INTEGRATED oil and gas service provider Petra Perdana Bhd is confident of penetrating new specialised business segments in the upstream sector of the industry based on its technical capabilities and its 15-year track record.
Although this is at a preliminary level, we have nevertheless started making investments in computer systems, sophisticated software application, and training including personnel recruitment, among others, to further strengthen the groups support infrastructure, executive chairman and chief operating officer Tengku Datuk Ibrahim Petra Tengku Indra Petra said in a statement after the groups AGM yesterday.
Tengku Ibrahim said the group would be placing greater emphasis on business expansion in strategic sectors within the industry this year given the challenging market environment.
The industry is evolving into a highly competitive and it is important that we leverage on our strengths and capabilities to reinforce our market position as well as increase growth opportunities in the services sector, he said.
Tengku Ibrahim added that the strategy would help the group achieve its long-term objective of sustained growth, improved profitability and enhanced shareholder value.
In its 2002 annual report, the group said it had secured three major contracts worth a combined value of RM50mil last year, including the one in Sudan.
The group's vision to tap opportunities in the international market has been realised with our maiden project to provide operations and maintenance services for the Greater Nile Petroleum Operating Company in Sudan,'' Tengku Ibrahim said in the report.
He said the company at the same time hoped to increase its presence in the Asia Pacific Rim.
For the year ended Dec 31, 2002, Petra Perdana reported a turnover of RM252.77mil and a pre-tax profit of RM16.45mil compared with RM181.8mil and RM15.9mil respectively a year earlier.
The marginal improvement in profits was due to escalating costs of the company's business operations and investments made to enhance its support infrastructure, Tengku Ibrahim said.
The group is currently bidding for new contracts, including integrated services project tenders similar to the RM220mil ExxonMobil Exploration & Production Malaysia Inc contract awarded to it in 2000.
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