MISC (MISC) Q3 2025 earnings summary

Executive summary

• Q3 FY2025 revenue was $662 million (RM2,797.2 million), up 5% quarter-on-quarter but down 5.6% year-on-year, reflecting portfolio dynamics and segment performance.

• Profit after tax rose to $131 million (RM552.9 million), up 19% quarter-on-quarter and 64% year-on-year, driven by strong operating results and vessel disposals.

• Cash flow from operations was robust at $327 million (RM3,758.7 million for 9M 2025), up 32% year-on-year, supporting a third interim dividend of 8 sen per share.

• Strategic progress included delivery of three new LNG carriers to QatarEnergy, FSU Puteri Delima to PETRONAS Gas, and advances in decarbonisation initiatives.

• Recognised for sustainability excellence with multiple ESG and safety awards.

Financial highlights

• Revenue: $662 million, up 5% sequentially, down 1% year-on-year; 9M 2025 revenue RM8,334.6 million, down 16.1% year-on-year.

• Profit after tax: $131 million, up 64% year-on-year and 20% quarter-on-quarter; net profit for Q3 2025 was RM552.9 million.

• Cash flow from operations: $327 million, up from $247 million year-on-year; net cash from operating activities for 9M 2025 was RM3,758.7 million.

• Dividend: Third interim dividend of 8 sen per share declared.

• Operating profit: $157 million, up 26% year-on-year; Q3 2025 operating profit RM656.5 million, up 20.9% year-on-year.

Outlook and guidance

• LNG shipping market faces vessel oversupply, soft spot rates, and regulatory uncertainty, with recovery expected post-2026.

• Petroleum shipping market expected to remain firm through 2025, supported by strong demand and tight vessel supply.

• Offshore market outlook is positive, with upstream CapEx projected to grow and strong demand for FPSOs, especially in Latin America and Asia-Pacific.

• Marine & Heavy Engineering focuses on project execution and orderbook growth amid stable oil and gas market.