MISC net profit jumps to RM759.90 million due to what?

Question

Accepted Answer

MISC Bhd's Net Profit Increased Due to Higher Revenue in 1Q FY2024

MISC Bhd reported a net profit of RM759.90 million for the first quarter ended March 31, 2024, a significant rise from RM612.90 million in the same period last year. This increase was primarily driven by a surge in the company's revenue, which grew to RM3.64 billion from RM3.08 billion in the corresponding quarter of the previous fiscal year.
Revenue Growth Across Key Segments

The company's revenue expansion was supported by performance across its various business segments. The petroleum and product shipping segment experienced a notable 12 per cent increase in revenue, reaching RM1.36 billion from RM1.21 billion. This growth was attributed to a greater number of earning days following recent vessel deliveries.
Marine and Heavy Engineering Segment's Strong Performance

A substantial contributor to the overall revenue increase was the marine and heavy engineering segment, which saw its revenue surge by 98.4 per cent to RM984.5 million, up from RM496.2 million in the prior year's first quarter. This remarkable growth was driven by increased contributions from ongoing heavy engineering projects and the marine sub-segment.
Gas Assets and Solutions Segment's Revenue Dynamics

The gas assets and solutions segment also recorded a revenue increase of 2.6 per cent, from RM755.9 million to RM775.3 million. This uplift was primarily influenced by the translational impact of a weaker ringgit against the US dollar during the quarter. However, operationally, revenue for this segment was lower due to fewer earning days resulting from contract expiries and vessel disposals.

Reading history

Hide →

This history is cleared when the page is closed.

MISC net profit jumps to RM759.90 million due to what?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends