KUALA LUMPUR (Nov 17): MISC Bhd's net profit for the third quarter ended Sept 30, 2022 more than doubled to RM820.6 million from RM401 million a year earlier on higher revenue and operating profit.

In a Bursa Malaysia filing on Thursday (Nov 17), the company said revenue for the quarter rose to RM3.61 billion from RM2.69 billion, driven by higher revenue from all segments.

Earnings per share doubled to 18.4 sen from nine sen.

MISC declared a dividend of seven sen per share, to be paid on Dec 14.

For the cumulative nine months ended Sept 30, MISC posted a lower net profit of RM1.18 billion versus RM1.37 billion a year ago on the back of revenue of RM9.69 billion against RM7.59 billion.

Reviewing its performance, MISC president and group chief executive officer Captain Rajalingam Subramaniam said the company remains steadfast in executing ongoing projects with continued discipline and focus.

“Our robust financial standing places us on the progressive path to deliver sustainable value to our stakeholders.

“At the same time, we will be steering our mid to long-term ambitions to pursue new business opportunities as we advance to the net-zero future with greater synergy and collaboration with our stakeholders and partners,” he said.

On its prospects, MISC said spot rates continued to surge in the LNG shipping market in the third quarter of 2022, driven by strengthening winter season demand towards year-end in Asia and Europe, high European demand due to the prolonged Russia-Ukraine war, and tight vessel availability.

It said in the near term, prospects remain positive backed by growing global demand for liquefied natural gas (LNG) amidst the ongoing European energy crisis and additional LNG infrastructure investment, which would further support LNG growth despite tonne-mile demand coming under some pressure from trade pattern shifts to shorter distances.

MISC said it aims to replenish its order book, including venturing into carbon capture and storage as well as renewables.

It will also continue to focus on cost management, improving project execution and project delivery through prudent investment in technology, people, digitalisation and automation.

At the midday break on Thursday, MISC gained 0.56% or four sen to RM7.13 with 108,300 shares done.