MSM INTERNATIONAL LIMITED — Annual Report 2025

May 29, 2025

MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

A. Condensed Consolidated Statement of Comprehensive Income for FY2025 and FY2024

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GROUP
For the second half year ended 31 March For the full year ended 31 March
Increase/ Increase/
Note 2HY2025 2HY2024 (Decrease) FY2025 FY2024 (Decrease)
RM’000 RM’000 % RM’000 RM’000 %
Revenue 42,720 46,396 -7.9% 82,277 90,418 -9.0%
Cost of sales (31,690) (37,448) -15.4% (60,678) (70,148) -13.5%
Gross profit 11,030 8,948 23.3% 21,599 20,270 6.6%
Other income
- Interest 16 17 -5.9% 33 35 -5.7%
- Others 442 772 -42.7% 980 1,277 -23.3%
Other gains and losses, net
- Reversal of loss allowance on
financial assets 2 427 -99.5% 134 564 -76.2%
- Others 13,901 (130) NM 14,009 16 NM
Expenses
- Selling and distribution (2,062) (1,983) 4.0% (3,976) (3,786) 5.0%
- Administrative (8,361) (8,005) 4.4% (15,110) (14,497) 4.2%
- Finance (1,765) (1,841) -4.1% (3,597) (3,618) -0.6%
13,203 (1,795) NM 14,072 261 NM
Share of (loss)/profit of associated
companies (2,372) 195 NM (2,575) 607 NM
Profit/(loss) before income tax 6 10,831 (1,600) NM 11,497 868 NM
Income tax expense 7 (203) (39) 420.5% (377) (467) -19.3%
Net profit/(loss) for the financial
period/year 10,628 (1,639) NM 11,120 401 NM
Other comprehensive loss:
Exchange loss arising from translation
of foreign operations - (28) NM (7) (10) -30.0%
Other comprehensive loss for the
financial period/year, net of tax - (28) NM (7) (10) -30.0%
Total comprehensive income/(loss) 10,628 (1,667) NM 11,113 391 NM
Net profit/(loss) attributable to:
Equity holders of the Company 10,620 (1,704) NM 11,111 377 NM
Non-controlling interests 8 65 -87.7% 9 24 -62.5%
10,628 (1,639) NM 11,120 401 NM
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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

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GROUP
For the second half year ended 31 March For the full year ended 31 March
Increase/ Increase/
Note 2HY2025 2HY2024 (Decrease) FY2025 FY2024 (Decrease)
RM’000 RM’000 % RM’000 RM’000 %
Total comprehensive income/(loss)
attributable to:
Equity holders of the Company 10,620 (1,732) NM 11,104 367 NM
Non-controlling interests 8 65 -87.7% 9 24 -62.5%
10,628 (1,667) NM 11,113 391 NM
Earnings/(loss) Per Share
(Malaysian sen)
- Basis 9 10.08 (1.62) 10.54 0.36
- Diluted 9 10.08 (1.62) 10.54 0.36
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NM: Not meaningful

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

B. Condensed Statements of Financial Position

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Group Company
As at As at As at As at
31/3/25 31/3/24 31/3/25 31/3/24
Note
(Unaudited) (Audited) (Unaudited) (Audited)
RM’000 RM’000 RM’000 RM’000
ASSETS
Current assets
Cash and bank balances 16,563 7,416 107 67
Trade and other receivables 27,788 23,165 29,326 12,768
Inventories 9,405 9,315 - -
Other current assets 8,542 7,973 - -
Income tax recoverable 1,199 1,136 - -
Other investment 4,925 - 4,925 -
68,422 49,005 34,358 12,835
Non-current assets
Property, plant and equipment 11 43,436 38,776 - -
Investment properties 12 5,482 5,541 - -
Investments in subsidiary corporations - - 19,654 19,654
Investments in associated companies - 14,429 - 5,056
48,918 58,746 19,654 24,710
Total assets 117,340 107,751 54,012 37,545
LIABILITIES
Current liabilities
Trade and other payables 16,967 14,603 3,915 5,803
Borrowings 13 30,435 31,229 - -
Lease liabilities 14 2,408 2,404 - -
49,810 48,236 3,915 5,803
Non-current liabilities
Borrowings 13 18,946 20,971 - -
Lease liabilities 14 4,218 5,291 - -
Deferred income tax liabilities 143 143 - -
23,307 26,405 - -
Total liabilities 73,117 74,641 3,915 5,803
NET ASSETS 44,223 33,110 50,097 31,742
EQUITY
Capital and reserves attributable to equity
holders of the Company
Share capital 15 30,158 30,158 30,158 30,158
Currency translation reserve (56) (132) - -
Retained earnings 13,113 2,085 19,939 1,584
43,215 32,111 50,097 31,742
Non-controlling interests 1,008 999 - -
Total equity 44,223 33,110 50,097 31,742
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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

