Posted by Jimmy Song > 2018-11-28 16:45 | Report Abuse

Kuala Lumpur – November 28, 2018 Oil and Gas (“O&G”) service provider T7 Global Berhad (“T7 Global” or “The Group”) released its third quarter results for the financial year ending September 30, 2018 (“Q3FYE2018”) today with revenue of RM 52.74 million and profit after tax (“PAT”) of RM2.12 million, mainly driven by contributions from our engineering packages unit and marine sector. The RM52.74 million revenue was 38.6% higher during the quarter in review, from RM38.07 million in Q3FYE2017. For the nine months ended September 30, 2018 (“3QFYE2018”), the Group witnessed a 62.7% surge in revenue to RM165.57 million, compared with RM101.76 million in the corresponding period, a year ago. The Group attributed the significant hike in revenue to contributions from several long term contracts from our engineering packages unit and marine sector. PAT rose 59.78% to RM6.04 million in Q3FYE2018, from RM3.78 million in Q3FYE2017. T7 Global explained that for 3QFYE2018, both Product & Services and Engineered Packages business divisions reported steady revenue growth, with the Engineered Packages unit registering a revenue surge of 347.71% to RM79.20 million, from the nine months ended September 30, 2017 RM17.69 million. This was mainly driven by engineering packages and offshore equipment packages. The Products & Services division’s revenue expanded marginally by 2.74% to approximately RM86.37 million, from RM84.07 million during the same period, a year ago. “I am delighted to announce a set of commendable results for the third quarter, as the Group records significant growth in revenue, mainly due to various ongoing projects. Despite the challenges seen in the O&G industry, we also see improvement in oil prices and also Petronas’ performance which was just announced recently which we foresee a growth in capital expenditure by Petronas for upcoming year. T7 Global will continue to focus on projects in the O&G sector and look into new ventures to grow the business. The recent announcement made in Budget 2019 that aerospace industry has been identified as one of the sub-sectors in focus in the second half of 11th Malaysia Plan 2016-2020 bodes well with the Group’s diversification into the aerospace business,” said T7 Global Chairman Datuk Seri Dr Nik Norzrul Thani Nik Hassan Thani. He added that the Group will look into leveraging on this new business opportunity. We will build, operate and set up a metal treatment plant in Malaysia to pursue high value manufacturing businesses in metal treatment. Our new metal treatment plant, scheduled to start operations by mid-2019, is expected to contribute to the Group’s revenue.