Deleum Bhd (Deleum) has appointed Tan Sri Shamsul Azhar Abbas as its chairman effective June 1, 2023, succeeding Datuk Izham Mahmud.
Deleum said Izham will continue to remain on Deleum’s board as non-independent non-executive director. Izham, one of the co-founders of Deleum Services Sdn Bhd, was appointed to the board on Dec 21, 2005, the O&G company said in a statement on Tuesday (May 23).
Izham joined Deleum Services as its chairman upon his retirement as managing director of Aseambankers Malaysia Bhd in 1996 and was subsequently appointed as the executive chairman in 2000.
Deleum focuses on growth for both top, bottom lines
Meanwhile, Deleum will focus on growth in both its top and bottom lines, spurred by the projected rise in global capital spending in the O&G sector as a result of robust demand for fossil energy.
To fuel the group’s next phase of growth, Deleum intends to broaden its product and service offerings, as well as regional presence. Deleum will continue to invest in processes and systems to integrate its services on a seamless and robust platform, increasing the Group’s capacity to meet the needs of its clients.
Deleum Berhad Group Chief Executive Officer Rao Abdullah said: “We value our core businesses and will continue working with our principals to strengthen our position in the industry. While we seek to grow our current business by expanding on market share through cross- and up- selling within our various segments, we need to set sights on our next growth impetuses in order to create sustainable earnings. We are not only extending our product and service offerings but also expanding our geographic footprint, particularly in Indonesia and Thailand. This will allow us to better support and increase our client base in the region as demand grows.”
He added that the group is committed to executing our strategic initiatives and effectively leveraging our competitive advantages in order to continue with our commendable earnings track record.
Deleum is also on the lookout for technological companies with which to collaborate in order to foster technological innovation in its products and services while maintaining its competitive edge. The potential partnership and collaboration with technology partners dovetail Deleum’s aim to achieve transformative growth this year and in the future.
Deleum notched up revenue of RM698.0 million in financial year ended 31 December 2022 (FY2022), an increase of 25.0% from the previous year, which was attributed to encouraging spending in the oil and gas sector. Overall growth was delivered across three segments, Power and Machinery, Oilfield Services, and Integrated Corrosion Solution.
The strong top line results led to the group’s net profit increasing significantly to RM42.1 million in FY2022, up 146.9% from RM17.1 million a year ago, making it the best-ever group net profit in the past seven years.