C. Condensed Consolidated Statements of Changes in Equity

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Equity
attributable
Group capital Share translation Currency reserve Retained earnings holders of to equity the Non-controlling Interest equity Total
Company
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Balance as at 1 April 2024 30,158 (132) 2,085 32,111 999 33,110
Net profit for the financial year - - 11,111 11,111 9 11,120
Other comprehensive loss for the - (7) - (7) - (7)
financial year
Transfer upon disposal of associated - 83 (83) - - -
company
Balance as at 31 March 2025 30,158 (56) 13,113 43,215 1,008 44,223
Balance as at 1 April 2023 30,158 (122) 1,708 31,744 975 32,719
Net profit for the financial year - - 377 377 24 401
Other comprehensive loss for the - (10) - (10) - (10)
financial year
Balance as at 31 March 2024 30,158 (132) 2,085 32,111 999 33,110
Equity
attributable
Company capital Share translation Currency reserve Retained earnings holders of to equity the Non-controlling Interest equity Total
Company
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
Balance as at 1 April 2024 30,158 - 1,584 31,742 - 31,742
Total comprehensive income for the - - 18,355 18,355 - 18,355
financial year
Balance as at 31 March 2025 30,158 - 19,939 50,097 - 50,097
Balance as at 1 April 2023 30,158 - 3,025 33,183 - 33,183
Total comprehensive loss for the - - (1,441) (1,441) - (1,441)
financial year
Balance as at 31 March 2024 30,158 - 1,584 31,742 - 31,742
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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

D. Condensed Consolidated Statement of Cash Flows

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Group
RM'000
FY2025 FY2024
(Unaudited) (Audited)
Cash flows from operating activities
Net profit 11,120 401
Adjustments for:
- Income tax expense 377 467
- Depreciation of property, plant and equipment 3,053 3,133
- Depreciation of investment properties 59 59
- Depreciation of right-of-use assets 321 269
- Loss/(Gain) on disposal of property, plant and equipment 369 (145)
- Gain on disposal of a subsidiary corporation (121) -
- Gain on disposal of associated companies (16,008) -
- Fair value loss on financial asset, at FVPL 1,693 -
- Share of loss/(profit) of associated companies 2,575 (607)
- Interest income (33) (35)
- Interest expense 3,597 3,618
- Unrealised currency translation gain (7) (10)
6,995 7,150
Change in working capital
- Trade and other receivables (4,587) 1,890
- Inventories (475) 727
- Other current assets (572) (2,790)
- Trade and other payables 2,500 616
- Bills payable (643) (607)
Cash generated from operations 3,218 6,986
Interest paid (1,866) (1,800)
Interest received 33 35
Income tax paid (440) (413)
Net cash provided by operating activities 945 4,808
Cash flow from investing activities
Additions to property, plant and equipment (7,803) (1,683)
Proceeds from disposals of property, plant and equipment 1,010 876
Proceeds received from disposal of associated companies 21,244 -
Proceeds received from disposal of a subsidiary corporation, net of cash 337 -
disposed of
Net cash provided by/(used in) investing activities 14,788 (807)
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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

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Group
RM'000
FY2025 FY2024
(Unaudited) (Audited)
Cash flow from financing activities
Increase in short-term bank deposits pledged (33) (35)
Repayment of bank borrowings (2,637) (2,520)
Drawdown of bank borrowings 739 -
Repayment of lease liabilities (2,679) (3,583)
Interest paid (1,731) (1,818)
Net cash used in financing activities (6,341) (7,956)
Net increase/(decrease) in cash and cash equivalents 9,392 (3,955)
Cash and cash equivalents at beginning of financial year (4,263) (308)
Cash and cash equivalents at end of financial year 5,129 (4,263)
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Note:

For the purpose of presenting the consolidated statements of cash flows, the cash and cash equivalents comprise the following:

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Group
RM'000
FY2025 FY2024
(Unaudited) (Audited)
Cash and bank balances 16,563 7,416
Less: Short-term bank deposits pledged (1,199) (1,166)
Less: Bank overdraft (10,235) (10,513)
Cash and cash equivalents at end of financial year per
Statement of Cash Flows 5,129 (4,263)
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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

E. Notes to the Condensed Consolidated Financial Statements

1. General information

MSM International Limited (the “Company”), which is incorporated and domiciled in Singapore, is listed on the Catalist, the sponsor-supervised listing platform of Singapore Exchange Securities Trading Limited (“SGX-ST”). The address of its registered office is 77 Robinson Road, #06-03 Robinson 77, Singapore 068896. The principal place of business of the subsidiary corporations is located at Lot 1909, Jalan KPB 5, Kawasan Perindustrian Kampung Baru Balakong, 43300 Seri Kembangan, Selangor Darul Ehsan, Malaysia.

