PETALING JAYA: Reservoir Link Energy Bhd (RLEB) reported a net profit of RM7.52mil for its fourth quarter ended Dec 31,2020, on revenue of RM22.08mil.
In a filing with with Bursa Malaysia, RLEB said there were no comparative figures for the preceding quarter and previous year’s corresponding period, as this was the fourth interim financial report on the consolidated results announced by the company, in compliance with the ACE Market listing requirements of the local bourse.
RLEB said in statement that net profit in the fourth quarter increased 1093.8%, as compared to the immediate preceding quarter.
For the financial year ended Dec 31,2020, RLEB reported a net profit of RM11.76mil, on revenue of RM87.53mil.
RLEB said its balance sheet remains healthy, with a net cash position of RM24mil (partly contributed by its initial public offering proceeds and a current ratio of 3.6-times.
“Despite the challenges faced by the oil and gas (O&G) sector from the continued global economic headwinds, RLEB declared a dividend amounting to RM2.14mil, which was paid on Dec 23,2020.”
Commenting on the group’s earnings, executive director Thien Chiet Chai said 2020 was an “exceptional year.”
“Despite that, we made a tough yet decisive strategic move to list the company on Bursa Malaysia.
“In fact, we were the first company to list right after the movement control order (MCO) was lifted in Malaysia.
“We have also delivered a commendable financial performance for 2020 and we are optimistic to deliver sustainable financial growth.
“We will keep on pursuing our long-term growth strategy to capture more business opportunities within the oil and gas value chain.”
In tandem with the company’s growth plans in the current operating environment, Thien said RLEB has been executing strict standard operating procedures to prioritise its employees’ health and safety.
In a note to Bursa Malaysia, RLEB said the Covid-19 pandemic continues to cause unprecedented impact and uncertainties to global economic activities.
“Different stages of the MCO have been re-enforced in Malaysia to contain the spread of the Covid-19 virus.
“In Europe, the major economies like Germany, France, the UK, Italy and Spain have introduced various movement restriction measures, such as lockdowns and curfews, to curb the spread of the Covid-19 virus.
“Consequently, there may be disruption and delay in some of the works in Malaysia and Mauritania.”
RLEB said it will continue to actively participate in tenders for O&G wells services called by the oil operators.
“The group will also continue to undertake and implement its business strategies cautiously to sustain its growth in order to deliver a satisfactory and improved performance in the 2021 financial year.”