Ranhill Utilities Berhad announced that the Group registered an 8.2% rise in revenue to RM393.42 million for the first quarter ending 31 March 2021 compared with RM363.76 million recorded in the quarter 2021.
The group attributed the increase in revenue to the services division of the business represented by new subsidiaries Ranhill Worley Sdn Bhd and Ranhill Bersekutu Sdn Bhd acquired last year.
Profit before tax and profit was RM19.57 million a slight decrease of 13.3% compared with RM22.56 million in the same quarter last year while profit after tax also decreased 5.2% to RM12.39 million compared with RM13.97 million recorded in Q1FY21.
On a segmental basis, the environment division remains the key contributor to the Group’s revenue, contributing 73% or RM287.43 million to total revenue for Q1FY22 followed by the energy division contributing RM59.72 million, an increase compared with RM52.12 million in the same quarter last year mainly due to higher energy payment fuel in Ranhill Powertron I and Powertron II. The services division generated revenue of RM46.27 million compared with RM17.79 million in Q1FY21, mainly contributed by the new subsidiaries RWSB and RBSB.
The Company’s wholly-owned unit Ranhill Water Services Sdn Bhd, which has undertaken non-revenue water projects in Johor since 2005, is targeting potential NRW projects through matching grants under the 12th Malaysia Plan, which is provided to state water operators that has NRW levels below 40%.
As for the energy division, Ranhill is also looking to develop a 100MW Combined Cycle Gas Turbine plant on Sabah’s west coast and has submitted a tender for the CCGT in April 2022. The project is expected to achieve the first commercial operation date on 1 April 2024 and the final COD on 1 January 2025.
In the services division, Ranhill is focusing on the provision of engineering, procurement, and construction management (“EPCM”)-related expertise for the oil and gas industry’s late-life industry assets.
