Revenue increased 10.5% to RM3.55 billion from RM3.21 billion previously, supported by the positive performance in gas assets and solutions; petroleum and product shipping as well as marine and heavy engineering segments, it said in a filing with Bursa Malaysia today.
The filing showed impairment of non-current assets decreased to RM17.4 million from RM309.8 million previously.
The board approved a second tax exempt dividend of 10 sen per share amounting to RM446.4 million to be paid on Sept 21.
The provider of energy-related maritime solutions and services said quarterly operating profit rose 15.3% to RM531.3 million from RM460.9 million in the corresponding quarter last year.
MISC said the gas assets and solutions segment’s revenue rose 1.2% to RM771.8 million in Q2 compared to RM762.5 million previously, mainly due to translational impact from the weakening ringgit against the US dollar.
Meanwhile, its petroleum and product shipping segment’s revenue during the current quarter was 7.6% higher, at RM1.22 billion, from RM1.13 billion previously, mainly due to higher freight rates achieved.
Its marine and heavy engineering segment’s revenue was more than 100% higher at RM1.06 billion from RM400.6 million previously, mainly due to higher revenue from ongoing heavy engineering projects.
However, the offshore business segment’s revenue fell by 47.6% to RM466.7 million from RM890.4 million previously due to lower recognition of revenue from the conversion of a floating, production, storage and offloading unit (FPSO) following lower project progress in the current quarter.
MISC said in the near-term, prospects remain positive due to the rebound of liquefied natural gas (LNG) demand prompted by lower prices, restocking for winter requirements and depletion of inventories in the summer given frequent heat waves.
“The gas assets and solutions segment will continue to pursue available growth opportunities while its operating income continues to remain solid, supported by its current portfolio of long-term charters,” it added.
“However, ongoing project execution remains challenging due to raw material price escalation and global supply chain disruption which resulted in additional costs and schedule impact. Consequently, the recovery will be pursued from clients,” it said.