MMC Port retains AA-IS rating for enlarged RM2 billion sukuk programme
The outlook remains stable, with proceeds from immediate issuances earmarked for group investments.
Malaysian Rating Corp Bhd (MARC Ratings) has reaffirmed the AA-IS rating for MMC Port Holdings Bhd's Sukuk Murabahah Programme following an increase in its size from RM1 billion to RM2 billion. The rating carries a stable outlook.
In its Nov 10 announcement, MARC Ratings said funds raised through immediate issuances under the expanded programme would finance group investments. It attributed the rating to MMC Port's credit strength and the combined performance of its established port operations in Peninsular Malaysia.
The agency highlighted Port of Tanjung Pelepas and Johor Port in Johor, Northport in Selangor, and Penang Port in Penang. It also noted that key port operators provided MMC Port with strong, consistent dividend income.
MMC Port's revenue reached RM2.9 billion in 1HFY2026, compared with RM2.3 billion a year earlier. The operating profit margin widened from 31.1% in 1HFY2025 to 38.7% in 1HFY2026.
Consolidated operating cash flow increased from RM800 million in 1HFY2025 to RM1.2 billion. Interest coverage stood at 11.27 times, while debt coverage was 0.38 times.
