Madagascar lost the final match of the 1974 Quidditch World Cup to a team from Syria. However, that particular Quidditch World Cup tournament is mostly remembered for the Royston Idlewind and the Dissimulators incident (Pm).
From the Web
Writing by J.K. Rowling on Pottermore:
Pottermore enhanced reading experience: Quidditch World Cup
Screenshots of the original Daily Prophet coverage of the 2014 Quidditch World Cup on Pottermore: Imgur archive
Harry Potter Wiki: Malagasy National Quidditch Team