MISC Annual Report 2017

MISC BERHAD | Annual Report 2017 86 Despite the expected recovery and improved sentiment in the Oil & Gas market, the impact may not be seen immediately in the Marine and Heavy Engineering segment. As such, this segment will continue to maintain its resolute focus efforts on cost management and resource optimisation to reduce its operating cost. At the same time, it will maintain a focus on order book replenishment and the development of a larger recurring income base through its marine repair business. Going forward into this uncertain environment, MISC will continue to leverage on its financial strength, highly competent and unified workforce, a strengthened brand, strong strategic assets plus robust business strategies to maintain its forwardmomentum and create opportunities for growth. We have demonstrated to the market that we have been able to think out-of-the-box and find new ways to grow despite challenging market conditions, and we believe we will continue to prove our mettle. The strategic decisions we have implemented these past few years and the positive results that have ensued, place us in a strong position to tap inorganic growth opportunities and deliver sustained growth. Whether we will achieve this through the acquisition of distressed companies or assets, or strategic partnerships that we formwith allies with common objectives, we can only be limited by our own ambition and creativity. The year 2018 will be a pivotal and significant year for MISC. How we execute on our plans will determine how we write our future. I, for one, am confident in the tremendous potential of MISC and I am certain that our people will step up to the plate to fight the good fight and achieve our full potential. The year in review was one in which we initiated measures to harness our individual and corporate strengths into a unified force. Symbolically all company logos were realigned and our people continued to embrace a common Vision, Mission and Cultural Beliefs despite their differences. The diversity across the Group did not become a roadblock but rather lent us strength even as we leveraged on mutual respect and common ground to withstand the industry downturn. Moving forward, we will continue to leverage on cross-functional teams for our projects and embed the very best people across the MISC Group into our projects. As we push the boundaries of what we are accustomed to, the people of MISC will continue to be driven by a steadfast belief, pride and passion as we focus on building a global business and brand. We will also endeavour to conduct our business operations in a responsible and sustainable manner, strengthen the bonds with our key stakeholders, as well as ensure the delivery of holistic value creation over time. I believe that as the MISC Group works together to fulfil our common ambitions, there is little that can hold us back. PRESIDENT/GROUP CEO ’ S REVIEW