KUALA LUMPUR: Energy solutions provider T7 Global Bhd's net profit for the financial year 2023 jumped 62.5 per cent to RM33.1 million, on better performance at its product and services and engineered packages divisions.
Revenue from its products and services division especially almost doubled to RM314.59 million for the year, compared with financial year 2022.
Revenue for the year was up 61.5 percent to RM586.2 million from RM362.9 million.
""We are proud that 2023 is a record year for T7 Global, in more ways than one, in terms of financial performance," T7 Global Group chief executive officer Tan Kay Zhuin said in a statement.
In July 2023, T7 Global's SEVEN ELISE MOPU ("Mobile Offshore Production Unit") started operations.
The contract will provide the company with consistent income for the next 10 years.
In addition, it anticipates that TSEVEN SHIRLEY MOPU will be installed and operated at Nong Yao field in Thailand water in 2024. It is expected to generate consistent recurring income for the group over the next five years.
"We remain steadfast in expanding our energy asset portfolio such as MOPU and Hydraulic Workover Unit (HWU) which is driven by the growing regional demand for their applications."
"We will also be actively pursuing more oil and gas works which are supported by a positive outlook for the upstream oil and gas sector given the stable oil prices and increasing capital expenditure spending, Tan said.
Beyond the energy segment, T7 Global will continue its expansion of the non-energy division by pursuing new opportunities to diversify revenue streams.
It will also enhance its presence in the aerospace and infrastructure segments.
T7 Global is currently executing the Baggage Handling System Asset Replacement Program (BHS ARP) at Kuala Lumpur International Airport Terminal 1, a project that is well within the second year of delivery.
It was also awarded a contract to supply smart meters to Tenaga Nasional Bhd as part of their Advanced Metering Infrastructure (AMI) programme.
"For our T7 AeroTech's Metal Surface Treatment Facility, we have observed increasing activities in the global aircraft production rates. With that said, we are well positioned in the aerospace supply chain to capitalise on this industry. We target rapid improvement on our overall utilisation rate for the year 2024," Tan said.
Net profit for the fourth quarter (4Q) of its financial year ended Dec 31, 2023,
jumped by 25.9 percent to RM14.4 million compared to RM11.4 million in the previous corresponding period.
Its revenue for the quarter jumped 49.5 percent, from RM167.7 million to RM250.8 million.
The company' share price closed 5 per cent higher at 52.5 sen a share, giving it a market capitalisation of RM398.5 million.