KUALA LUMPUR: Reservoir Link Energy Bhd posted a revenue and net profit of RM22.1 million and RM7.4 million respectively for the fourth quarter ended December 31 2020.
For the full year, Reservoir Link recorded a revenue of RM87.5 million, of which RM46.9 million or 53.6 per cent was derived from the well-perforation services, followed by wash and cement services of RM16.2 million.
The company's balance sheet remains healthy with a net cash position of RM24 million, partly contributed by the initial public offering proceeds and a current ratio of 3.6 times.
Executive director Thien Chiet Chai said 2020 was an exceptional year and despite that, the company had made a tough yet decisive strategic move to list on Bursa Malaysia.
"In fact, we were the first company to list right after the movement control order was lifted in Malaysia. We have also delivered a commendable financial performance for 2020 and we are optimistic to deliver sustainable financial growth.
"We will keep on pursuing our long-term growth strategy to capture more business opportunities within the oil and gas value chain. In tandem with our growth plans in the current operating environment, we have been executing strict standard operating procedures to prioritize our employees' health and safety," he said in a statement today.
Despite the challenges faced by the oil and gas sector from the continued global economic headwinds, Reservoir Link declared a dividend amounting to RM2.14 million which was paid on December 23 last year.