MISC posts big profit in Q4 but bleeds red in FY20

KUALA LUMPUR (NSTP): MISC Bhd’s net profit increased 122.4 per cent to RM556 million in the fourth quarter (Q4) ended December 31, 2020 from RM250 million last year.

But the impact of MISC’s legal dispute with Sabah Shell Petroleum Co Ltd led to a full-year net loss of RM43 million from a net profit of RM1.43 billion in 2019.

MISC, in a statement today, said excluding the impact, the group would have recorded a higher profit for the year.

Group revenue for the year rose 4.9 per cent to RM9.40 billion from RM8.96 billion in 2019 due to higher contribution from all segments except for the petroleum segment.

For the fourth quarter, MISC’s revenue increased 11.2 per cent to RM2.64 billion from RM2.37 billion previously.

The group declared a fourth tax-exempt dividend of 12 sen per share for 2020 amounting to RM535.6 million, to be paid on March 16 this year.

President and group chief executive officer Yee Yang Chien said as a testament to its commitment, MISC had made an impactful entry into the fourth quarter which began with the successfully delivery of its first very large ethane carrier (VLEC), marking its entry into the niche global ethane market.

This was followed with the group’s maiden foray as the commercial operator and ship manager of Southeast Asia’s first dual-purpose liquefied natural gas bunker vessel (LBV), both of which marked a first for the group.

“The quarter was given a good close with the first condensate received by FSO Golden Star in Vietnam and the extension of the FPSO Espirito Santo lease contract in Brazil.

“As we continue to battle the Covid-19 pandemic in 2021, we will remain firm in our strict safety protocols with no compromise at all across the geographies that we operate in as the health and wellbeing of our global workforce at sea and shore remain as our top priority,” Yee said.- SOURCE: NSTP