KYM aims to increase exports to 40-50% within the next 3 years - MIDA | Malaysian Investment Development Authority
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KYM aims to increase exports to 40-50% within the next 3 years

KYM aims to increase exports to 40-50% within the next 3 years

05 Jul 2023

Global industrial packaging solutions player KYM Holdings Bhd aims to increase exports from its current 30% to between 40% and 50% within the next three years with export sales expected to resume in the second half of next year.

CEO Darren Lee Ji Jin said business development and marketing activities will be intensified to raise sales volume and orders from existing and new customers.

“Additionally, we will be rolling out the top daeration plastic free film ESG sacks, a new sustainable and innovative product, in the second half of 2023,” he told reporters after the company’s 41st annual general meeting here today.

Lee said the company will continue to actively seek business opportunities to enhance the group’s financial performance.

“The ongoing volatility of paper roll prices and foreign exchange exposure, as well as the recent hike in the overnight policy rate, have a direct impact on the group’s financial performance.

“However, we expect a gradual sales recovery for our cement bags as the construction sector is anticipated to (perform better) in 2023 supported by implementation of new projects and higher demand for both residential and non-residential buildings,” he said.

According to its 2023 annual report, KYM said the path into 2023 will be filled with challenges and obstacles from various macroeconomic factors.

“Slowing global growth is expected to weigh on exports and the group will enhance its diversification of raw material sources, implement stricter cost control procedures, focus on operational efficiency, and develop new packaging products,” it said.

The group is also actively pursuing new business opportunities through joint ventures, strategic partnerships, and acquisitions to futureproof the business and diversify its revenue streams.

“Despite the challenging landscape, the group remains optimistic that it will be able to navigate the obstacles successfully,” it added.

Source: Bernama