KUALA LUMPUR: MISC Bhd posted a net profit of RM1.82 billion in the financial year ended December 31, 2022 (FY22), a slight decrease from RM1.83 billion posted in FY21.
Revenue, however, jumped to RM13.87 billion from RM10.67 billion coming from contributions from all segments.
For the fourth quarter (Q4), MISC's net profit expanded to RM645 million from RM461.7 million, while revenue increased to RM4.17 billion from RM3.09 billion previously.
President and group chief executive officer Captain Rajalingam Subramaniam said MISC delivered a positive financial performance for this quarter, driven by the resilience of its businesses
across the company.
"We, as a team, will remain focused and committed to exploring new prospects, synergistic partnerships, and innovative solutions," he said in a statement today.
Revenue from MISC's petroleum and product shipping division surged to RM4.67 billion, 45.8 per cent higher mainly from higher freight rates and earning days.
The offshore business revenue increased 42.2 per cent to RM4.32 billion from higher recognition of revenue from the conversion of a floating, production, storage and offloading unit (FPSO) following improved project progress during the year.
Meanwhile, the revenue of the gas assets and solutions segment stood at RM3.11 billion, or eight per cent higher, following higher earning days mainly from lower dry-docking activities.
The marine and heavy engineering revenue improved by 12.6 per cent to RM1.65 billion amid higher progress for an ongoing heavy engineering project and higher dry-docking activities in the marine sub-segment.
MISC noted that the marine and heavy engineering segment remains cautiously optimistic about the outlook of its heavy engineering sub-segment for the year.
The reopening of international borders in April 2022 has boded well for the marine sub-segment operations, and more opportunities are expected with the enforcement of International Maritime Organisation's (IMO) regulations from January 1, 2023 onwards, the shipping company noted.