Latest news with #SMJEnergy
Daily Express
14-05-2025
- Business
- Daily Express
Latest SMJ Energy crude oil sale generates RM92 million
Published on: Thursday, May 15, 2025 Published on: Thu, May 15, 2025 Text Size: The company's Samarang Production Sharing Contract (PSC), an offshore asset located in Sabah waters, continues to be a reliable revenue source for the energy provider. Kota Kinabalu: SMJ Energy Sdn Bhd (SMJ Energy) completed its ninth crude oil lifting operation at the Labuan Crude Oil Terminal, generating approximately RM92 million in sales revenue. The latest sale brings SMJ Energy's total oil and gas revenue to roughly RM1.7 billion since operations began, with RM158 million generated in 2025 alone. The company's Samarang Production Sharing Contract (PSC), an offshore asset located in Sabah waters, continues to be a reliable revenue source for the energy provider. The Samarang field serves as the exclusive natural gas supplier to Kota Kinabalu Industrial Park and powers three gas plants in the Kota Kinabalu area. Additionally, the field supplies natural gas to Labuan, providing essential energy to the Labuan Methanol Plant and the SESB Power Plant on the island. SMJ Energy continues to explore further optimisation opportunities within the field to enhance output and maximize returns. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Daily Express
14-05-2025
- Business
- Daily Express
Ninth crude oil lifting nets RM92 million for SMJ Energy
Published on: Wednesday, May 14, 2025 Published on: Wed, May 14, 2025 Text Size: KOTA KINABALU: SMJ Energy has completed its ninth crude oil lifting from the Samarang Production Sharing Contract (PSC) at the Labuan Crude Oil Terminal. The latest lifting is expected to generate RM92 million in sales revenue, marking another milestone in the company's upstream performance. Cumulative crude oil and gas sales now stand at RM1.7 billion, with RM158 million earned since early 2025, reinforcing Samarang's strategic role in SMJ's revenue stream. This reflects SMJ Energy's solid investment in the offshore Sabah-based PSC and its commitment to operational excellence and value creation. Samarang PSC remains a key supplier of gas to KKIP, three power plants here, the Labuan Methanol Plant 1, and SESB's Labuan facility. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Daily Express
23-04-2025
- Business
- Daily Express
SMJ energy sees jump in after-tax profit to RM362 million
Published on: Wednesday, April 23, 2025 Published on: Wed, Apr 23, 2025 By: Bernama Text Size: Masidi said the company's success was the result of the dedication and hard work of a team of professionals working closely with key stakeholders, including Petronas. Kota Kinabalu: Sabah government's wholly owned SMJ Energy Sdn Bhd recorded a 40 per cent jump in profit after tax of RM362 million (before audit) last year compared to RM259 million in 2023, said Sabah Minister of Finance Datuk Seri Masidi Manjun. Masidi, who is also the chairman of SMJ Energy, said this reflected the company's strong performance, even though the company was facing an uncertain global energy market. 'This improved performance was driven by several key factors, including strategic asset optimisation, disciplined cost management and strong revenue growth. 'SMJ Energy's results also showed a significant surge, driven by contributions from several of the company's key assets including the Samarang production sharing contract (PSC), LNG Train 9 liquefaction plant, Petronas Chemical Fertilizer Sabah Sdn Bhd (PCFSSB), as well as floating production, storage and offloading (FPSO) and floating storage operation (FSO) from Sabah International Petroleum (SIP), which is debt-free,' he said in a statement here. He said the company's success was the result of the dedication and hard work of a team of professionals working closely with key stakeholders, including Petronas. 'SMJ Energy also has a balanced portfolio, encompassing the upstream, LNG, petrochemical and FPSO/FSO sectors. This diverse portfolio provides the company with financial stability, ensuring that it remains strong even in the face of low oil price conditions. 'However, I would like to warn companies to always be vigilant against external changes that could affect performance,' he added. He said global market uncertainties, including the ongoing tariff war and oil price fluctuations, were challenges that needed to be faced with caution. 'The volatility in the global oil market highlights the importance of maintaining proactive risk management and a prudent investment strategy,' he said. Meanwhile, Masidi said SMJ Energy was also paying attention to the development of the oil and gas services and equipment (OGSE) sector in Sabah. 'The company is committed to increasing local content in the sector, without neglecting aspects of cost, safety, quality, and work schedules. 'Last year, SMJ Energy allocated RM2 billion worth of jobs to Sabah companies, compared to only RM613 million in 2021,' he added. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Daily Express
22-04-2025
- Business
- Daily Express
SMJ Energy records 40pc rise in profit to RM362 million
Published on: Wednesday, April 23, 2025 Published on: Wed, Apr 23, 2025 Text Size: Masidi Manjun attributed the achievement to the dedication and professionalism of the company's team, in close collaboration with key stakeholders, including Petronas. - Pic: SMJ Energy. Kota Kinabalu: SMJ Energy Sdn Bhd (SMJ Energy) recorded a profit after tax of RM362 million based on its unaudited financial results for the year ended Dec 31, 2024, a nearly 40 per cent increase from RM259 million in 2023. The impressive performance underscores the company's resilience and strong fundamentals, achieved despite a volatile global energy landscape. The growth was driven by strategic asset optimisation, disciplined cost management and sustained revenue growth. Revenue for the year saw a significant year-on-year increase, bolstered by strong contributions from key assets such as the Samarang Production Sharing Contract (PSC), LNG Train 9 liquefaction plant, Petronas Chemical Fertiliser Sabah Sdn Bhd (PCFSSB), as well as Floating Production Storage and Offloading (FPSO) and Floating Storage Operations (FSO) under Sabah International Petroleum (SIP), which remains debt-free. Finance Minister Datuk Seri Masidi Manjun, who is also Chairman of SMJ Energy, attributed the achievement to the dedication and professionalism of the company's team, in close collaboration with key stakeholders, including Petronas. 'With a well-balanced portfolio across Upstream, LNG, Petchem and FPSO/FSO segments, SMJ Energy is well-positioned to maintain financial strength even in a low oil price environment,' he said. However, Masidi urged continued vigilance amid global economic uncertainties, including the ongoing tariff conflicts and fluctuating oil prices. 'The volatility in global oil markets highlights the importance of maintaining proactive risk management and prudent investment strategies,' he said. Beyond profitability, SMJ Energy is playing an active role in strengthening local participation in Sabah's oil and gas services and equipment (OGSE) sector. In 2024, the total value of contracts awarded to Sabahan companies rose to RM2 billion, a significant leap from RM613 million in 2021, without compromising on cost, safety, quality or project schedules. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Daily Express
22-04-2025
- Business
- Daily Express
SMJ Energy profit surges to RM362 mil
Published on: Tuesday, April 22, 2025 Published on: Tue, Apr 22, 2025 Text Size: SMJ Energy Sdn Bhd reported a 40% increase in profit for 2024, reaching RM362 million, up from RM259 million in 2023. This growth was driven by strong asset contributions, including the Samarang PSC, LNG Train 9, and FPSO/FSO under Sabah International Petroleum (SIP). Chairman Datuk Seri Panglima Masidi Manjun credited the company's performance to its professional team and collaboration with PETRONAS. He also noted that SMJ Energy's diversified portfolio ensures financial resilience despite global market volatility. SMJ Energy further supported Sabah's economy, awarding RM2 billion in contracts to local companies in 2024, a significant rise from RM613 million in 2021. * Read full report in tomorrow's print paper or log in or sign up for e-paper and premium online news access. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
