Malaysia · Delayed Price · Currency is MYR MISC Berhad Earnings Call Transcripts
Fiscal Year 2026
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FY2024 saw lower revenue and profit due to weak LNG markets and project delays, but stable cash flow and dividends were maintained. Significant asset impairments were recorded, while the petroleum and heavy engineering segments delivered strong results. LNG market recovery is expected post-2026.
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Q2 FY2025 saw resilient operating cash flow and strategic progress despite a challenging market, with revenue at $631M and profit after tax at $110M, impacted by LNG vessel impairments. Segment performance was mixed, and the outlook remains cautious amid soft LNG rates and geopolitical risks.
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Revenue and profit after tax grew strongly year-on-year, driven by robust petroleum segment performance and higher spot rates, while operating cash flow and liquidity improved. CapEx and project activity remain elevated, with selective growth planned in FPSO and new energy segments.
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FY2025 saw a 50% rise in profit after tax to $406 million and a 41% increase in operating cash flow, driven by strong offshore and petroleum segments, despite a 10% revenue decline. Strategic contract wins and asset deliveries enhanced earnings visibility, while impairments and vessel layups impacted the gas segment.
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Q3 FY2025 saw resilient profitability with profit after tax up 64% year-on-year and strong cash flow supporting consistent dividends. LNG and offshore segments drove growth, while the gas segment faced headwinds from contract expiries and vessel impairments. Market outlook remains positive for petroleum and offshore, but LNG faces continued spot rate pressure.
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Q2 saw profits and cash flow rise year-over-year despite lower revenue from LNG market softness. Major project Mero 3 nears completion but faces a delay in first oil due to a riser issue. Capital discipline and focus on core businesses remain, with strong performance in petroleum and heavy engineering.
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Q1 2025 saw strong operating profit growth despite an 18% revenue decline, driven by a one-time gain from FPSO Bunga Kertas and stable core business performance. The outlook remains positive, with a focus on disciplined growth, fleet rejuvenation, and energy transition amid ongoing market headwinds.
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Q3 FY2024 saw revenue and profit declines due to gas and offshore headwinds, but stable cash flow and a $0.08/share dividend were maintained. Mero 3 achieved first oil, and a potential merger with Bumi Armada is under review. LNG and petroleum segments face ongoing market softness.