MMHE Returns To Black With RM15.27 Mln Net Profit In 3Q 2024

KUALA LUMPUR, Nov 13 (Bernama) -- Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) returned to the black with a net profit of RM15.27 million in the third quarter ended Sept 30, 2024 (3Q 2024), compared to a net loss of RM105.21 million in 3Q 2023.

In a filing with Bursa Malaysia, the energy and marine solutions provider attributed the turnaround to improved performance across both its heavy engineering and marine segments.

“The group recorded a revenue of RM906.5 million in the current quarter, an increase of RM268.0 million from RM638.5 million in 3Q 2023, driven by higher revenue contributions from both segments,” it said.

At the operating level, MMHE achieved a profit of RM20.8 million, reflecting an improvement of RM121.0 million compared to the operating loss of RM100.2 million in 3Q 2023, boosted by stronger performance in the heavy engineering and marine segments.

For the first nine months of the year (9M2024), MMHE recorded a net profit of RM99.61 million, compared to a net loss of RM490.37 million in 9M2023, while revenue rose to RM2.79 billion from RM2.19 billion previously.

Regarding its outlook, the company noted that upstream capital expenditure in the heavy engineering segment is expected to remain stable amidst ongoing energy security concerns and geopolitical tensions, presenting growth opportunities.

While demand for oil and gas remains robust amid the energy transition, the group aims to drive its growth by capitalising on opportunities in both conventional and new energy sectors.

“Meanwhile, the marine segment aims to expand its conversion portfolio in response to the uptick in upstream activities,” the company added.

-- BERNAMA