Highlights

  • Timah booked a RM34,106 group profit for calendar 2025, reversing a RM3.5 million loss in 2024.
  • A switchgear flashover on 12 May 2025 halted the Malaysian biogas plant for about 112 days.
  • Power exports fell to about 14.1 million kWh in 2025 from 18.6 million kWh a year earlier.
  • The company announced the Acquisition of a 40% interest in Cash Horse (M) Sdn Bhd on 3 March 2026.

Timah Resources Ltd (ASX:TML) closed calendar 2025 with a marginal group profit of RM34,106 (Malaysian ringgit), a turnaround from the RM3.5 million loss recorded in 2024, even though its biogas power plant in Malaysia was offline for close to four months.

The renewable energy producer has since moved to broaden its footprint, announcing in March 2026 the acquisition of a 40% interest in Cash Horse (M) Sdn Bhd.

Biogas Generation From Palm Oil Effluent

Timah's principal activity is renewable power generation through its Subsidiary Mistral Engineering Sdn Bhd, which runs a biogas plant in Malaysia fuelled by palm oil mill effluent. The company acquired Mistral in September 2015, having earlier focused on Investment in Vietnam and later mineral exploration. Its principal place of Business is in Sandakan, Sabah, while its registered office remains in Carlton, Victoria.

Cepatwawasan Group Berhad, a Malaysian company, is the ultimate holding company. Executive chairman Tan Sri Dr Mah King Thian and managing director Dato' Seri Mah King Seng are each recorded with an indirect interest in 61,952,811 shares.

Switchgear Failure Weighed on 2025 Output

A flashover at the plant's 33kV switchgear busbar on 12 May 2025 forced a shutdown of about 112 days, with operations resuming on 1 September 2025. The group estimates the incident cost about RM1.2 million in net terms. Insurance payments reached RM214,730 by 4 March 2026, covering roughly 69% of the RM313,199 repair bill, and gas engine maintenance cost a further RM498,809.

Power exports declined to 14,083,545 kWh from 18,586,603 kWh in 2024, and renewable energy sales fell to RM6.6 million from RM8.7 million. Total group Revenue was RM8.3 million, compared with RM10.4 million. Management reported that energy conversion efficiency, excluding the stoppage, improved to 84.19 kWh per cubic metre from 64.33 kWh, largely due to a newly commissioned digester tank.

Parent Funding Underpins the Balance Sheet

Cash and cash equivalents fell to RM5.1 million at 31 December 2025 from RM7.7 million, while net Assets were steady at RM19.5 million. Borrowings of RM19.7 million are owed to the ultimate holding company, which has confirmed the Facility will remain available and that repayment will not be demanded in the foreseeable future.

Board Pursues Avenues to Lift Shareholder Value

Chairman Tan Sri Dr Mah King Thian described 2025 as an exceptionally challenging year operationally. The board said it is actively exploring all available avenues to enhance shareholder value, though it has withheld detail on likely developments on the basis that disclosure could unreasonably prejudice the company.

At the Annual General Meeting on 8 May 2026, shareholders approved the remuneration report and re-elected Dato' Seri Mah King Seng and Derrick Martin De Souza as directors. The company had 88,759,761 shares on issue across 468 holders at 31 December 2025, and released half-year accounts in late August 2026.

Shares were unchanged at A$0.047 on 2 November 2026, giving a Market Capitalisation of A$4.17 million, and were up 27.03% over 12 months.