The principal activity of the Company is that of investment holding.

The principal activities of the subsidiary corporations as at 31 March 2025 are as follows:

Name of subsidiary corporations Principal activities

Held by the Company MSM Metal Industries Sdn. Bhd. Contract manufacturing of all metal products MSM Equipment Manufacturer Sdn. Bhd. Contract manufacturing of kitchen equipment and sale of standard kitchen equipment MSM Kitchen Sdn. Bhd. Sale and servicing of standard kitchen equipment products Toyomi Engineering Sdn. Bhd. Sale and servicing of metal parts and kitchen equipment, and design consultancy and installation works FIC Kitchen Technology Sdn. Bhd. Manufacturing, sale and servicing of refrigeration appliances OMS Technology Sdn. Bhd. Design, consultancy and installation works for cleanrooms and laboratories Flexacon Automation System Sdn. Bhd. Trading, design and supply of machine, conveyor system MSM Metal (S) Pte. Ltd. Trading and servicing of metal parts and kitchen equipment Held by the MSM Equipment Manufacturer Sdn. Bhd. MSM R Kitchen Sdn. Bhd. Trading and servicing of metal parts and kitchen equipment

The Company’s holding corporation is Triumphant Hope Sdn. Bhd., incorporated in Malaysia.

2. Basis of preparation

These condensed interim financial statements for the six months and full year ended 31 March 2025 have been prepared in accordance with Singapore Financial Reporting Standards (International) (“SFRS(I)”) 1-34 Interim Financial Reporting issued by the Accounting Standards Committee. The condensed interim consolidated financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last condensed interim financial statements for the period ended 30 September 2024.

The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with Singapore Financial Reporting Standards (International) (“SFRS(I)s”), except for the adoption of new and amended standards as set out in Note 2.1.

The financial statements are presented in Malaysian Ringgit (“RM”) and all values are rounded up to the nearest thousand (“RM’000”) except as otherwise indicated.

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

2.1 New and amended standards adopted by the Group

The Group has adopted all the new and revised SFRS(I) and SFRS(I) Interpretations (“ SFRS(I) INT ”) that are relevant to its operations and effective for annual periods beginning or after 1 April 2024. The adoption of these new or revised SFRS(I) and SFRS(I) INT did not result in changes to the Group’s accounting policies and had no material impact on the financial results of the Group for the current reporting period.

2.2 Critical judgements, assumptions and estimation uncertainties

The judgement made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that were applied to the audited consolidated financial statements as at and for the financial year ended 31 March 2024.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

3. Seasonal operations

The Group’s business is not affected significantly by seasonal or cyclical factors during the financial year.

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

4. Segment and revenue information

4.1 Reportable segments

For the second half year ended 31 March (2HY2025)

Revenue - Sales to external parties Adjusted EBITDA Depreciation of property, plant and equipment and right-of-use assets Finance expense	OEM contract manufacturing RM’000 18,278 8,889 1,071 1,250	Cleanroom & laboratories RM’000 7,112	Kitchen appliances, equipment and related services RM’000 17,330	Total RM’000 42,720
		3,072 64 41	6,565 716 474	18,526 1,851 1,765

For the second half year ended 31 March (2HY2024)

Revenue - Sales to external parties Adjusted EBITDA Depreciation of property, plant and equipment and right-of-use assets Finance expense	OEM contract manufacturing RM’000 16,923 2,397 1,088 1,298	Cleanroom & laboratories RM’000 10,144	Kitchen appliances, equipment and related services RM’000 19,329	Total RM’000 46,396
		(749) 48 65	(402) 464 478	1,246 1,600 1,841

For the financial year ended 31 March 2025

Revenue - Sales to external parties Adjusted EBITDA Depreciation of property, plant and equipment and right-of-use assets Finance expense	OEM contract manufacturing RM’000 35,124	Cleanroom & laboratories RM’000 14,222	Kitchen appliances, equipment and related services RM’000 32,931	Total RM’000 82,277
	10,738 2,142 2,573	3,379 127 101	8,645 1,105 923	22,762 3,374 3,597

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

For the financial year ended 31 March 2024

Revenue - Sales to external parties Adjusted EBITDA Depreciation of property, plant and equipment and right-of-use assets Finance expense	OEM contract manufacturing RM’000 33,333	Cleanroom & laboratories RM’000 19,730	Kitchen appliances, equipment and related services RM’000 37,355	Total RM’000 90,418
	4,867 2,289 2,548	992 82 137	1,446 1,031 933	7,305 3,402 3,618

