Zahid Osman, MISC President and Group CEO said, “MISC closed the fourth quarter of 2025 with stronger profitability and higher operating cash flows, reinforcing our ability to navigate market headwinds. Despite softer revenue, MISC’s diversified portfolio, and the focused commitment of our people across the Group enabled us to convert operational strength into financial resilience. Across 2025, we secured new projects and signed new contracts in all our core business segments, a significant growth milestone that validates our Delivering Progress strategy and positions the Group for sustained value creation.
We continue to execute our strategy with steadfast commitment, advancing fleet rejuvenation with eco-efficient vessels, optimising utilisation, and actively securing new long-term charters to strengthen earnings visibility. In parallel, we are making calculated entry into New Energy space with LCO2 carriers. As we look ahead, MISC remains guided by purpose and performance. We are charting a course that balances today's operational excellence with tomorrow's energy transition by delivering more energy with less emissions and reinforcing our role as a trusted partner in the global maritime landscape.”
Stronger Profitability and Higher Cash Flows, Driven by our Portfolio and our People
- Group revenue for the quarter and period ended 31 December 2025 was lower than the corresponding quarter and the period ended 31 December 2024.
- Group operating profit for the quarter and period ended 31 December 2025 were higher than the corresponding quarter and period ended 31 December 2024.
- Group loss attributable to equity holders of the corporation for the quarter was lower year-on-year, while Group profit attributable to equity holders of the corporation for the period was higher than the corresponding period ended 31 December 2024.
-
Group cash flows generated from operating activities for the period ended 31 December 2025 was higher than the corresponding period ended 31 December 2024.
(MYR million)
|
Q4 FY2025 |
Q4 FY2024 |
FY2025 |
FY2024 |
||
|
1 |
Revenue |
2,811.5 |
3,306.6 |
11,146.1 |
13,237.5 |
| 2 | Operating Profit | 507.6 | 376.7 | 2,776.5 | 2,593.7 |
|
3 |
Cash Flows from Operating Activities |
|
|
5,638.9 |
4,276.9 |
SUMMARY OF KEY FINANCIAL INFORMATION | 31 December 2025
Currency: Malaysian Ringgit (MYR)
|
|
INDIVIDUAL PERIOD |
CUMULATIVE PERIOD |
|||
|
Current Year Quarter |
Preceding Year |
Current Year to Date |
Preceding Year |
||
|
31 Dec 2025 |
31 Dec 2024 |
31 Dec 2025 |
31 Dec 2024 |
||
|
MYR'000 |
MYR'000 |
MYR'000 |
MYR'000 |
||
|
1 |
Revenue |
2,811,500 |
3,306,600 |
11,146,100 |
13,237,500 |
| 2 | Profit/(Loss) before tax | 46,200 | (437,300) | 1,861,900 | 1,283,500 |
|
3 |
Profit/(Loss) for the period |
4,100 |
(436,600) |
1,738,000 |
1,233,200 |
|
4 |
Profit/(Loss) attributable to ordinary equity holders of the parent |
(11,800) |
(446,200) |
1,700,100 |
1,193,500 |
|
5 |
Basic earnings per share (Sen) |
(0.3) |
(10.0) |
38.1 |
26.7 |
|
6 |
Proposed/Declared dividend per share (Sen) |
14.0 |
12.0 |
38.0 |
36.0 |
|
As At End of Current Quarter |
As At Preceding Financial Year End |
||||
|
7 |
Net assets per share attributable to ordinary equity holders of the parent (MYR) |
7.62 |
8.42 |
||
Group Revenue, Operating Profit, Profit Attributable to Equity Holders of the Corporation for the Quarter Ended 31 December 2025
The Group revenue of RM2,811.5 million was RM495.1 million or 15.0% lower than the quarter ended 31 December 2024 (“corresponding quarter”) of RM3,306.6 million, mainly due to softer contributions from GAS Assets & Solutions and Marine & Heavy Engineering segments due to contract expiries, vessel disposals, vessels lay-up as well as lower charter rates and lower construction activity with the tapering down of the projects nearing completion. The decrease in Group’s revenue was, however, offset by stronger contribution from Petroleum & Product Shipping and Offshore Business segments supported by higher freight rates and earning days, alongside revenue from acquisition of a Floating, Production, Storage and Offloading unit (“FPSO”) and the transition of an FPSO into operational phase.
The Group operating profit for the quarter ended 31 December 2025 of RM507.6 million was RM130.9 million or 34.7% higher than corresponding quarter’s profit of RM376.7 million primarily contributed by the transition of an FPSO from the construction to operational phase as well as FSO insurance recovery in the Offshore Business segment, higher revenue in Petroleum and Products segment and favourable finalisation of completed projects’ close out in Marine and Heavy Engineering segment.
