The shipping company chalked up a revenue of RM3.6 billion for the quarter ended Sept 30 (Q3 2022), a 34.3% increase over the RM2.7 billion recorded in the same period in the previous financial year.

Pre-tax profit also rose — from RM402.1 million in Q3 2021 to RM837.7 million in Q3 2022.

The group attributed the improved performance to various factors, including a recovery from the Covid-19 pandemic and higher dry-docking activities.

It also reported higher operating profit for the quarter. The company recorded a 112.7% increase in operating profit to RM1.03 billion, up from RM484.3 million thanks mainly to one-off compensation for a contract renegotiation and higher freight rates in the petroleum and product shipping category.

In a statement issued to the media today, the company cited a swing back to profitability for the marine and heavy engineering segment, higher revenue from petroleum and product shipping as well as the reversal of warrant provision for post sail-away heavy engineering projects for its improved performance.

For the nine-month period to Sept 30, MISC recorded an operating profit of RM2 billion, which was 27.5% higher than the RM1.6 billion reported in the previous corresponding period.

MISC president and CEO Rajalingam Subramaniam said the company would pursue new business opportunities as it advances into a net-zero future with greater synergy and collaboration with its stakeholders and partners.