S&P INTL HLDG (01695) expects its tax-exempt profit for the year 2024 to be not more than 10 million Malaysian Ringgit.

S&P INTL HLDG (01695) has announced that, compared to the tax-free loss of approximately 1.8 million Malaysian Ringgit for the year ending December 31, 2023, the Group expects to achieve a tax-free profit of not more than 10 million Malaysian Ringgit for the year ending December 31, 2024. The expected performance for the 2024 financial year is attributed to the following factors: revenue increase of approximately 29.28 million Malaysian Ringgit; a decrease in net forex losses of approximately 4.09 million Malaysian Ringgit, mainly due to the conversion of US dollar-denominated loans to Malaysian Ringgit; a decrease in net financial costs of approximately 0.68 million Malaysian Ringgit, due to the conversion of higher interest rate US dollar loans to lower interest rate Malaysian Ringgit loans, and a decrease in trade borrowings; impairment loss of approximately 1 million Malaysian Ringgit on property, factory, and equipment of one cash generating unit; and an increase in deferred tax liabilities of approximately 2.92 million Malaysian Ringgit.