MISC Bhd reported a Q3 2024 net profit of RM338.9 million, down from RM430.4 million in Q3 2023, with revenue declining 11% to RM2.96 billion. The drop was due to reduced revenue from a floating production, storage, and offloading unit (FPSO) in the offshore segment, lower freight rates, and currency translation losses as the ringgit strengthened against the US dollar.
The offshore segment reported a RM33.2 million operating loss due to slower project progress and higher construction costs, while the petroleum and product shipping segment also faced lower earnings.
MISC Eyes Future Growth
Despite challenges, MISC’s nine-month net profit rose to RM1.64 billion from RM1.5 billion, though revenue slightly decreased to RM9.93 billion. The gas assets and solutions segment struggled with reduced charter rates and higher operating costs.
MISC declared a third interim dividend of eight sen per share, payable on December 17. Looking forward, the company anticipates steady income in its shipping segment and positive medium-term prospects for offshore projects, driven by demand for FPSO units in regions like South America, West Africa, and Asia-Pacific, while focusing on timely project completions to control costs.
