Perisai Petroleum Teknologi Bhd (PPTB) expects turnover contribution from overseas operations to rise to 75% in the next five to six years from its current 15%, executive director Tengku Daud Shaifuddin said.
For the financial year ended Dec 31, 2003, the company earned a net profit of RM6.4mil on a turnover of RM21mil.
For 2002, its net profit was RM1.2mil on the back of a RM10mil turnover.
PPTB manufactures, supplies, commissions and installs corrosion control products as well as inspects and maintains pipes, pipeline, risers and heat exchanges mainly for the oil and gas industry.
The company has overseas operations in Thailand, Brunei, Indonesia, United Arab Emirates and Yemen.
We believe our export market growth will principally come from Indonesia, Brunei and West Asian countries, Tengku Daud said after PPTB's underwriting agreement signing ceremony in Kuala Lumpur yesterday.
The company would export each of its new products or solutions two years after their introduction so that they would have proven track record, he said.
He added that this would ensure these products and services could be further improved and refined.
Tengku Daud said PPTB also aimed to export to Myanmar in two years.
Locally, he said the company had no direct competitors as Petroliam Nasional Bhd (Petronas) appointed it as supplier under a vendor development programme.
We have a monopoly for the manufacture, supply and installation of corrosion protection system on all fasteners, flanges, riser clamps and pipe supports on Petronas Carigali's offshore platforms and those of Petronas, he said.
PPTB, en route for a listing on the Mesdaq market next month, will be issuing 52 million new 10 sen shares at an issue price of 33 sen each.
Out of this, 2.08 million shares will be made available to the Malaysian public and 20.8 million shares for its directors and employees, while the remaining 29.12 million shares are for private placement.
PPTB hopes to raise RM17.1mil proceeds, of which RM8mil would go to research and development, RM8mil for working capital and the rest for its listing exercise. Bernama
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