Revenue For the financial year ended 31 December 2016 (FY2016), Group revenue of RM9,597.2 million was 12.0% lower than the financial year ended 31 December 2015 (FY2015)’s revenue of RM10,908.4 million. Lower charter rates earned on new contracts in LNG segment and lower revenue from construction contracts in the Marine & Heavy Engineering segment were the main factors for the decrease in Group revenue. Total Assets Group total assets as at the end of FY2016 of RM56,151.3 million was 18.1% higher than RM47,539.1 million as at the end of FY2015. The increase in Group total assets were mainly due to consolidation of GumusutKakap Semi-Floating Production System (L) Limited (“GKL”), following completion of the equity buyback in May 2016, and higher capital expenditure incurred during the year. The Group’s cash, deposits and bank balances as at the end of FY2016 of RM6,559.2 million was 16.0% higher than RM5,654.0 million as at the end of FY2015. Operating Profit Group operating profit of RM2,228.8 million was 19.9% lower than FY2015 operating profit of RM2,782.6 million. Lower revenue and higher depreciation, arising from the change in estimated useful life of vessels in the current year, were the main causes of the decrease in operating profit. Profit Before Tax Group profit before tax of RM2,814.0 million was 9.6% higher than FY2015 profit before tax of RM2,566.9 million. The increase in profit was mainly due to the recognition of gains on acquisition and disposal of subsidiaries during the year under review. Earnings Per Share (Sen) Profit attributable to the equity holders of the Corporation of RM2,581.6 million was 4.6% or RM113.8 million higher than RM2,467.8 million profit in FY2015. This translates to an improved earnings per share of 57.8 sen from 55.3 sen in FY2015. Dividends The Board had in August 2016, declared a first interim tax exempt dividend of 10.0 sen per share in respect of FY2016. This first interim tax exempt dividend, amounting to RM446.4 million, was paid in September 2016. In February 2017, the Board declared a second tax exempt dividend in respect of FY2016 of 20.0 sen per share. This second tax exempt dividend of RM892.8 million was paid in March 2017. MISC BERHAD • Annual Report 2016 6 GROUP Financial REVIEW
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