MISC Delivers Solid Quarter With Higher Earnings

Yee Yang Chien_MISC online

MISC Group’s financial results for the third quarter of FY2021 was positive with the company delivering a solid quarter with higher earnings says Datuk Yee Yang Chien, President and Group Chief Executive Officer.

Group revenue for the quarter ended September 30, 2021, of RM2,691.8 million was 30.7% higher than the corresponding quarter’s revenue of RM2,059.5 million, primarily contributed by higher revenue from the Offshore Business segment following the recognition of revenue from the conversion of a Floating, Production, Storage and Offloading (FPSO).

Group operating profit for the quarter ended September 30, 2021, of RM484.3 million, was 46.8% higher than the corresponding quarter’s profit of RM330.0 million mainly from the Offshore Business and the LNG Asset Solutions segments in tandem with higher revenue in the current quarter as mentioned above. The Group reported a higher profit before tax of RM402.1 million compared to a profit before tax of RM281.2 million in the corresponding quarter

“Our third-quarter results highlight the full value of our portfolios as our revenues continue to strengthen. The steps we have taken showcase our capacity in building strong business momentum, obtaining the maximum possible value and driving resilience in this dynamic market environment. Moving deeper into the post-pandemic economic recovery, we are positioned well to execute our long-term strategy for profitable growth as we advance towards our goals for a decarbonised future.” “Oil and gas demand is still on a rising trend attributed to the strengthening market conditions supported by proactive supply management by OPEC+ and seasonal demand.

“Global economy also appears to continuously improve bringing us closer to pre-pandemic levels. However, ongoing economic recovery will vary according to countries with vaccination rates as challenges remain in the context of COVID-19 disruptions and related headwinds. In addition, the constraints in the global supply chain hit by critical shortages will likely persist as it copes with high demand. Nevertheless, we are cautiously optimistic that these fundamentals will remain in the fourth quarter and into the year 2022 while we look forward to a strong finish to the financial year,” added Datuk Yee.

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