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KUALA LUMPUR: Engineering solutions firm Serba Dinamik Holdings Bhd
recorded a net profit of RM44.66mil for the third quarter ended Sept 30, 2016, mainly from its operation and maintenance (O&M) segment.
The group, which is set to be listed on Wednesday, saw revenue come in at RM511.51mil.
It said on Monday its revenue was mainly derived from foreign operations, whereby its Middle East operations contributed to 56.3% of total revenue for the quarter.
Its Malaysian operations remained as its largest contributing country whereby, 34.6% of the group’s revenue was generated from local contracts.
Serba Dinamik Holdings is principally engaged in the provision of engineering solutions servicing the oil and gas and power generation industries with operations in Malaysia, Indonesia, the United Arab Emirates, Bahrain and the UK.
The group said its O&M operations remained as the major contributor to its revenue with a total contribution of 91.7% of the total revenue, or RM468.83mil.
“The biggest contributors for this revenue were Malaysia followed by Qatar and Bahrain which generated 28.6%, 24.9%, and 16.8% of the revenue for the segment respectively,” it said.
Its engineering, procurement, construction and commissioning (EPCC) operations for the quarter contributed 7.9% of the total revenue, which was mainly derived from the firm’s Malaysian operations.
It said the majority of the revenue for this segment came from its contracts with Sarawak Shell Sdn Bhd, Petronas Methanol (Labuan) Sdn Bhd and Petrofac E&C Sdn. Bhd.
The performance of Serba Dinamik Holdings’, which assumed its role as a holding company since May 2016, was mainly driven by Serba Dinamik Group Bhd, which registered a revenue of RM1.42bil for the nine-month period ended Sept 30, 2016, mainly attributed to the revenue contribution from the group’s O&M division.
Serba Dinamik Group registered a profit before tax of RM161.5mil, and a profit after tax of RM152.45mil during the same period.
On its prospects, the company said the oil and gas sector would remain a major contributor to its revenue in the future.
“Despite the turbulence faced by the sector amidst oil price uncertainty in the market, we do not foresee that our group’s operations will be affected significantly.
“This is due to the fact that production platforms and operational plants that are running will require maintenance works to run efficiently,” it noted.
It added that the group’s capability and historical track record as well as the adherence to strict quality control measures and work discipline will support and strengthen the its position in the market.
Last month, Serba Dinamik’s public issue of 26.7 million shares under its initial public offering was oversubscribed by 4.96 times.
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