30 May 2024
Announcement Finance

MISC Group Financial Results for the First Quarter of 2024

MISC is pleased to announce its financial results for the first quarter ended 31 March 2024.

Financial Highlights:

  • Group revenue, operating profit and profit attributable to equity holders of the corporation for the quarter ended 31 March 2024 were higher than the corresponding quarter ended 31 March 2023.
  • Group cash flows generated from operating activities for the quarter ended 31 March 2024 was lower than the corresponding quarter ended 31 March 2023.

Group Revenue, Operating Profit, Profit Attributable to Equity Holders of the Corporation and Cash Flows Generated From Operating Activities for the Quarter Ended 31 March 2024

Group revenue of RM3,638.3 million was RM559.6 million or  18.2%  higher than the quarter ended 31 March 2023 (“corresponding quarter”) revenue of RM3,078.7 million was mainly contributed by higher revenue from ongoing projects in the Marine & Heavy Engineering segment and higher earning days achieved in the Petroleum & Product Shipping segment. The increase in Group’s revenue was however offset by lower revenue recognition in the Offshore Business segment from the conversion of a Floating, Production, Storage and Offloading unit (“FPSO”) following lower project progress in the current quarter.

Group operating profit for the quarter ended 31 March 2024 of RM882.0 million was RM56.5 million or 6.8% higher than the corresponding quarter's profit of RM825.5 million due to higher profit in the Petroleum & Product Shipping segment in tandem with the higher revenue. The increase in Group’s operating profit was however offset with lower profit in the Offshore Business segment from lower construction progress from the FPSO conversion recognised in the current quarter.

The profit attributable to equity holders of the corporation of RM759.9 million was RM147.0 million or 24.0% higher than the corresponding quarter of RM612.9 million due to the higher operating profit mentioned above coupled with higher impairment provisions recognised in the corresponding quarter.

The Group recorded cash flows generated from operating activities of RM210.8 million for the quarter ended 31 March 2024 which was lower by RM696.3 million or 76.8% compared to RM907.1 million in the corresponding quarter due to higher payments made to creditors.


Moving Forward

In the LNG shipping segment, rates softened in the first quarter 2024 due to seasonally weak demand and inventory buildup in Europe and Northeast Asia market. In the current year, the prospects for the LNG shipping market remain positive as spot rates are anticipated to gradually improve in line with seasonal demand. The operating income for the Gas Assets & Solutions segment is anticipated to remain stable, supported by its portfolio of long-term charters.

For the Petroleum shipping segment, market rates have remained firm amidst an increase in tonne-mile demand driven by growing long-haul Atlantic exports, notably from the US, Brazil and Guyana. The current year outlook remains positive with favourable tanker supply-demand fundamentals. The Petroleum & Product Shipping segment will continue to identify opportunities particularly in dual-fuel assets and focus on building long-term secured income to generate business growth.

Global upstream capex spending remains resilient during the first quarter of 2024, amidst the current high oil price. The demand for Floating Production Storage and Offloading units (FPSOs) is anticipated to remain robust throughout the year primarily driven by the increase in global oil demand and a healthy number of planned projects mainly from Brazil, Africa and Asia-Pacific. The segment's secured revenue stream from its current portfolio of long-term contracts will continue to provide stable support for its financial performance. The Offshore Business segment will strategically and selectively pursue new opportunities in the market while maintaining focus on operationalising its current projects.

For the Marine & Heavy Engineering segment, global upstream capex spending remains robust, driven by tighter global supply due to the heightened geopolitical landscape and OPEC+’s supply restrictions. The Heavy Engineering sub-segment aims to broaden its customer base and capitalise on potential opportunities both in conventional and clean energy spaces. Meanwhile, the Marine sub-segment will benefit from conversion projects arising from greater demand for upstream activities. Nevertheless, the Marine & Heavy Engineering segment will continue its efforts to mitigate risks arising from the supply chain disruptions and price escalations which are anticipated to persist given the volatile geopolitical landscape.

- END -


About MISC Berhad

MISC Group is an international maritime conglomerate with more than 55 years of experience in the dynamic maritime industry. Our extensive global footprint allows us to deliver a wide range of solutions that cater to various areas within the maritime-related energy value chain.

At the heart of MISC Group's success is our modern and diversified fleet of vessels and floating assets, complemented by the expertise of our diverse global workforce at sea and shore.

As a future-focused organisation, we are committed to leading from the front, propelling the maritime industry into the future, and achieving society’s aspiration for a just energy transition.

For more information, visit


Issued on behalf of MISC Berhad by the Group Corporate Communications (GCC) Division of MISC Berhad. For media inquiries, please contact:

Shanni Muthiah
Head, Group Corp. Communications
Group Corporate Communications
MISC Berhad
Tel : +603-2275 2224
Email :

Maisara Noor Ahmad
Head, External Communications
Group Corporate Communications
MISC Berhad
Tel : +603-2275 3496
Email :

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