The loss attributable to equity holders of the corporation of RM11.8 million was RM434.4 million or 97.4% lower than the corresponding quarter’s loss of RM446.2 million due to the higher operating profit mentioned above.
Group Revenue, Operating Profit, Profit Attributable to Equity Holders of the Corporation and Cash Flows Generated from Operating Activities for the Period Ended 31 December 2025
The Group revenue of RM11,146.1 million was RM2,091.4 million or 15.8% lower than the revenue for the period ended 31 December 2024 (“corresponding period”) of RM13,237.5 million mainly due to lower revenue from Marine and Heavy Engineering segment as most on-going projects are nearing completion as well as newly secured projects were still in the early stages of fabrication work. Additionally, the lower revenue in the Gas Assets & Solutions segment was primarily due to lower earning days resulting from contract expiries, vessel disposals and lower charter rates during the current period.
The Group operating profit of RM2,776.5 million was RM182.8 million or 7.0% higher than the corresponding period's profit of RM2,593.7 million, mainly contributed from the transition of an FPSO from the construction phase to operational phase. The increase in Group’s operating profit was, however, offset by the lower revenue in Gas Assets & Solutions segment and lower level of project activities in the Marine & Heavy Engineering segment.
The profit attributable to equity holders of the corporation of RM1,700.1 million was RM506.6 million or 42.4% higher than the corresponding period’s profit of RM1,193.5 million in line with the higher operating profit as mentioned above, coupled with gain on disposal of ships.
The Group recorded cash flows generated from operating activities of RM5,638.9 million for the period ended 31 December 2025, higher by RM1,362.0 million or 31.8% compared to RM4,276.9 million in the corresponding period contributed by higher collection from customers and FSO insurance recovery.
Moving Forward
LNG Carrier (LNGC) charter rates are expected to gradually improve in 2026 as increasing global liquefaction capacity helps rebalance market fundamentals. However, charter rates for steam turbine vessels are anticipated to remain subdued, reflecting the industry’s preference for modern vessels. The GAS segment remains focused on securing new long‑term charters and advancing its fleet rejuvenation strategy through the delivery of modern, eco‑efficient LNGCs. In parallel, the segment implemented strategic measures for vessels currently off charter, including lay-ups to optimise costs and the exploration of redeployment opportunities.
In the Petroleum & Products segment, the crude tanker market outlook for 2026 remains broadly positive, supported by resilient tonne-mile demand driven by ongoing shifts in global oil trade patterns stemming from sanctions and increased OPEC+ production. Against this backdrop, the tanker charter rates are expected to remain firm despite the anticipated influx of new tonnage over the course of the year. The Petroleum & Products segment is actively pursuing opportunities to expand its contract portfolio and optimise fleet deployment through more efficient trade routes.
The offshore market remains supported by a favourable industry outlook despite modest oil prices due to firm global energy demand that continues to drive investment in upstream exploration and production. This positive momentum is fuelling the expansion in deepwater project developments and the growth of Floating, Productions Storage and Offloading (FPSO) activities, particularly across South America and the Asia-Pacific regions. In line with these opportunities, the Offshore segment is actively pursuing strategic growth initiatives in high‑potential markets to strengthen its position and capture sustainable, long‑term value.
In the Marine & Heavy Engineering segment, operating environment is expected to remain volatile, shaped by ongoing geopolitical environment and tariff uncertainties. Against this backdrop, the Heavy Engineering sub-segment will continue to prioritise project execution excellence and strengthening its orderbook across conventional and new energy projects opportunities while maintaining vigilance in addressing operational challenges. Concurrently, the Marine sub-segment is expected to deliver steady performance, supported by ongoing vessel repair and conversion activities and driven by strong project management capabilities and enhancements in operational efficiency and project delivery.
- END -
About MISC Berhad
MISC Group, a member of the PETRONAS Group of Companies, is an international maritime company with more than 55 years of experience. 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 https://www.miscgroup.com
Issued on behalf of MISC Berhad by the Group Strategic Relations & Communications (GSRC) Division of MISC Berhad. For media inquiries, please contact:
Shanni Muthiah
Head, Group Strategic Relations & Communications
Group Strategic Relations & Communications
MISC Berhad
Tel : +603-2275 2224
Email : [email protected]
Maisara Noor Ahmad
Head, External Communications
Group Strategic Relations & Communications
MISC Berhad
Tel : +603-2275 3496
Email : [email protected]
