Dialog group posted its 4th quarter result posting a revenue of RM690.04 million and net profit after tax of RM135.29 million, higher by 2.13 % and 16.92 %, respectively compared to the corresponding quarter last year.
As for the full financial year ended 30th June 2023 compared to last year, the Group’s revenue of RM3 billion was higher by 29.43 % from RM2.32 billion, and its net profit after tax increased by 2.91 % to RM520.62 million from RM505.88 million.
The group added, during the current quarter and financial year, Malaysian operations recorded increased revenue from its upstream, midstream, and downstream activities. The higher upstream revenue was mostly due to the offshore project implementation at Bayan field. The net profit from upstream business was however lower due to maintenance activities and higher operation costs.
The Malaysia midstream activities continued to contribute a stable revenue stream to the Group from the operation of DIALOG Terminals Langsat and DIALOG Terminals Pengerang (5). The profit contributions from these terminals for the current quarter and financial year were, however, lower due to higher financing costs. The Malaysia downstream activities remained busy with various engineering, construction, fabrication, and plant maintenance projects. The unprecedented challenges brought on by the COVID-1 pandemic, conflict in Ukraine, inflationary pressures and manpower constraints continue to impact our on-going projects. These unexpected circumstances have caused severe supply chain disruption,
higher material prices and labour costs. Despite these challenges, the Group’s main priority is still to complete and deliver the committed projects, which have inevitably resulted in cost overruns and project losses.
On the International front, the Group said it reported higher revenue and net profit after tax for the current quarter and financial year contributed by increased activities and an improved business environment oversea.
Additionaly, the group has successfully completed the acquisition of 50.01% equity interest in Pan Orient Energy (Siam) Ltd., a concessionaire and operator of Concession L53/48, onshore Thailand oilfield in August
This has contributed to a higher share of joint ventures’ results to the Group in the current quarter and financial year.
