T7 Global Berhad, the energy solutions provider’s revenue for the fourth quarter ended 31 December 2021 (4QFY2021) increased 41% to RM93.31 million compared to RM65.97 million in 4QFY2020, due to higher contribution from its Energy Division.
The company’s profit after tax for 4QFY2021 jumped twenty-fold to RM5.55 million from RM0.27 million a year earlier. While Earnings per share (EPS) rose to 0.85 sen from 0.09 sen as compared to 4QFY2020.
The Group’s strong performance was driven by higher execution of works related to EPCIC, Integrated Well Services and Operations & Maintenance for clients such as Petronas Carigali Sdn Bhd, Repsol Oil & Gas Malaysia Bhd and Carigali Hess Operating Company Sdn. Bhd.
For the full year 2021, T7 Global’s profit after tax more than quadrupled to RM12.97 million from RM3.08 million in FY2020 while revenue climbed 40% to RM264.35 million from RM189.41 million.
“We recorded our highest ever full year revenue of RM264.35 million over the past 5 years, surpassing the previous high of RM233.49 million in FY2019. We also achieved a record high profit after tax of RM12.97 million in FY2021. The stellar results were made possible due to the hard work and dedication of our people at T7 Global Group,”Datuk Seri Dr Nik Norzrul Thani N Hassan Thani, Chairman of T7 Global commented on the financial result.
Key highlights during the quarter include the securing of RM300 million worth of long-term energy related contracts and the package delivery ceremony for Glycol Regeneration Package in relation to the Bayan Mobile Offshore Production Unit project in December 2021.
On the prospects, the Energy Division remains as the key profit driver for the Group as they see strong demand for our energy solutions, underpinned by the positive outlook of the oil & gas industry in the region where Brent crude oil is currently above USD90 per barrel.
Currently, T7 Global has an outstanding order book of RM2.3 billion, which will keep the Company busy for the long-term. The Company is in the midst of pursuing several projects which include oil & gas and EPC projects worth approximately RM2.5 billion.
On 11 February 2022, the shareholders of T7 Global approved the bonus issue of warrants on the basis of 1 free warrant for every 5 existing shares held by the entitled shareholders as at 28 February 2022, being the entitlement date for the bonus issue. The said warrants will be listed and quoted on 8 March 2022.
