KOTA KINABALU (April 22): SMJ Energy Sdn Bhd (SMJ Energy) 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, an almost 40% jump in profit.

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

SMJ Energy’s revenue surged year-on-year, propelled by strong contributions from flagship assets Samarang Production Sharing Contract (PSC), LNG Train 9 liquefaction plant, Petronas Chemical Fertilizer Sabah Sdn Bhd (PCFSSB) and 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.

Given the balanced portfolio consisting of Upstream, LNG, Petchem and FPSO/FSO, SMJ Energy’s financials will remain robust even in a low oil price scenario.

However, he cautioned vigilance regarding the external environment, particularly the ongoing global tariff war and fluctuating oil prices.

“The volatility in global oil markets highlights the importance of maintaining our proactive risk management and prudent investment strategies,” he stated.

In addition to building a profitable oil and gas business, SMJ Energy is actively supporting the state in improving local contents in the oil and gas services and equipment (OGSE) sector in Sabah without compromising costs, safety, quality and schedules. The total value of jobs awarded to Sabahan companies reached RM2 billion last year compared with RM613 million in 2021.