MISC BERHAD 110 INTEGRATED ANNUAL REPORT 2023 111 www.miscgroup.com FINANCIAL REVIEW SECTION 9 2023 2022 Group Financial Review Petroleum & Product Shipping The Petroleum & Product Shipping segment’s revenue of RM5,030.2 million was RM362.9 million or 7.8% higher than the previous year’s revenue of RM4,667.3 million mainly from improved freight rates in the current year and full contribution from vessels delivered in previous year. The segment’s operating profit of RM1,356.6 million was RM335.6 million or 32.9% higher than the previous year’s profit of RM1,021.0 million, mainly from higher revenue as explained above. Revenue (RM million) Operating Profit (RM million) 1,356.6 1,021.0 Offshore Business The Offshore Business segment’s revenue of RM2,548.2 million was RM1,774.1 million or 41.0% lower than the previous year’s revenue of RM4,322.4 million, mainly due to lower recognition of revenue from the conversion of an FPSO following lower project progress in the current year. The segment’s operating profit of RM652.2 million was comparable to the previous year’s profit of RM665.8 million. Revenue (RM million) 2,548.2 4,322.4 2023 2022 Operating Profit (RM million) Marine & Heavy Engineering The Marine & Heavy Engineering segment’s revenue of RM3,309.2 million was RM1,657.6 million or more than 100% higher than the previous year’s revenue of RM1,651.6 million, mainly due to higher revenue from new and ongoing projects for Heavy Engineering sub-segment. The segment recorded operating loss of RM467.7 million compared to operating profit of RM60.8 million in the previous year mainly due to the additional cost provisions resulting from revised schedule on ongoing heavy engineering projects during the year. Revenue (RM million) 3,309.2 2023 1,651.6 2022 Operating (Loss)/Profit (RM million) Financial Calendar Announcements of Financial Results First Quarter Financial Results 24 May 2023 Second Quarter Financial Results 24 August 2023 Fourth Quarter Financial Results 27 February 2024 Third Quarter Financial Results 22 November 2023 2023 2022 5,030.2 4,667.3 2023 2022 652.2 665.8 Financial Calendar 1 January 2023 to 31 December 2023 1st 3rd 2nd 4th First Dividend Announcement 24 May 2023 Paid 22 June 2023 Announcement 24 August 2023 Paid 21 September 2023 Fourth Dividend Announcement 27 February 2024 Paid 26 March 2024 Announcement of Tax Exempt Dividends Second Dividend Third Dividend Announcement 22 November 2023 Paid 19 December 2023 2023 (467.7) 2022 60.8
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