Marine & General Bhd (M&G) reported sharp earnings decline for FY26, with profit after tax (PAT) dropping 45.9% to RM36 million, while the group also slipped into a quarterly loss amid weaker revenue and the absence of prior-year one-off gains.
For the fourth quarter, M&G posted a net loss of RM8.9 million compared to a PAT of RM25.3 million a year earlier, as revenue fell to RM66.7 million from RM93.7 million. The decline was exacerbated by lower fleet utilisation and the absence of a RM5.2 million vessel disposal gain, alongside reduced impairment reversals.
For the full year, revenue stayed broadly stable at RM343.9 million versus RM352.1 million previously, but profitability weakened significantly due to softer operating conditions and lower non-recurring contributions.
M&G said Malaysia’s oil and gas outlook remains supported by steady upstream activity and LNG expansion, but flagged risks from geopolitical uncertainty, cost pressures and normalised charter rates.
The group maintained a cautious outlook, focusing on fleet optimisation and operational efficiency.
