SMJ Energy Sdn Bhd posted a record profit of RM362 million in 2024, marking a nearly 40% jump from the previous year despite global oil market volatility and rising geopolitical risks.

The state-owned energy firm said the surge in earnings reflected strong revenue growth from key assets, including the Samarang Production Sharing Contract, LNG Train 9, Petronas Chemical Fertilizer Sabah Sdn Bhd, and offshore production operations under Sabah International Petroleum (SIP).

Sabah Finance Minister Datuk Seri Masidi Manjun, who also chairs SMJ Energy, said the result was a testament to the company’s disciplined strategy and collaboration with stakeholders including national oil company Petronas.

“This achievement speaks to the professionalism and commitment of our team. It shows we can stay resilient even in challenging market conditions,” he said in a statement in Kota Kinabalu on Tuesday. 

Masidi warned, however, that the company must remain alert to external threats such as fluctuating oil prices and ongoing global tariff tensions. 

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

SMJ Energy’s portfolio now spans upstream production, liquefied natural gas, petrochemicals, and offshore floating storage units, giving it what the company describes as a balanced position even in a low-price environment.

The company also reported a major increase in local job awards within Sabah’s oil and gas services and equipment (OGSE) sector — RM2 billion in 2024 compared with RM613 million in 2021.

Masidi said the state remained focused on increasing Sabahan participation in the energy value chain without compromising on safety, cost or quality.

“This is not just about profitability. It’s about building capacity and ensuring long-term benefits for Sabahans in the oil and gas industry.” – April 22, 2025