Posted by Jimmy Song > 2017-02-24 15:40 | Report Abuse

KUALA LUMPUR – 23 FEBRUARY 2017- T7 Global Berhad (“T7 Global” or “The Group”) formerly known as Tanjung Offshore Berhad is a major upstream and downstream oil and gas service provider in Malaysia, today swings back to the black announcing its financial results for the fourth quarter of the year ended 31 December 2016 (“Q4FYE2016”) with revenue of RM 37.3 million. For the current quarter under review, the Group’s profit before tax (“PBT”) and profit after tax (“PAT”) stood at RM 9.1 million and RM 9.8 million respectively. T7 Global twelve months financial performance for FYE2016 achieved a total revenue of RM83.3 million and PAT of RM5.1 million. The significant leap in both revenue and PAT were mainly contributed from the contributions from Operational Reliability & Integrity Gauging of Instrument based Safeguards and Construction Work Request contract secured from PETRONAS. To date, T7 Global outstanding order book stands at RM500 Million. The Group also has a strong balance sheet with a net cash position of RM54.4 million that puts the Group in a commanding position to seize any valuable projects going forward. CORPORATE EXERCISE HIGHLIGHTS On 12th May 2016, Gas Generators (Malaysia) Sdn. Bhd. (“GasTec”) a wholly owned subsidiary of T7 Global has been awarded a contract to supply, deliver, install, testing, and commissioning battery system (including its associate engineering services and accessories) to PTS Resources Sdn Bhd for a period of 3 years with a total contract value of RM17.8 million. On 15th November 2016, the Group proposed the acquisition of 51% equity interest in Wenmax Sdn. Bhd (“Wenmax”) for a total cash consideration of RM8.0 million. The acquisition was completed on 10th February 2017; this enables T7 Global to immediately generate a new stream of recurring income to the Group. On the 7th December 2016, T7 Aero Sdn Bhd (“T7 Aero”), a wholly owned subsidiary of T7 Global had entered into a Memorandum of Understanding (“MoU”) with Kilgour Metal Treatments Limited (“Kilgour”), a UK high value manufacturing company, in respect of a desired collaboration in pursuing business opportunities in metal treatments in Malaysia. Under the MoU, T7 Global and Kilgour will explore the building, operation and setup of a metal treatment plant in Malaysia as part of their diversification into high value manufacturing. The proposed metal treatment plant will carry out metal surface treatment, chemical processing, NDT (Non-Destructive Testing) activities and coating applications specialising in the aerospace industry. On the 21st December 2016, the Group has secured an Umbrella Contract for the supply of manpower to Repsol Oil & Gas Malaysia Limited (formerly known as Talisman Malaysia Limited) (“Repsol”) for a period of 2 + 1 years with an estimated total contract value of RM100.0 million. On the 22nd December 2016, the Group successfully completed its rebranding exercise with the approval of its shareholders. The Company’s new name – T7 Global is in line with the management’s new vision to expand its businesses and presence across the market. “T” is the reference for Tanjung, where it all started and “7” represents the 7 continents of the globe. In addition to the corporate exercises, GasTec has purchased a new and larger premise in Balakong. This new premise will enhance the capability and productivity to supply more products and services to clients, equipping the Group to seize more opportunities both in the local and regional markets. GROUP CEO STATEMENT “I am very proud of the Group’s overall performance for the financial year ended 2016 amidst the challenging global economic landscape that had affected the Malaysian economy. T7 Global’s results impressively demonstrate the commitment of the new management team in steering the Group into the right direction.” said Encik Rahmandin @ Rahmanudin bin Md. Shamsudin, Group CEO of T7 Global Bhd. “On behalf of the management team, I would also like to take this opportunity to convey our special thanks to Tan Sri Datuk Seri Tan Kean Soon whom has led the transformation of the Group since his re-designation as the Executive Deputy Chairman. The past year has been an important year of transformation in which we had rebranded the Group, strengthened our core business, implemented a cost reduction programme and improved the overall cost basis of our production. With these strict measures taken, I believe we are positioned for continued strong performance in 2017 and beyond, which will enhance our ability to deliver and create further value to our shareholders.” He added.