Marine & General Berhad announced its results for the fourth quarter ended 30 April 2024 today, reporting a revenue of RM83.1 million, representing a 9.1% improvement compared to the revenue recorded in the preceding year corresponding quarter.
Profit after tax was however impacted reporting RM19.4 million compared to RM33 million recorded in the same quarter in the preceding year.
The goup said the feet utilisation for both Upstream and Downstream Divisions was 77% and 75% respectively as compared to 73% and 84% respectively recorded in the preceding year corresponding quarter. The Upstream Division continued as the main revenue contributor, generating 80% of the Group’s revenue for the quarter, while the Downstream Division generated the balance 20%.
During the current quarter, the Group disposed another tanker under the Downstream Division and recognised a gain of RM5.4 million. Considering the higher revenue recorded and gain from disposal of the tanker, the Group recorded RM27.8
million profit before taxation as compared to the profit of RM48.6 million in the preceding year corresponding quarter. This reflects the lower net vessel impairment reversal during the quarter and higher vessel repairs incurred during the current
period.
For the cumulative 12-month cumulative period, the Group recorded RM347.9 million revenue, reflecting a 13.2% increase over the preceding year corresponding period. The increase was in line with higher charter activities and charter rates for both Upstream and Downstream Divisions.
Although the Group recorded higher revenue during the current 12-months period, the results had been affected by lower net vessel impairment reversal. Consequently, the Group recorded RM48 million profit after taxation in line with
the profit recorded in the preceding year of RM48 million.
