MISC’s Net Profit Slips To RM1.19 Bln In FY2024 From RM2.12 Bln In FY2023

KUALA LUMPUR, Feb 21 (Bernama) -- MISC Bhd’s net profit for the financial year ended Dec 31, 2024 (FY2024) declined to RM1.19 billion from RM2.12 billion registered in 2023.

Revenue fell 7.2 per cent to RM13.24 billion compared to RM14.27 billion previously.

In a filing with Bursa Malaysia today, MISC attributed the lower revenue primarily to the weaker performance in the fourth quarter (4Q) FY2024 with a net loss of RM446.2 million compared to a net profit of RM627.3 million registered in the previous year.

Revenue for the quarter decreased 22.7 per cent to RM3.31 billion from RM4.28 billion.

MISC explained that for the gas assets and solutions segment, revenue stood at RM849.5 million, three per cent lower than the corresponding quarter's revenue of RM875.6 million, primarily due to the translational impact of a stronger ringgit against the US dollar.

“For petroleum and product shipping, revenue was RM1.21 billion, down RM177.8 million (12.8 per cent) from RM1.39 billion, mainly due to lower freight rates and fewer earning days in the 4Q,” it said.

The company declared an interim dividend of 12 sen per ordinary share for the 4Q.

MISC also shared that the overall tanker market outlook for FY2025 remains positive, supported by high tonne-mile demand from vessel rerouting, long-haul Atlantic-Asia trade, and minimal fleet expansion. 

“The petroleum and products segment will continue to be supported by its fleet of long-term chartered vessels and niche lightering business. Steady oil prices and sustained global demand are also expected to encourage investments in offshore projects, supporting a positive outlook for the offshore segment," it added.

-- BERNAMA