MISC posts higher Q1 net profit of RM741.4mil

KUALA LUMPUR: MISC Bhd reported a higher net profit of RM741.4 million for the first quarter ended March 31, 2026 (Q1 FY26), compared with RM705.7 million in the corresponding quarter last year.

The energy shipping company said revenue rose to RM2.89 billion, up RM75.3 million, or 2.7 per cent, from RM2.81 billion a year ago.

MISC attributed its better performance to higher revenue from the petroleum and product shipping segment, primarily driven by higher freight rates and earning days, as well as higher revenue from the marine and heavy engineering segment, mainly due to ongoing projects advancing into higher construction phases, partially offset by lower revenue from post-sail-away projects.

“The increase in the group’s revenue was, however, offset by lower revenue in the gas assets and solutions segment, mainly due to the absence of recognised construction revenue during the period under review, as well as lower earning days resulting from vessel disposals, vessel lay-ups and lower charter rates,” it said in a statement today.

Its president and group chief executive officer, Zahid Osman, noted that the group delivered a resilient first quarter in 2026, achieving higher profitability and robust operating cash flows despite continued market volatility across segments.

“This performance reflects the strength of our diversified business portfolio, disciplined cost management and our ability to capture value across evolving market conditions.

“We continue to execute our strategic priorities with discipline through fleet modernisation, portfolio optimisation, securing long-term charter contracts, and pursuing opportunities across both conventional and lower-carbon maritime solutions,” he said.

While geopolitical developments and macroeconomic uncertainties continue to shape the operating landscape, Zahid said MISC’s commitment to sustainable growth remains steadfast as it balances operational excellence with long-term value creation.

“Guided by our delivering progress strategy, we will continue to navigate the changing landscape with agility while strengthening the group’s position as a trusted global maritime and energy solutions partner,” he added.

Looking ahead, MISC said liquefied natural gas (LNG) carrier rates are expected to remain elevated relative to the pre-conflict period in West Asia, underpinned by robust long-term LNG demand.

Meanwhile, rates for steam liquefied natural gas carriers (LNGCs) are expected to remain subdued as charterers continue to favour more efficient and modern tonnage.

It said the segment continues to focus on advancing its fleet rejuvenation strategy through the delivery of modern and efficient LNGCs and the securing of new long-term charters.

“In parallel, the segment continues to implement strategic measures for vessels currently off charter, including lay-ups to optimise costs, asset monetisation to redeploy capital, and the exploration of redeployment opportunities,” it added.

The company has also approved a first tax-exempt dividend of eight sen per share for the financial year 2026, amounting to RM357.1 million.

The proposed dividend will be paid on June 25, 2026, to shareholders registered at the close of business on June 12, 2026.

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المصدر: New Straits Times