUR: Whitman Holdings Bhd plans to expand its retirement advisory services nationwide and strengthen its talent pool following its listing on the LEAP Market of Bursa Malaysia, positioning itself to tap growing demand as Malaysia moves towards an ageing popu lation. Managing director Yap Ming Hui said the listing marks a strategic step in scaling the company’s advisory capabilities, expanding its workforce and raising awareness on retirement planning among Malaysians. “The main reason we listed is to build a stronger platform for the company, so that we will be able to expand our team, strengthen our advisory capabilities and reach more Malaysians,” he told reporters after the listing ceremony yesterday. Yap said the group intends to hire more staff, improve its advisory framework and expand its presence to other states over the next three to five years. “We need to employ more staff, strengthen our advisory tools, processes and framework and expand our services geographically so that we can cater to a larger group of people.” A key focus will be talent development, as Whitman seeks to position itself as a preferred platform for training financial planners and retirement advisers. “Our focus is to attract more candidates and produce more qualified financial planners, es pecially in retirement planning, so that we can support the growing needs of Malaysians,”Yap said. The listing enhances Whitman’s profile and credibility, enabling the company to reach more clients and play a larger role in addressing Malaysia’s retirement planning challenges, he said. “If we remain small and low-profile, there are many Ű BY DEEPALAKSHMI MANICKAM sunbiz@thesundaily.com

Ming Hui (fifth, left) and executive director Yap Choy Har striking the gong at Whitman Holdings’ LEAP Market listing ceremony, flanked by the company’s senior advisory team. On the right is Moh Jiun Haur from Wyncorp Advisory Sdn Bhd.

reference price of 10 sen, with a volume of 10,000 shares. It closed at 15 sen with 60,000 shares traded. The company, which has been operating for more than 25 years, provides holistic financial planning services through its subsidiary, Whitman Independent Advisors Sdn Bhd, including unit trust advisory, private retirement scheme advisory, insurance consulting and will-writing services. Yap said Malaysia’s retirement advisory sector remains under penetrated compared with more developed markets such as Australia, the United States and the United Kingdom, providing long-term growth potential. “We believe there is a big opportunity in retirement advisory in Malaysia, and we are well-positioned to grow the company further,” he said.

ageing society and growing work force is expected to drive demand for retirement advisory services, pre senting significant growth oppor tunities for the industry. “The market continues to grow because more working adults will eventually retire, and there is still a gap in integrated retirement advisory services. We believe there is a lot more to be done,”Yap said. Whitman aspires to eventually transfer to the ACE Market as part of its long-term growth plans. “I aspire to build Whitman into a stronger institution comparable to other financial services providers. Moving to a larger market in the future will give us more resources to grow and support more financial planners,”Yap said. Whitman opened at 12.5 sen a share in its debut on the LEAP Market, a 25% premium over its

Malaysians we cannot reach. Listing gives us the platform, visibility and resources to grow and contribute more meaningfully.” Yap said the Employees Provident Fund (EPF) has set a Basic Savings Tier benchmark of RM390,000 at age 55 as the minimum retirement threshold, but many Malaysians still fall short of this level, underscoring the need for better retirement planning and advisory support. “Many Malaysians believe EPF is enough, but with changing lifestyles and demographics, that is often not sufficient. Proper retirement plan ning and guidance from licensed advisers are increasingly important,” he said, adding that professional advisory services can help indi viduals make better financial deci sions and avoid scams or unsuitable investments. Malaysia’s transition towards an