4.2 Geographical information

Breakdown of Group Revenue by Geographical Regions

Malaysia Indonesia Singapore Others Total	FY2025 FY2024 RM’000 % RM’000 % 79,012 96.0 85,508 94.6 105 0.1 1,593 1.8 2,440 3.0 1,938 2.1 720 0.9 1,379 1.5
	82,277 100.0 90,418 100.0

5. Financial assets and financial liabilities

Financial assets Cash and bank balances Trade and other receivables Other current assets Other investment Financial liabilities Trade and other payables Borrowings Lease liabilities	Group RM’000 Company RM’000 As at 31/3/25 (Unaudited) As at 31/3/24 (Audited) As at 31/3/25 (Unaudited) As at 31/3/24 (Audited) 16,563 7,416 107 67 27,788 23,165 29,326 12,768 1,790 2,032 - - 4,925 - 4,925 -
	51,066 32,613 34,358 12,835
	14,387 12,974 3,915 5,803 49,381 52,200 - - 6,626 7,695 - -
	70,394 72,869 3,915 5,803

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

6. Profit before income tax

6.1 Significant items

Depreciation of property, plant and equipment Depreciation of investment properties Depreciation of right-of-use asset Director remunerations Interest expenses Realised foreign exchange loss Unrealised currency translation loss Reversal of loss allowance on financial assets - net Loss/(Gain) on disposal of property, plant and equipment Gain on disposal of associated companies Gain on disposal of a subsidiary corporation Fair value loss on financial asset, at FVPL Interest income Insurance claim Staff costs

2HY2025 2HY2024 FY2025 FY2024 RM’000 RM’000 RM’000 RM’000

1,590 1,480 3,053 3,133 30 29 59 59 261 120 321 269 1,103 989 1,839 1,719 1,765 1,841 3,597 3,618 45 95 58 76 - 53 - 53 (2) (427) (134) (564) 369 (18) 369 (145) (16,008) - (16,008) - - - (121) - 1,693 - 1,693 - (16) (17) (33) (35) - (127) - (415) 7,383 5,646 13,632 13,187

6.2 Related party transactions

Key management personnel compensation is as follows:

Salaries, bonuses and allowances Directors’ fees Employer’s contribution to defined contribution plans Other short-term benefits	2HY2025 2HY2024 FY2025 FY2024 RM’000 RM’000 RM’000 RM’000
	1,264 1,136 2,148 2,012 91 119 199 235 86 91 172 175 223 225 576 531
	1,664 1,571 3,095 2,953

7. Taxation

Included in income tax expense were:

2HY2025	2HY2024	FY2025	FY2024
RM’000	RM’000	RM’000	RM’000

Tax expense attributable to profit/(loss) is made up of:

(Loss)/profit for the financial period/year: - Current income tax - Malaysia - Deferred income tax Under/(over) provision in prior financial years: - Current income tax
	203 (76) 392 274
	- - - -
	203 (76) 392 274 - 115 (15) 193
	203 39 377 467

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

8. Dividend

No dividend was paid for the current financial year reported on.

9. Earnings/(Loss) per share

Earnings/(loss) attributable to equity holders of the Company (RM’000) Weighted average number of shares used in computation of basic EPS Basic earnings/(loss) attributable to equity holders of the Company (Malaysian sen) Diluted earnings/(loss) attributable to equity holders of the Company (Malaysian sen)	Group Group
	2HY2025 2HY2024 FY2025 FY2024
	10,620 (1,704) 11,111 377 105,391,186 105,391,186 105,391,186 105,391,186 10.08 (1.62) 10.54 0.36 10.08 (1.62) 10.54 0.36

For the purpose of calculating diluted earnings/(loss) per shares, the weighted average number of ordinary shares outstanding are adjusted for the effects of all dilutive potential ordinary shares. There were no dilutive potential ordinary shares during the current and prior periods.

10. Net asset value

Net asset value (RM’000) Number of ordinary shares NAV per ordinary share (Malaysian sen)	Group Company As at 31/3/2025 As at 31/3/2024 As at 31/3/2025 As at 31/3/2024
	44,223 33,110 50,097 31,742 105,391,186 105,391,186 105,391,186 105,391,186 41.96 31.42 47.53 30.12

11. Property, plant and equipment

During the financial year ended 31 March 2025, the Group acquired assets amounting to RM9,413,000 (31 March 2024: RM2,166,000) and disposed of assets with net book value amounting to RM1,379,000 (31 March 2024: RM731,000).

