Marine & General is cautiously optimistic


KUALA LUMPUR: Marine & General Bhd is cautiously optimistic about the prospects for the current financial year ending April 30, 2025 (FY25).

“The Board continues to be cautious about the potential economic disruption brought about by the geo-political instability in Europe and Middle East that could affect the regional and domestic economic climate,” Marine & General said in the notes accompanying its financial results.

In the fourth quarter ended April 30, Marine & General’s net profit tumbled 41.5% to RM19.5mil against RM33.3mil in the same quarter last year.

Revenue, however, rose 9.05% to RM83mil compared with RM76.2mil a year ago while earnings per share fell to 0.88 sen from 1.50 sen previously.

In FY24, it posted a slightly higher net profit of RM48.4mil compared to RM48.1mil last year, driven by a 13.2% revenue growth to RM347.9mil from RM307.3mil a year ago.

Meanwhile, the group said the upstream division looks forward to an active year ahead in line with PETRONAS’ positive outlook for its drilling and exploration activities as highlighted in its Activity Outlook for 2023 – 2025.

“The Board expects the vessel utilisation and charter rate increase to continue in the next financial year, although at a slower rate than the current financial year,” Marine & General said.

It added that the downstream division sold two aging vessels in the current financial year and is now focusing on additional fleet optimisation measures to enhance utilisation and financial performance in the future.

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