FY2022 has clearly been a very challenging year for SMI, as all its businesses in Myanmar have been heavily affected by the closure of the airport throughout the year which has meant almost no sales from SMI Retail has been possible. Travel Retail sales have been our major business for the last several years. We have made every effort to support our local business partners and help them with the task of selling down their inventory. Only very limited operations have been possible for our F&B business in the domestic market. However, our SMI
Senko Logistics business has continued to operate throughout the year. We successfully exited our Service Office business in 1H FY2022. In the future, in Myanmar, we expect to focus on Travel Retail, Logistics and some F&B and domestic retail outlets.
Our focus has been on ensuring to the greatest possible extent, the health and safety of the people who work on our business in Myanmar and assisting them wherever possible.
We have continued to reduce costs right throughout the year and this will undoubtedly help to ensure that we are able to resume on a low-cost base at the time when the airport reopens and there is some recovery in consumer
confidence in the domestic market.
The Company changed its name to SMI Vantage Limited to reflect its new focus on technology-based SaaS services and other high-tech platforms. A number of studies were conducted throughout the year on new business opportunities, including robotics as well as crypto-currency mining. Agreements were signed with a major NASDAQ listed company – The9 Limited and these agreements included the acquisition of 3,000 cryptomining machines. Agreements were reached to locate these machines in Malacca and Brunei and installation
commenced in March 2022. The Company will continue to look at opportunities in the new areas outlined above as well as restarting its travel retail business with the reopening of the airport on 17th April 2022.