Energy solutions provider, T7 Global Berhad recorded a surge in both its revenue as well as profit after tax and minority interest (PATAMI) by 96% and 143% respectively to RM104.0 million and RM6.4 million for the second quarter ended 30 June 2023 (Q2FYE2023) in comparison to the same quarter of the preceding year.
On a cumulative 6 months basis, T7 Global also registered improvements across its revenue and PATAMI which increased by 72% and 99% respectively to RM198.1 million and RM10.7 million.
In a note today (Aug 24), the group said the favourable set of results was mainly attributed to higher revenue recognition under the energy segment from integrated well services, operational and maintenance, as well as specialist products and technology segments. Along with better operational efficiencies, these factors allowed T7 Global to fetch better margins.
T7 Global chief executive officer Tan Kay Zhuin (pic) said, “T7 Global is pleased with the performance for the first half of its financial year. Looking forward, our energy division remains steadfast in executing contracts in hand. Leveraging on this, we also expect contributions from the baggage handling system (BHS) asset replacement programme for KL International Airport Terminal 1 this year. Taking it all into account, we remain optimistic of the future ahead as the outlook remains intact, supported by the RM2.4 billion order book which is expected to be recognised over the next 10 years.”
