Overview of Timah Resources Limited's FY2023 Performance

Timah Resources Limited (ASX: $TML) has released its preliminary final report for the year ended 31 December 2023, showcasing a remarkable improvement in performance. The Group reported Mistral Engineering Sdn. Bhd. achieving a Net Profit Before Tax of RM1,154,852, marking a substantial 775% year-on-year increase over the preceding year's figure of RM131,993. Additionally, the average power generation also saw a 4% improvement, rising from 2.27 MW to 2.36 MW.

Executive Commentary on FY2023 Performance and Outlook

The Group is pleased with the significant improvement in Mistral Engineering's performance, reflecting our commitment to cost efficiency and operational excellence. The completion of major maintenance and repair works for the Biogas plant, along with the award of a contract for POME holding and regeneration tank, demonstrates our dedication to securing long-term profitability. We are optimistic about the plant's performance in FY2024, with a targeted improvement to 3MW. Furthermore, the Group remains focused on exploring growth and expansion opportunities to enhance shareholder value.

Summary of FY2023 Performance and Future Outlook

Timah Resources Limited's FY2023 performance has been highlighted by the remarkable improvement in Mistral Engineering's Net Profit Before Tax, reflecting the Group's dedication to operational efficiency. The completion of essential maintenance and repair works, along with the contract for POME holding and regeneration tank, underlines the Group's commitment to long-term profitability. Looking ahead, the Group remains cautiously optimistic about the plant's profitability in FY2024 and is committed to exploring growth and expansion opportunities to further enhance shareholder value.