Dialog Group’s 4th quarter performance closed with revenue of RM675.7 million, a 29.4% increase against RM522.1 million reported in the corresponding quarter last year while its net profit after tax for the quarter of RM115.7 million was however lower by 17.6% against RM140.4 million reported in the corresponding quarter.
The group attributed the dip to higher project costs and losses in some of the projects. As for the full financial year ended 30th June 2022 against last year, the Group’s revenue of RM2.3 billion was 44 % higher while net profit after tax of RM505.9 million was lower by 6.8%. The higher revenue reported by the Malaysian operations in the current quarter and financial year were attributable to increased activities in the upstream, midstream, and downstream.
In the downstream business, the Malaysian team was busy with various engineering, construction, fabrication, and plant maintenance projects. These projects are currently ongoing, however, they are facing unprecedented challenges due to COVID-19 pandemic, conflict in Ukraine, inflationary pressure, and manpower constraints.
On the International front, the Group reported higher revenue for the current quarter and financial period to date with increased engineering, construction, and plant service activities in Singapore and higher sales of specialist products and services in various countries. However, the net profit after tax was lower because of the challenging environment. Similar to Malaysia, Dialog is in discussion with its clients for reimbursement and compensation for these project overruns and losses caused by these challenges.
