KUALA LUMPUR: After concluding its 27th Annual General Meeting recently, Marine & General Berhad (M&G) informed shareholders of its consolidated revenue of RM348 million for the financial year ended April 30, 2024.
It was also clarified that the results represented an improvement in performance compared to the result for the financial year ended April 30, 2023 where revenue of RM 307.3 million was recorded.
The shareholders were informed that the increase was in line with increased charter
activities and higher charter rates recorded by both the Upstream and Downstream
divisions.
The shareholders were also informed that the Group posted a pre-tax profit of RM68.3
million for the financial year ended April 30, 2024.
The shareholders were then briefed on the operating conditions faced by both the
Upstream and Downstream divisions.
During the financial year under review, vessel utilisation at the Upstream Division
firmed-up to approximately 78% compared to 73% previously. Daily Charter Rates
(DCR) also improved over that recorded in the prior financial year, albeit still below
the previous peak in 2014.
The shareholders were briefed that despite the current challenges, the Upstream
Division was able to maintain a high standard of operational excellence and safety
performance. Up to the end of the period under review, the Upstream Division
accumulated approximately 17 million man-hours without any Loss Time Injury
(LTI). This is a commendable achievement given that the last LTI incident was in
April 2013.
On the operations of the Downstream Division, during the financial year under
review, the Division recorded a fleet utilisation of 84%. This represents a slight
decrease from the 88% recorded in the previous financial year, mainly due to
unexpected repair works.
With regard to the prospects of the M&G Group going forward, the prospects for the
Upstream Division are dependent on an increase in exploration and drilling activities.
The shareholders were informed that the Upstream Division looks forward to an
active year in line with Petronas’ positive outlook in its drilling and exploration
activities as highlighted in its Activity Outlook for 2023 – 2025.
With regards to the prospects for the Downstream Division, the commercial prospects
over the medium term remain positive given the Division’s excellent operating
standards that will ensure continued commercial competitiveness, as well as the
shortage of Malaysian-flagged tankers in the market.
Speaking at the end of the AGM, the Company’s executive chairman, Tan Sri Mohd
Azlan Hashim said, “The Company is both pleased and encouraged by the positive
response from attendees to this year’s Annual General Meeting of its shareholders.
The Company managed to present a review of its performance for the past financial
year and answer questions raised during the question and answer session thereafter.
I sincerely hope that the Company’s shareholders will continue to support the Board
in its objective to nurture its recovery and take the Company forward.”
Meanwhile, a total of eight ordinary resolutions were presented for consideration by the
Company’s shareholders at the AGM and they were all duly passed.