12. Investment Property

MSM Metal Industries Sdn Bhd (“MSM Metal”), a wholly-owned subsidiary of the Company, has entered into a deed of revocation with Plustech Engineering and Construction Sdn Bhd (“ Plustech ”) on 17 March 2025 to terminate the Sale and Purchase Agreement for its properties located at Lot 1861, H.S.(M) 13710, Mukim Cheras, 43200 Cheras, Selangor (“Lot 1861”) and Lot 1867, Kawasan Perindustrian Kg Baru Balakong, 43300 Seri Kembangan, Selangor for an aggregate consideration of RM23.5 million which shall be paid via a combination of cash and by way of a set off against the contract price for construction of a building.

At the same date, MSM Metal has entered into a construction agreement with Plustech for the construction of two (2) units of factory on Lot 1861 and has entered into a sale and purchase agreement with Pusat Pakaian Hari-Hari Sdn. Bhd. (“ Hari-Hari ”) to dispose one (1) unit of factory together with the land on which it is built for a consideration of RM18.0 million. For further information, please refer to the announcement dated 17 March 2025.

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

13. Borrowings

Amount repayable in one year or less, or on demand

Bank overdrafts Bank borrowings Bills payables Amount repayable after one year Bank borrowings - due between one to five years - due after five years Details of collaterals	Group As at 31/3/25 (Unaudited) As at 31/3/24 (Audited) RM’000 RM’000
	10,235 10,513 2,859 2,732 17,341 17,984
	30,435 31,229
	Group As at 31/3/25 (Unaudited) As at 31/3/24 (Audited) RM’000 RM’000
	7,780 8,700 11,166 12,271
	18,946 20,971

All of the above borrowings are fully secured on:

(i) Legal mortgages over the Group’s freehold and leasehold land and buildings.

(ii) Charged over short-term bank deposits; and

(iii) Joint and personal guarantee of certain directors and controlling shareholders.

As at 31 March 2025, the Group has fulfilled all financial covenants based on the revised letter of notification dated 9 December 2024 received from bank. In the prior financial year, a subsidiary corporation of the Company had, amongst others, not met the financial covenants as at 31 March 2024. Notwithstanding the aforementioned, the bank has notified the subsidiary corporation on 22 December 2023 that it is agreeable to continue extending the banking facilities until the next review of the bank facilities upon receipt of the subsidiary corporation’s audited financial statements for the financial year ended 31 March 2024.

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

14. Lease liabilities

Current Non-current	Group As at 31/3/25 As at 31/3/24 (Unaudited) (Audited) RM’000 RM’000
	2,408 2,404 4,218 5,291
	6,626 7,695

Lease liabilities of the Group as at 31 March 2025 amounting to RM6,037,000 (31 March 2024: RM7,545,000) are effectively secured over the leased plant and machinery, motor vehicles and computer and office equipment, as the legal title is retained by the lessor and will be transferred to the Group upon full settlement of the lease liabilities.

15. Share capital

At beginning and end of financial year	The Group and The Company As at 31/3/25 As at 31/3/24 Number of shares RM’000 Number of shares RM’000
	105,391,186 30,158 105,391,186 30,158

There were no changes in the Company’s share capital since 30 September 2024 to 31 March 2025.

The Company did not have any outstanding convertibles, subsidiary holdings or treasury shares as at 31 March 2025 and 31 March 2024.

The Company’s subsidiary corporations do not hold any shares in the Company as at 31 March 2025 and 31 March 2024.

On 17 March 2025, the Company is proposing to undertake a share consolidation exercise to consolidate every four (4) existing ordinary shares in the share capital of the Company into one (1) ordinary share in the share capital of the Company, fractional entitlements to be disregarded. The Company will be seeking for shareholders’ approval for the proposed share consolidation.

16. Events subsequent to period end

There are no known subsequent events which have led to adjustments to this set of financial statements.

The Company has on 17 March 2025 announced that it intends to diversify its business to include the business of property development and investment in respect of industrial property as and when the appropriate opportunities arise (“ Proposed Diversification ”). The Company will be seeking for shareholders’ approval for the Proposed Diversification and the first major transaction involving the new business.

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Other information required by Listing Rule Appendix 7C

1. Review

The condensed consolidated statement of financial position of MSM International Limited and its subsidiaries as at 31 March 2025 and the related condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the financial year then ended and certain explanatory notes have not been audited or reviewed.

Where the latest financial statements are subject to an adverse opinion, qualified opinion or disclaimer of opinion (this is not required for any audit issue that is a material uncertainty relating to going concern)

• (a) Update on the efforts taken to resolve each outstanding audit issue (b) Confirmation from the Board that the impact of all outstanding audit issues on the financial statements have been adequately disclosed.

