MISC Bhd achieved a pre-tax profit of RM386.6 million on the back of a turnover of RM2.867 billion for the first quarter ending March 2022 from a pre-tax profit of RM405.7 million on the back of a turnover of RM2.540 billion.
In a Bursa filing, it said that in the short-term, the tanker market is likely to be supported by changes in crude oil trade patterns due to the ongoing Russia-Ukraine conflict, which has resulted in shifts to longer-haul routes.
MISC said that it remains notable downside risks from trends in the global economy, particularly from lockdowns in China which will further undermine Chinese crude imports.
On the outlook for the upstream oil and gas sector, MISC said that it continues to be positive as oil prices stay elevated and with increasing global demand for oil amid a gradual return to more normal activity levels.
Consequently, it said that demand for FPSOs is expected to remain healthy despite lingering economic uncertainty, lockdowns in parts of China and supply chain concerns.
Notwithstanding the anticipated increase in activity levels, the Offshore Business segment continues to focus on the execution of the FPSO project in hand. For the time being, the segment’s financial performance is supported by its existing portfolio of long-term contracts.
