KUALA LUMPUR: MISC Bhd recorded a net profit of RM401mil in the third quarter ended Sept 30, 2021, a 55.25% jump over RM258.3mil in the previous corresponding quarter on higher contribution from the offshore business and LNG Asset Solutions segments.

Group revenue for the quarter was RM2.69bil, 30.7% higher than the comparative quarter’s revenue of RM2.06bil due to revenue recognition from the conversion of a floating, production, storage and offloading (FPSO) vessel.

In a statement, MISC said there were also higher earning days from the deliveries of six very large ethane carriers since the fourth quarter of 2020, which contributed to the increase in the LNG Asset Solutions’ revenue.

In other segments, the marine and heavy engineering business recorded higher revenue from increased activities although this was partially offset by the absence of conversion work in the marine sub-segment.

The petroleum and product shipping segment contributed lower revenue due to lower freight rates and lower earning days from vessel disposal and redeliveries.

On outlook, MISC president and group CEO Datuk Yee Yang Chien said oil and gas demand remains on a rising trend while the global economy appears to continuously recover to pre-pandemic levels.

“We are cautiously optimistic that these fundamentals will remain in the fourth quarter and into the year 2022 while we look forward to a strong finish to the financial year.

“Moving deeper into post-pandemic economic recovery, we are positioned well to execute our long-term strategy for profitable growth as we advance towards our goals for a decarbonised future,” he added.

The board of directors declared a third interim dividend of seven sen per share going ex on Dec 2, 2021, and payable on Dec 14, 2021.

For the nine months period to Sept 30, MISC posted a net profit of RM1.37bil as compared to a net loss of RM599mil in the same period in 2020.

Revenue in 9MFY21 was RM7.59bil as compared to RM6.76bil in the year-ago period.