Posted by Jimmy Song > 2018-08-21 14:01 | Report Abuse

T7 Global Berhad (“T7 Global” or the “Group”), a Malaysian-based international service provider in the oil and gas (“O&G”) industry announced today that its revenue for the period ended June 30, 2018 (“Q2FYE2018”) rose 69.6% to RM57.3 million as compared to its corresponding quarter last year (“Q2FYE2017”) of RM33.8 million. The growth in revenue was driven by contributions from the Origins and construction work request (“CWR”) contract secured from PETRONAS. In line with the higher revenue, the Group reported a profit after tax (“PAT”) of RM2.1 million for the current quarter under review. This was a significant improvement of more than 100% compared to the PAT of RM0.3 million for Q2FYE2017. The Group generated a revenue of RM112.8 million for the six months ended June 30, 2018 (“1HFYE2018”), translating to an increase of 77.1% compared to its corresponding period last year (“1HFYE2017”) of RM63.7 million. PAT rose by 577.2%, from RM0.6 million in 1HFYE2017 to RM3.9 million in 1HFYE2018. For the financial year under review, both the Product & Services and Engineered Packages business divisions reported robust revenue growth. The Product & Services division remained as the main revenue driver for the Group, reporting a revenue of RM58.8 million in 1HFYE2018, an increase of 10.3% compared to 1HFYE2017. On the other hand, revenue from the Engineered Packages division grew significantly by 420.5% to RM54.1 million in 1HFYE2018 from RM10.4 million in 1HFYE2017. “We are pleased to have delivered another positive set of results for our shareholders. We will continue to deliver our plans and grow our business segments, and position T7 Global with a strong focus on costs, efficiency and discipline in capital spending. We delivered consistent performance in the first half of 2018 and have considerable strategic momentum as we move into the rest of the year.” said Datuk Seri Dr Nik Norzrul Thani bin Nik Hassan Thani, Chairman of T7 Global Berhad. In view of the improved PAT, the basic earnings per share has increased from 0.08 sen in Q2FYE2017 to 0.49 sen in Q2FYE2018. In addition, the Group had recently obtained its shareholders’ approval on the recent proposed private placement of up to 20% of the issued shares of T7 Global, proposed share buy-back of up to 10% of the issued shares of T7 Global and proposed diversification of the existing principal activities of T7 Global and its subsidiaries to include manufacturing and treatment of aerospace parts during its Extraordinary General Meeting which convened on 20 August 2018.