How much did MISC revenue rise in 1Q FY2024?

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MISC Revenue Increased to RM3.64 Billion in 1Q FY2024

MISC Bhd's revenue saw a significant increase, reaching RM3.64 billion in the first quarter of the fiscal year 2024, which concluded on March 31, 2024. This represents a notable rise from the RM3.08 billion recorded in the corresponding period of the previous year. The company's overall financial performance was bolstered by these higher revenue figures.
Revenue Growth Across Segments

The shipping giant experienced revenue growth across several of its key business segments. The petroleum and product shipping segment reported a 12 per cent increase, with revenue climbing to RM1.36 billion from RM1.21 billion in the prior year, attributed to an increase in earning days following new vessel deliveries. Additionally, the marine and heavy engineering segment demonstrated substantial growth, with revenue surging by 98.4 per cent to RM984.5 million, up from RM496.2 million, driven by increased activity in ongoing heavy engineering projects and the marine sub-segment.
Gas Assets and Solutions Revenue Impacted by Currency

In the gas assets and solutions segment, revenue saw a modest rise of 2.6 per cent to RM775.3 million, compared to RM755.9 million previously. This increase was primarily influenced by the translational impact of a weaker ringgit against the US dollar during the quarter. However, operationally, this segment's revenue was lower due to fewer earning days resulting from contract expiries and vessel disposals.
Dividend Declaration and Future Outlook

Alongside its financial results, MISC declared its first tax-exempt dividend of eight sen per share, totalling RM357.1 million, which is scheduled for payment on June 27, 2024. Looking ahead, MISC anticipates a continued positive trend in the liquefied natural gas (LNG) shipping market, with spot rates expected to improve gradually due to seasonal demand. The company also plans to pursue opportunities in dual-fuel assets within its petroleum and product shipping segment, aiming to secure long-term income for business expansion.

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How much did MISC revenue rise in 1Q FY2024?

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