Not applicable

2. Review of performance of the Group

Commentary on Financial Results

Revenue

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2HY2025 2HY2024 FY2025 FY2024
Segments RM’000 RM’000 RM’000 RM’000
Original Equipment Manufacturer (“ OEM ”) 18,278 16,923 35,124 33,333
Kitchen appliances, equipment and related
services (“ F&B ”) 17,330 19,329 32,931 37,355
Cleanroom and laboratories 7,112 10,144 14,222 19,730
Total 42,720 46,396 82,277 90,418
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Revenue in FY2025 decreased by approximately RM8.1 million or 9.0% from approximately RM90.4 million in FY2024 to RM82.3 million in FY2025. This was mainly due to the decrease in revenue from the F&B segment and cleanroom and laboratories segment by RM4.4 million and RM5.5 million respectively, netted off against increase in revenue from OEM segment by RM1.8 million.

The Group recorded a higher revenue in FY2024 for cleanroom and laboratories segment due to completion of a few major projects which had been postponed in prior years. On the other hand, the demand in F&B segment has decreased due to chain-store customers having lower budget for expansion in FY2025. OEM segment has performed slightly better during the year due to higher demand for switchgear.

Revenue in 2HY2025 has decreased by approximately RM3.7 million or 7.9% from approximately RM46.4 million in 2HY2024 to RM42.7 million in 2HY2025 due to the decrease in revenue from the F&B segment and cleanroom and laboratories segment by RM2.0 million and RM3.0 million respectively, netted off against increase in revenue from OEM segment by RM1.3 million.

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Cost of sales and gross profit

Cost of sales in FY2025 decreased by approximately RM9.5 million or 13.5% from RM70.1 million in FY2024 to RM60.7 million in FY2025. Similarly, it decreased by approximately RM5.8 million or 15.4% from RM37.4 million in 2HY2024 to RM31.7 million for 2HY2025 which is in line with the decrease in revenue.

The gross profit margin increased by 3.9 percentage points from 22.4% in FY2024 to 26.3% in FY2025 whereas in 2HY2025, gross profit margin increased from 19.3% in 2HY2024 to 25.8% in 2HY2025 despite the decrease in revenue due to the major projects secured under the cleanroom and laboratories segment in FY2024 has contributed lower profit margin.

Other income

Other income decreased by approximately RM0.3 million in FY2025 from approximately RM1.3 million in FY2024 to approximately RM1.0 million in FY2025 mainly due to a decrease in rental income of approximately RM0.3 million.

Other gains and losses

Other gains and losses increased by approximately RM13.5 million from approximately RM0.6 million in FY2024 to approximately RM14.1 million in FY2025 mainly due to gain on disposal of associated company, Cosmos Technology International Berhad (“Cosmos”), and wholly owned subsidiary corporation, PT Mulia Sinergi Metalindo, (“PT Mulia”), amounting to RM16.0 million and RM0.1 million respectively offset against a loss on fair value of approximately RM1.7 million arose from the initial recognition of the financial assets resulted from the remaining 6% shareholdings interest in Cosmos after the disposal of 21% shareholdings interest.

Administrative expenses

Administrative expenses increased by approximately RM0.6 million from approximately RM14.5 million in FY2024 to approximately RM15.1 million in FY2025 mainly due to increase in staff salaries.

Share of (loss)/profit of associated companies

The Group recorded a share of loss from its associated companies of RM2.6 million in FY2025 due to weaker financial performance of the associated company, Cosmos, as compared to a share of profit from its associated companies of RM0.6 million in FY2024.

Income tax expenses

Income tax expenses stood at RM0.4 million in FY2025, reflecting a decrease of approximately RM0.1 million in FY2025 due to the former subsidiary corporation, PT Mulia, having incurred a higher tax expenses for prior years of approximately RM0.1 million in FY2024.

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Commentary on Financial Position

Trade and other receivables

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----- Start of picture text -----

Group
RM’000
As at 31/3/25 As at 31/3/24
(Unaudited) (Audited)
Trade receivables 26,446 22,239
Other receivables 1,342 926
27,788 23,165
----- End of picture text -----

Trade receivables increased by approximately RM4.2 million from approximately RM22.2 million as at 31 March 2024 to approximately RM26.4 million as at 31 March 2025 due to higher revenue recorded in the 4[th] quarter of FY2025as at financial year end.

Other current assets

Other current assets increased by approximately RM0.5 million from approximately RM8.0 million as at 31 March 2024 to RM8.5 million as at 31 March 2025 due to higher prepayment paid to supplier to purchase goods to reserve for customer’s demand in the first quarter of the subsequent financial year.

