Chairman Statement

Dear Shareholders,

With sincere appreciation and a sense of pride, I present to you the annual report for the fiscal year 2024–2025. This year has been a meaningful chapter in MTSH’s journey—a year that asked us to be steady in uncertainty, agile in change, and bold in our ambition. We endured with resolve, evolved with purpose, and in doing so, found new ways to excel.

Throughout this year, our operations within the Thilawa Special Economic Zone remained stable and reliable—anchored by the strong performance of our core businesses. This would not have been possible without the steadfast support and vision of our national leaders. I would like to express my heartfelt thanks to the Chairman of the Central Body for Myanmar Special Economic Zones, the Chairman of the Central Working Body and Union Minister of Investment and Foreign Economic Relations; and the Chairman of the Thilawa SEZ Management Committee. Their leadership continues to foster an enabling environment for sustainable industrial development.

I am pleased to report that MTSH has once again reaffirmed its position as the top performer on the Yangon Stock Exchange (YSX) in both trading volume and value. From April 2024 to March 2025, a total of 647,607 MTSH shares were traded, representing 33% of the YSX’s total share volume. In terms of value, MTSH recorded 2.08 billion kyats in trading, accounting for 35% of the market’s total. These figures reflect the company’s enduring market leadership and continued investor confidence, underscoring MTSH’s stability and sustained appeal to shareholders.

I am pleased to present to you MTSH Group’s performance for the fiscal year ended 31 March 2025. Despite global economic headwinds and local challenges, our company has demonstrated strong resilience and strategic foresight in navigating these uncertainties.

Driving Growth Through Strategic Investments in Myanmar Japan Thilawa Development Company Limited (MJTD)

A key highlight of our financial performance this year was the significant improvement in operating profit, which reached MMK 6.8 billion, reflecting a MMK 5.5 billion increase compared to the previous year. This was largely driven by stronger gross profit and a rise in the share of profit from our associate company, Myanmar Japan Thilawa Development Limited (MJTD).

Our share of profit from MJTD increased markedly, from MMK 1.3 billion in FY2023–24 to MMK 4.4 billion in FY2024–25, underscoring the continued strength and value of our investment in this joint venture.

As a result of these combined factors, MTSH recorded a net profit of MMK 13.2 billion, an impressive increase of MMK 11.8 billion over the prior year. This growth was not only attributable to improved operating results but also influenced by favorable revaluation effects on our foreign currency reserves. The profit attributable to equity shareholders stood at MMK 12.9 billion, further reinforcing our strong financial position.

Thanks to this performance, our earnings per share (EPS) surged to MMK 333 for the year ended 31 March 2025—up sharply from MMK 34 in the previous year, representing an increase of MMK 299 per share.

Despite the challenges, we remain committed to maximizing shareholder value. This year, the Board of Directors has resolved a dividend of MMK 190 per share, a significant increase from the previous MMK 50 per share, reflecting our confidence in the company’s strong financial foundation and growth trajectory.

For the year ended 31 March 2025, MJTD recorded a net profit of USD 2.9 million and retained earnings of USD 59.9 million. During this financial year, 4.6 hectares of land were subleased, and MJTD expanded its solar energy capacity from 2 MW to 4 MW, with plans to reach 15 MW. The solar project is generating additional revenue, contributing to MJTD’s continued growth.

Our subsidiary company Thilawa Property Development Company Limited (TPD)

Our subsidiary, Thilawa Property Development Ltd (TPD) demonstrated resilience by achieving an additional five shop house rentals in a difficult economic environment marked by global recession and local instability. TPD achieved a profit of MMK 1.4 billion for the year ended 31 March 2025. Ongoing major upgrades to the dormitory infrastructure are expected to enhance property value, which may contribute to an increase in rental income in the future. With MMK 10.3 billion in retained earnings, MMK 5.3 billion in reserves, and a planned 3.3 MW solar project, TPD is firmly on the path to sustainable growth.

The Thilawa SEZ continues to move forward steadily and implementing its targeted business plan, with a strong pipeline of investment interest. Our initiatives in infrastructure and renewable energy are not only enhancing our operational capability but reaffirming our commitment to long-term value creation.

Looking ahead, we are dedicated to expanding our solar capacity to 18 MW, in line with nation’s energy priorities and our sustainability objectives. Despite ongoing economic challenges, investor confidence in Thilawa SEZ remains robust, as evidenced by the attraction of new investments and the continued establishment of new factories. MTSH is actively pursuing trading opportunities and assessing emerging economic zones with long-term growth potential. The Group remains firmly focused on strategic investments, renewable energy development, and delivering lasting value to our stakeholders.

As we reflect on the past with gratitude and look to the future with confidence, I extend my sincere appreciation to our shareholders, partners, employees, and all stakeholders. Your steadfast trust, dedication, and support are the cornerstone of our progress.