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Chairman's Statement

Extracted from Annual Report 2018

Dear Valued Shareholders,

On behalf of the Board of Directors, it is with great pleasure that we present to you the Annual Report for Dayang Enterprise Holdings Berhad for the financial year ended 31 December 2018.

We are proud to achieve the remarkable turnaround in 2018 after going through the turbulence and turmoil over the past few years. Well, how did we do it? It was truly “Dayang at its Best” and it was truly “Teamwork at its Finest”. We have endured the most challenging period in our history in 2017 as a listed company with losses in our annual results, but we have bounced back with more vigour and strength in 2018 with not only much improved earnings but also the highest ever revenue recorded by the Group. This is in sharp contrast to our competitors in the oil and gas industry, of which a number of established players continued to be mired in financial difficulties.

Not with standing the challenging operating environment in the oil and gas industry due to volatile crude oil prices as well as external macro headwinds due to the US-China trade tension, Dayang continues to focus on delivering the work orders entrusted by our esteemed customers through thick and thin. Our unwavering pursuit for better operational excellence in delivering the hook-up commissioning and topside maintenance services remains as the cornerstone of our business as our strong execution track record speaks for itself.

In 2018, our dedicated efforts over the past few years to streamline our business operation via various cost optimisation measures coupled with the ramp-up in business activities in the second half of 2018, the Group has finally reaped the desired outcome as proven by the outstanding financial results. We would like to emphasise that this would not be possible without the strong team effort of our loyal and dedicated employees who have remained with the group despite the challenges faced over the past few years.

Meanwhile, our vessel-chartering subsidiaries, DESB Marine Services and Perdana Petroleum has also seen improvement in 2018 with better vessel utilisation despite the challenging environment for the offshore supply vessels (OSVs) market. Nevertheless, we are particularly delighted that the synergistic collaboration between Dayang and Perdana Petroleum has indeed worked out as what we have envisaged to be a leading integrated maintenance, construction and modification player in the industry with a strong value proposition.

At this juncture, we would like to take this opportunity to express our heartfelt appreciation to all our dedicated Board of Directors, management team and employees who continue to place their faith with the company. Dayang continues to keep the interest of its team members at the top of priority as they are the core of the success of Dayang all these years. Riding on this strong foundation, we are confident that the company will continue to achieve good results going forward. Our strong order book of RM3 billion will provide strong earnings visibility over the next three years, and we are hopeful of steering the Group to greater heights.

Thank you

Datuk Hasmi Bin Hasnan
Executive Chairman

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