KUALA LUMPUR: Marine & General Bhd posted a revenue of RM79.6 million for Q3 ended January 31, 2026 (FY26), representing a 7.3% increase compared to RM74.16 million posted in the same quarter last year.
The group recorded revenue of RM277.2 million for the cumulative 9-month period (9M), a 7.3% increase from RM258.4 million in the same period in FY25.
Fleet utilisation for Upstream and Downstream Divisions during the quarter was 64% and 74% respectively, as compared to 63% and 73% respectively recorded in Q3 FY25.
The Upstream Division continued as the main revenue contributor, generating 79% of the group’s revenue for the quarter, while the Downstream Division generated 19%, with the balance derived from other activities.
The group reported profit before taxation of RM7.9 million, compared to RM7.3 million recorded in Q3 FY25.
The improvement was mainly attributable to stronger revenue performance and the recognition of approximately RM2.1 million in insurance compensation by the Downstream Division.
The period also reflected foreign currency translation differences, mainly due to exchange rate fluctuations during the quarter.
For the cumulative 9-month period, fleet utilisation for Upstream and Downstream
Divisions was 75% and 82% respectively, as compared to 72% and 80% respectively
recorded in the 9M of FY25.
For the 9M period, the Upstream Division remained the primary revenue contributor,
generating 84% of the group’s revenue, while the Downstream Division contributed
the remaining 16%.
The group recorded a profit before taxation of RM46.6 million, representing an 8.4% increase from RM43 million in 9M of FY25.
The improvement was primarily driven by higher revenue and recognition of insurance compensation, partially offset by higher operating expenses, including vessel repairs.
For Q3 FY26, the Upstream Division recorded revenue of RM62.6 million, representing a 5.8% increase from RM59.1 million in Q3 FY25.
The increase was mainly attributable to higher charter rates supported by stable market demand for offshore support vessels (OSV).
The Division recorded a profit before taxation of RM8.8 million compared to RM11.3 million in Q3 FY25.
The variance was mainly attributable to non-recurring insurance compensation recognised in the preceding year corresponding period, while the current quarter benefited from improved charter rates.
For the 9M period, the Upstream Division recorded a revenue of RM232.7 million, an increase of 12.1% from RM207.6 million recorded in the 9M of FY25.
The increase was driven mainly by higher charter rates and improved fleet utilisation, which increased from 72% to 75%.
The Division recorded a profit before taxation of RM48 million in the 9M of FY26, representing a 1.2% increase from RM47.4 million recorded in the 9M of FY25.
The modest increase in profit was mainly due to higher operational costs, particularly vessel repair and maintenance and third-party vessel charter hire expenses, which partially offset the stronger revenue performance.
For marine logistics, the Downstream Division recorded revenue of RM15.6 million, marginally higher than Q3 of FY25.
The increase was mainly due to the reversal of the maintenance days provision.
The Division recorded a profit before taxation of RM0.2 million in Q3 FY26, compared with a loss before taxation of RM2.6 million in Q3 FY25.
The improvement in the results was in line with the higher revenue, reduction in depreciation and amortisation expenses incurred in the current quarter following the disposal of a vessel in the preceding year, as well as the recognition of insurance compensation during the current quarter.
For the 9M of FY26, the Downstream Division recorded revenue of RM43 million, representing a 15.4% decrease compared to RM50.9 million in the 9M of FY25.
The decrease was mainly due to lower vessel availability and fewer vessels following the disposal of a vessel in the previous financial year, as well as increased docking activities during the current period.
Despite the lower revenue, the Division recorded a profit before taxation of RM2.3
million, compared to a loss before taxation of RM0.4 million recorded in the 9M of FY25.
The improved performance was mainly attributable to lower depreciation and amortisation expenses following the vessel disposal and the recognition of insurance compensation of approximately RM2.1 million.
Current year prospects, the group said Malaysia’s economic outlook is expected to remain resilient, with the oil and gas sector continuing to support offshore activity levels.
Upstream exploration and development programmes are expected to sustain demand for offshore support vessels, although charter rates are expected to normalise with more competitive tendering conditions.
Recent geopolitical developments in certain regions have contributed to volatility in global energy markets.
As the group’s operations are focused in Southeast Asia, there has been no direct operational impact to date.
The group will continue to monitor developments and assess any potential implications for the regional offshore activity.
Further, the group will continue to focus on operational reliability, cost management and vessel availability to support charter performance while navigating challenges arising from energy transition pressures, rising operating costs and stricter environmental and ESG compliance requirements.
The Downstream Division anticipates steady operational levels, supported by consistent demand for Malaysian-flagged tankers, while further fleet optimisation opportunities will be assessed in line with market conditions.
In addition, the board expects the Engineering Services Division, through M&G WHS Engineering Sdn Bhd, to commence operations within the current financial year.
The board also remains mindful of external challenges, including global economic
uncertainties and geopolitical risks.
For the current financial year, the group maintains a neutral outlook, with operational decisions guided by market developments and economic conditions.
