Due to higher contribution from its Energy Division, the energy solutions provider’s revenue for the first quarter ended 31 March 2022 (1QFY2022) increased by 18.7% to RM62.0 million as compared to RM52.2 million in 1QFY2021.
While profit after tax for 1QFY2022 increased by 22.3% to RM2.7 million from RM2.2 million a year earlier. Earnings per share for the quarter under review rose to 0.37 sen from 1QFY2021’s 0.36 sen.
The strong performance for the quarter under review was driven by higher execution of works related to the Integrated Well Services and Operations & Maintenance for its clients such as Petronas Carigali Sdn. Bhd., Repsol Oil & Gas Malaysia Bhd and Carigali Hess Operating Company Sdn. Bhd.
“Following our stellar performance in 2021, the Company continues to record a strong performance for the current quarter, marking a positive start to the year. On the prospects, the current favourable oil prices continue to have a positive effect on the Company’s performance, contributing to the strong demand for our energy solutions,” Datuk Seri Dr Nik Norzrul Thani Bin N. Hassan Thani, Chairman of T7 Global said.
“The Bayan MOPU project is on track and we expect it to contribute to our bottom-line from second half of 2022 onwards for the next 10 years.”
“Construction Division is also doing well and the team is currently looking out for more infrastructure construction opportunities. Orders for Aerospace & Defence Division are currently picking up as we have received more orders from local and international customers in 1QFY2022, which continue to increase our facility’s utilisation rate,” he added.
Currently, T7 Global has an outstanding order book of RM2.3 billion.