Other Investment

As at 31 March 2025, the remaining 15,390,078 quoted shares of Cosmos is recognised as financial asset at fair value through profit or loss.

Property, plant and equipment

Property, plant and equipment increased by approximately RM4.7 million from approximately RM38.8 million as at 31 March 2024 to RM43.4 million as at 31 March 2025. This was mainly due to the addition of approximately RM9.4 million offset by depreciation charges of approximately RM3.4 million and disposal of plant and equipment which carried net book value of approximately RM1.4 million.

Investments in associated companies

Cosmos ceased to be an associated company of the Group upon disposal of its 21% shareholdings. The remaining 6% shareholdings which is equivalent to 15,390,078 shares is reclassified as Other Investment.

17

MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Trade and other payables

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----- Start of picture text -----

Group
RM’000
As at 31/3/25 As at 31/3/24
(Unaudited) (Audited)
Trade payables 10,408 9,276
Other payables 4,745 4,178
Contract liabilities 1,814 1,149
16,967 14,603
----- End of picture text -----

Trade payables increased by approximately RM1.1 million from approximately RM9.3 million as at 31 March 2024 to approximately RM10.4 million as at 31 March 2025 mainly due to slower payment made to supplier.

Other payables increased by approximately RM0.5 million from approximately RM4.2 million as at 31 March 2024 to approximately RM4.7 million as at 31 March 2025 mainly due to higher deposits received from customer and slower payment to professional service providers.

Borrowings

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----- Start of picture text -----

Group
RM’000
As at 31/3/25 As at 31/3/24
(Unaudited) (Audited)
Bills payables 17,341 17,984
Bank loans 21,805 23,703
Bank overdrafts 10,235 10,513
Total borrowings 49,381 52,200
----- End of picture text -----

Total borrowings decreased by approximately RM2.8 million from approximately RM52.2 million as at 31 March 2024 to approximately RM49.4 million as at 31 March 2025. This was mainly due to repayment of borrowings during the year.

Lease liabilities

Lease liabilities decreased by approximately RM1.1 million from approximately RM7.7 million as at 31 March 2024 to approximately RM6.6 million as at 31 March 2025 due to repayment of approximately RM2.7 million netted off against addition of lease liabilities of approximately RM1.6 million in FY2025 for purchase of plant and machineries and right-of-use assets under SFRS(I) 16 Leases.

Commentary on Cash Flow

The Group generated a net cash from operating activities of approximately RM0.9 million for FY2025. This was derived from operating profit before working capital changes of approximately RM7.0 million, adjusted net working capital outflow of approximately RM3.8 million, net interest paid of approximately RM1.8 million and net income tax paid of approximately RM0.4 million.

Net cash provided by investing activities amounted to approximately RM14.8 million mainly due to proceeds from disposal of property, plant and equipment, associated companies and a subsidiary corporation of approximately RM1.0 million, RM21.2 million and RM0.3 million respectively, offset against purchase of property, plant and equipment by cash of approximately RM7.8 million.

Net cash used in financing activities amounted to approximately RM6.3 million mainly due to net repayment of bank loans, lease liabilities and interest paid.

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

3. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.

No specific forecast or prospect statement has been previously disclosed to the shareholders.

4. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months.

The Directors are of the view that the outlook for the Group’s businesses for the next 12 months remain challenging due to competitive pressures within the industry, geopolitical tension and an uncertain global economic outlook.

Nevertheless, the Group remains cautiously optimistic and will continuously explore potential opportunities to expand its business in all segments both locally and abroad, via the development of new products, strategic investments, acquisitions and joint ventures with potential business partners.

5. Dividend

• (a) Current financial period reported on - Any dividend declared for the current financial period reported on?

No

• (b) Corresponding period of the immediately preceding financial year - Any dividend declared for the corresponding period of the immediately preceding financial year?

No

• (c) Whether the dividend is before tax, net of tax or tax exempt. If before tax or net of tax, state the tax rate and the country where the dividend is derived. (If the dividend is not taxable in the hands of shareholders, this must be stated).

Not applicable

• (d) Date payable

Not applicable

• (e) Record date

  • Not applicable

6. If no dividend has been declared/recommended, a statement to that effect and the reason(s) for the decision.

No dividend has been declared / recommended for the financial year ended 31 March 2025 in order to preserve capital for business growth.

7. If the group has obtained a general mandate from shareholders for interested person transactions (“IPT”), the aggregate value of such transactions as required under Rule 920(1)(a)(ii). If no IPT mandate has been obtained, a statement to that effect.

