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.
