Energy Solutions provider T7 Global Berhad (T7 Global) recorded marked improvement of its profit after tax and minority interest (Patami) with 125.4%, year on year (YoY), to RM8 million respectively for the third quarter ended 30 September 2023 (Q3FYE2023).
“Its global revenue also increased by 71.1% YoY to RM137.4 million,” the group said in its a statement today (Nov 22).
In its Q3FYE2023 results announcement, the group reported a 71.8% surge in revenue to RM335.4 million and a 110.1% increase in Patami to RM18.7 million over the cumulative nine-month period.
“The outstanding performance was attributed to the substantial revenue growth from the leasing and operations and maintenance of T7 Elise Mobile Offshore Production Unit (Mopu) as well as the baggage handling system (BHS) asset replacement programme at Terminal 1, KL International Airport, Malaysia,” it said.
Commenting on the financial results, its chief executive officer Tan Kay Zhuin said it is proud that its T7 Elise Mopu has been successfully deployed and delivered its maiden contribution to the group
“It will be recurring income to T7 Global for the next 10 years. Our next Mopu is currently under construction, which will be deployed to the Nong Yao Field, Southern Gulf of Thailand,” he said.
Tan said the diversification into the non-energy segment has started to show promising results, recording a 550% revenue growth compared to the third quarter of last year due to contributions for our BHS asset replacement programme.
“With that said, we will continue to develop value added solutions for our customers while ensuring sustainable returns for our shareholder.
He added the group’s current orderbook stands at RM2.3 billion, which is able to provide a stable cashflow for the next 10 years.
