Malaysia’s MISC said its LNG business logged an increase in both revenue and operating profit last year mainly due to higher earning days.
The shipping firm said its LNG revenue reached 2.66 billion ringgit ($657.5 million) in 2020, a rise of 2.7% when compared to the year before.
MISC attributed the increase to higher earning days as it performed fewer dry-docking operations.
In addition, LNG operating profit slightly increased to 1.19 billion ringgit, or some 0.6 million ringgit when compared to 2019.
Profit also increased on higher earning days but increased vessel operating costs affected the results as well, the Petronas unit said.
Looking at the overall full-year results, MISC logged a loss before tax of 123.6 million ringgit compared to a profit before tax of 1.51 billion ringgit in the corresponding year.
This is mainly related to a 1.05 billion ringgit provision on litigation claims coming from its legal dispute with Sabah Shell Petroleum, a unit of Shell.
Excluding these items, the Group would have recorded a profit before tax of 1,77 billion, 17.2% higher than in 2019, MISC said.
“Year like no other”
MISC chief executive Yee Yang Chien said “2020 was a year like no other for many industries and will forever be remembered as a year of uncertainties and disruptions brought about by the Covid-19 global pandemic.”
“The year for us, was one where we navigated our moves strategically and remained committed to continue our pursuit for markets, which are integral to the built up of our sustainable income,” he said.
Furthermore, the CEO said the year also marked several firsts for the firm such as the delivery of its first VLEC, followed by MISC’s maiden foray as the commercial operator and ship manager of the first dedicated LBV in South East Asia, Avenir Advantage.
“As we continue to battle the Covid-19 pandemic in 2021, we will remain firm in our strict safety protocols with no compromise at all across the geographies that we operate in as the health and wellbeing of our global workforce at sea and shore remain as our top priority,” he added.
The Malaysian shipping firm is one of the largest operators of LNG carriers. It operates a fleet of 29 LNG carriers and two floating storage units.
