MISC Annual Report 2019

Industry Developments The surge was largely attributable to strong seasonal demand and exacerbated by geopolitical factors. For the upstream sector, the market has remained optimistic with the gradual recovery in upstream activities from 2018 to continue gaining momentum. This has given rise to more opportunities for the areas of offshore floating solutions, mainly FPSOs, as well as heavy engineering. 33.0 sen FY2019 Dividends Per Share DATO’ AB. HALIM MOHYIDDIN Chairman RM8,962.7 million Group Revenue 2.1% driving shareholder value Chairman’s Message Dear Valued Shareholders, On behalf of the Board of Directors, I am pleased to present the Annual Report and Audited Financial Statements of MISC Berhad and its subsidiaries for the financial year ended 31 December 2019. RM1,512.3 million Group Profit Before Tax 12.5% FY2018 30.0 sen The year 2019 was fraught by geopolitical tensions that influenced market sentiments, economic uncertainties that reverberated throughout the industry and the consequences of an ongoing trade war between China and the US that impacted global businesses and economic activities. Despite the prevailing challenges, the LNG industry saw expansion prospects due to the growing demand for cleaner energy coupled with an increase of the investment in global liquefaction capacity. This translates into a higher number of vessels required to support the growth in LNG demand, albeit a more competitive environment. In the meantime, the petroleum tanker market continued to improve in 2019 with a tremendous surge in charter rates not seen in recent years during the fourth quarter. 15 14 THE YEAR IN REVIEW MISC BERHAD PEOPLE. PASSION. POSSIBILITIES ANNUAL REPORT 2019