22-04-2025
- Business
- Free Malaysia Today
SMJ Energy records RM362mil in profits, almost 40% jump from 2023
SMJ Energy Sdn Bhd said it was actively supporting the state's efforts to enhance local content in Sabah's oil and gas services and equipment sector without compromising on cost, safety, quality, or timelines. (SMJ Energy pic)
PETALING JAYA : SMJ Energy Sdn Bhd has announced a profit before tax of RM362 million for its financial year ended Dec 31, 2024 – a nearly 40% increase compared with the RM259 million recorded the previous year.
SMJ Energy said it demonstrated the firm's robust performance despite volatile global energy markets and that it was driven by strategic asset optimisation, disciplined cost management and healthy revenue growth.
SMJ Energy chairman Masidi Manjun attributed the success to strong contributions from flagship assets including the Samarang Production Sharing Contract, LNG Train 9 liquefaction plant and Petronas Chemicals Fertiliser Sabah Sdn Bhd.
Other contributors to this success include the floating production storage and offloading (FPSO) and floating storage operation (FSO) units from the debt-free Sabah International Petroleum.
Masidi, who is also state finance minister, credited the achievement to the dedication of a professional team working in close collaboration with key stakeholders, including Petronas.
However, he cautioned vigilance regarding the external environment, particularly the ongoing global tariff war and fluctuating oil prices.
'The volatility in global oil markets highlights the importance of maintaining our proactive risk management and prudent investment strategies,' he said in a statement.
SMJ Energy said that in addition to building a profitable oil and gas business, it was also actively supporting the state's efforts to enhance local content in Sabah's oil and gas services and equipment sector without compromising on cost, safety, quality or timelines.
'The total value of jobs awarded to Sabahan companies reached RM2 billion last year compared with RM613 million in 2021,' Masidi added.
