Reservoir Link Energy Bhd reported its full-year performance which it had recorded a 28.5% increase in revenue to RM112.4 million over the preceding year’s RM87.5 million. The profit after tax (“PAT”) rose by 2.8% to RM12.1 million from RM11.8 million. Growth, of both revenue and PAT, was the end result of the contribution from Founder Energy Sdn Bhd.
The Q4FYE2021 revenue in turn increased by 53.3% to RM33.8 million as opposed to Q4 2020 RM22.1 million. The increase primarily came from the renewable energy segment, however, PAT was lower at RM1.6 million from RM7.4 million, year on year, due to the completion of projects in Mauritania.
Reservoir Link remains resilient through the display of strong financials with a net cash position of RM14.4 million and a current ratio of 3.7 times.
Reservoir Link’s Executive Director Thien Chiet Chai commented, “From our results, one can see that our renewable energy segment has grown at a steady pace since the maiden revenue recognition last quarter. This is a good sign as it shows that the market for renewables is there and growing stronger. We foresee this segment to contribute positively hereon and solidify our position as an energy company.
Even though global markets continue to be hindered by the pandemic, we remain optimistic about the oil and gas industry. With that said, the Group will continue to tender for oil and gas and renewable-related projects to generate even better long-term value for our shareholders.
