![]() ![]() While the Upstream Division saw an 11% increase in revenue, the Downstream Division saw a decrease due to vessel repairs and dockings. M&G's most recent quarter saw marginally higher revenue compared to the immediate preceding quarter. The division turned losses into profits in both the current quarter and the financial year, primarily due to higher charter activities and a reversal of vessel impairment.Ĭharting the Course: Comparing Quarterly Results On the other side, the Downstream Division posted an even more significant YoY revenue growth of 31% for the current quarter and 38% for the financial year. Profits mirrored this trend, reflecting the successful resumption of drilling activities and favorable economic conditions. M&G's Upstream Division reported a revenue increase of 17% for the current quarter and a 41% hike YoY. A stark testament to the success of M&G's diversified operations. The Upstream Division, contributing 74% of the group's revenue, and the Downstream Division, accounting for the remaining 26%. M&G’s impressive financial performance is underpinned by its two divisions. Their Upstream Division, which supports offshore oil exploration and production activities, showed a 6% increase in fleet utilization, while overall group revenue witnessed a significant jump of 20% YoY, from RM63.2 million to RM76.1 million. However, as economies started recovering and oil prices resurged to pre-2015 levels, M&G's performance reflected an impressive rebound. The Covid-19 pandemic significantly disrupted global economic landscapes, and M&G was no exception. In 2009, M&G made a pivotal move by acquiring AQL Aman Sdn Bhd, the parent company of Jasa Merin (Malaysia) Sdn Bhd (JMM), a leading entity in marine logistics with a portfolio that includes offshore support vessel services for oil exploration and production activities.Ĭoupled with its ownership of Jasa Merin Labuan PLC (JML), which specialises in liquid bulk transportation for petrochemical and oleochemical industries, M&G established a strong footing in the marine logistics sector. Originally incorporated as SILK Concessionaire Holdings Sdn Bhd, the company underwent several name changes reflecting the shifting focus of its business ventures. Before we proceed with further explanations, kindly click the link below to follow our official Telegram channel: ![]()
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