Dayang Enterprise Holdings Bhd is cautiously optimistic that the outlook for the financial year ending Dec 31, 2023 (FY2023) will be good, with improving economic activities locally and internationally.
Managing director Tengku Datuk Yusof Tengku Ahmad Shahruddin said there is the potential for new tenders to come in for maintenance, construction, modification and hook-up and commissioning contracts, which will keep the group’s operations busy.
“We expect clients to roll out significant capital development expenditure to increase their production of both crude oil and gas, while continuing to emphasise maintenance activities to improve productivity,” he said in Dayang’s 2022 annual report.
Concurrently, the group is exploring new market segments within the industry to further strengthen its offshore support vessel position in the industry, he added.
For FY2022, the group returned to the black with a net profit of RM125.34 million, compared to a loss after tax of RM435.68 million recorded for FY2021, mainly driven by higher work orders and improved productivity at all divisions.
The group recorded a revenue of RM984.18 million, against RM667.74 million for FY2021.
“The fundamentals of the group remained strong with its financial position healthier due to a strong operating cash flow,” Tengku Yusof said.
