Sabah’s Finance Minister and SMJ Energy chairman, Datuk Seri Masidi Manjun
KOTA KINABALU: Sabah-owned SMJ Energy Sdn Bhd (SMJ Energy) reported a higher profit after tax of RM362mil in the financial year ended Dec 31, 2024 (FY24), compared with RM259mil in FY23.
Sabah’s Finance Minister and SMJ Energy chairman, Datuk Seri Masidi Manjun, in announcing the company’s unaudited financial results for FY24, said this represented an almost 40% jump in profit.
He said this result demonstrated the company’s robust performance despite volatile global energy markets, driven by strategic asset optimisation, disciplined cost management, and strong revenue growth.
Masidi noted that SMJ Energy’s revenue surged year-on-year, propelled by strong contributions from its flagship assets, Samarang Production Sharing Contract (PSC), LNG Train 9 liquefaction plant, and Petronas Chemical Fertilizer Sabah Sdn Bhd (PCFSSB).
Other contributors to this success include the Floating Production & Storage (FPSO) and Floating Storage Operation (FSO) units from the debt-free Sabah International Petroleum (SIP).
Masidi credited this achievement to the dedication of a professional team working in close collaboration with key stakeholders including Petronas.
With a balanced portfolio that includes Upstream, LNG, Petchem, and FPSO/FSO, SMJ Energy’s financials are expected to remain robust, even in a low oil price scenario, he said.
However, he cautioned vigilance regarding the external environment, particularly the ongoing global tariff war and fluctuating oil prices.
“The volatility in global oil markets highlights the importance of maintaining our proactive risk management and prudent investment strategies,” Masidi stated.
In addition to building a profitable oil and gas business, SMJ Energy is actively supporting the state in improving local contents in the oil and gas services and equipment (OGSE) sector in Sabah without compromising costs, safety, quality and schedules.
The total value of jobs awarded to Sabahan companies reached RM2bil last year compared with RM613mil in 2021.
