SMJ ENERGY 2024 Profit Surged to RM362 Million Amid Market Uncertainties

22 April 2025

KOTA KINABALU: SMJ Energy Sdn Bhd ("SMJ Energy") has announced its unaudited financial results for the year ended 31 December 2024, reporting a profit after tax of RM362 million compared to RM259 million in 2023, representing an almost 40% increase in profit.

This impressive result demonstrates the company’s robust performance despite the volatile global energy markets, driven by strategic asset optimisation, disciplined cost management, and significant revenue growth.

SMJ Energy’s revenue surged year-on-year, propelled by strong contributions from flagship assets such as the Samarang Production Sharing Contract (PSC), the LNG Train 9 liquefaction plant, Petronas Chemical Fertiliser Sabah Sdn Bhd (PCFSSB), as well as the Floating Production & Storage (FPSO) and Floating Storage Operation (FSO) from debt-free Sabah International Petroleum (SIP).

Sabah’s Minister of Finance and Chairman of SMJ Energy, Datuk Seri Panglima Masidi Manjun, credited this achievement to the dedication of a professional team working in close collaboration with key stakeholders, including Petronas.

Despite these successes, Datuk Seri Panglima Masidi Manjun emphasised the importance of remaining vigilant regarding the external environment, particularly in light of the ongoing global tariff war and fluctuating oil prices.

He stated, “The volatility in global oil markets highlights the significance of maintaining our proactive risk management and prudent investment strategies.” Given the balanced portfolio comprising Upstream, LNG, Petchem, and FPSO/FSO segments, he assured that SMJ Energy’s financials would remain robust even in a low oil price scenario.

In addition to building a profitable oil and gas business, SMJ Energy is actively supporting the state in enhancing local content within the oil and gas services and equipment (OGSE) sector in Sabah, all while upholding strict standards for costs, safety, quality, and schedules.

The total value of jobs awarded to Sabahan companies reached RM2 billion last year, compared to RM613 million in 2021.