During the financial year 2023, the activities within the oil and gas industry has increased significantly and hence closed the gap of imbalance between supply and demand for oil and gas and related products with a stable price for crude oil.

As a result, for the financial year ended 2023 (FY2023), the Group recorded a higher revenue of RM1.11 billion compared to RM984.18 million in 2022. The overall profitability of the Group had significantly improved with profit after tax increasing to RM235.18 million compared to RM125.34 million in 2022, representing a growth of 87.64%. This was supported by both higher contract value and daily charter rate, despite lower utilisation rate of 58% compared to 60% recorded in 2022.

The Group remain fundamentally strong both financially and operationally, with operating profit of RM343.80 million and is in net cash position.

The Group will continuously strive to improve its profitability and remain as a cost-ecient service provider to the industry, without compromising on health and safety standards. We will continue to monitor the current operating environment, with greater emphasis on capital preservation, cashflow management and cost containment.

As a result of better performance, I am happy to report that the Board of Directors approved its 1st interim dividend of 1.5 sen a share or RM17.37 million which was distributed on 20 December 2023 and final dividend of 3 sen a share or RM34.73 million to be distributed on 22 March 2024.

Finally, I would like to take this opportunity to express my upmost appreciation and gratitude to all members of the Board, management team and employees for their undivided commitment and dedication.

Moving forward, we are confident that the Group shall continue to perform and generate better results.

Yours sincerely,

DATUK HASMI BIN HASNAN
Executive Chairman