KUALA LUMPUR: MISC Bhd's net profit rose 24 per cent to RM759.90 million in the first quarter (Q1) ended March 31, 2024 to RM612.90 million a year ago on the back of higher earnings from most of its divisions.
In its filing with Bursa Malaysia today, the company said revenue for the quarter (Q12024) rose to RM3.64 billion from RM3.08 billion last year due to a weaker ringgit against the US dollar.
MISC declared a dividend of eight sen per share for the quarter, totalling RM357.1 million, to be paid on June 27.
On its prospects, MISC said the liquefied natural gas (LNG) shipping market remains positive as spot rates are anticipated to gradually improve in line with seasonal demand.
MISC said operating income for the gas assets & solutions segment is anticipated to remain stable, supported by its portfolio of long-term charters.
As 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.
It said the current year outlook remains positive with favourable tanker supply demand fundamentals.
"The petroleum and 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," it added. Ends