The Group does not have a general mandate from shareholders for interested person transactions and there was no disclosable interested person transactions for the period under review.

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

8. Confirmation that the issuer has procured undertaking from all its directors and executive officers under Rule 720(1)

The Company has received undertaking from all its directors and executive officers in the format as set out in Appendix 7H under Rule 720(1) of the Listing Manual of the SGX-ST.

9. Changes in the composition in the Group

On 16 August 2024, the Company announced the disposal of the wholly owned subsidiary corporation, PT Mulia for a cash consideration of RM600,000. The disposal has been completed on 30 August 2024. Please refer to the announcements dated 16 August 2024 and 30 August 2024 for further details.

On 14 November 2024, the Company announced the disposal of 21% of its shareholding interests in Cosmos for an aggregate consideration of RM21,244,088.60. The disposal has been fully completed on 15 January 2025. Following the completion of the disposal, the Company currently holds approximately 6% shareholding interests in Cosmos. For further details, please refer to announcements dated, inter alia , 14 November 2024 and 15 January 2025.

10. A breakdown of sales as follows:

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----- Start of picture text -----

FY2025 FY2024 Change
RM’000 RM’000 %
(a) Sales reported for the period from 1 April to 30 September 39,557 44,022 -10.1%
(b) Net profit after tax before deducting non-controlling interests for
492 2,040 -75.9%
the period from 1 April to 30 September
(c) Sales reported for the period from 1 October to 31 March 42,720 46,396 -7.9%
(d) Net profit/ (loss) after tax before deducting non-controlling 10,628 (1,639) NM
interests for the period from 1 October to 31 March
Total sales for the year 82,277 90,418 -9.0%
Total net profit for the year 11,120 401 NM
----- End of picture text -----

NM: not meaningful

11. A breakdown of the total annual dividend (in Malaysia Ringgit value) for the issuer’s latest full year and its previous full year.

	FY2025 (RM’000)	FY2024 (RM’000)
Ordinary	-	-

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

1. Disclosure of person occupying a managerial position in the issuer or any of its principal subsidiaries who is relative of a director or chief executive officer or substantial shareholder of the issuer

Pursuant to Rule 704(10) of the Listing Manual of Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited, MSM International Limited wishes to provide the following information on persons occupying managerial positions in the Company or any of its principal subsidiaries who are related to a Director, Chief Executive Officer or Substantial Shareholder of the Company:

Name	Age	Family Relationship with any Director, Chief Executive Officer and/or Substantial Shareholder	Current position and duties, and the year position was first held	Details of changes in duties and position held, if any, during the year
Chan Kee Sieng	73	Brother of Chan Kit Moi (Controlling shareholder) Father of Chan Wen Chau (Chief Executive Officer)	Executive Chairman (since 30 October 2009) Duties: Charting the business direction, corporate planning and strategic developments of the Group.	N.A.
Chan Kit Moi	72	Brother of Chan Kee Sieng,(Executive Chairman and controlling shareholder) Uncle of Chan Wen Chau (Chief Executive Officer)	Director of MSM Metal Industries Sdn Bhd since 1985, MSM Equipment Manufacturer Sdn Bhd since 1994, MSM Kitchen Sdn Bhd since 1991, Toyomi Engineering Sdn Bhd since 1997 and FIC Kitchen Technology Sdn Bhd since 2008. Duties: Overseeing the subsidiary’s overall administrative activities.	Retired as an Executive Director of the Company on 26 July 2024. Remained as a Director of the subsidiaries of the Company
Chan Wen Chau	50	Son of Chan Kee Sieng (Executive Chairman and Controlling Shareholder) Nephew of Chan Kit Moi (Controlling shareholder)	Executive Director and Chief Executive Officer (since 8 October 2009) Duties: In charge of overall business and strategic development, corporate planning, operations and management of the Group.	N.A.
Chan Wen Yee	41	Son of Chan Kit Moi (Controlling shareholder) Nephew of Chan Kee Sieng (Executive Chairman and controlling shareholder) Cousin of Chan Wen Chau (Chief Executive Officer)	General Manager (since 1st May 2010) Duties: Responsible for sales, marketing and business development for Toyomi Engineering Sdn Bhd.	N.A.

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MSM International Limited (Co. Regn. No: 200918800R )

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

On behalf of the Board of Directors

Chan Kee Sieng Chan Wen Chau Executive Chairman Executive Director

29 May 2025

This announcement has been reviewed by the Company’s sponsor, UOB Kay Hian Private Limited (the “Sponsor”).

This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited (“SGXST”) and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr Lance Tan, Senior Vice President, 8 Anthony Road, #01-01, Singapore 229957, telephone (65) 6590 6881.

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