Serba Dinamik quarterly net profit slumps to lowest since IPO

KUALA LUMPUR: Serba Dinamik Holdings Bhd posted its lowest quarterly net profit since the oil and gas services firm went public in early 2017.

Gross profit in the three-month ended June 30 was RM136mil, down RM99mil from the immediate preceding quarter.

Net profit was RM14.9mil, or 0.4 sen a share, while revenue stood at RM1.2bil.

Serba Dinamik had changed its financial year end to June 30.

Shares in Serba Dinamik fell 1 sen to close at 34 sen today.

The stock had plunged 80% since late May after its former external auditor KPMG raised issues with some of the company’s contracts and transactions valued at about RM3.5bil.

Serba Dinamik has rejected the concerns and has appointed an independent reviewer to verify those claims.

The company has also taken legal actions against its former external auditors.

Looking ahead, Serba Dinamik said the Covid-19 pandemic has impacted the overall business in general.

"The Group trust that O&M segment remain primary contributor to the Group, EPCC segment will contribute considerably, and ICT segment will be key of growth," Serba Dinamik said.

"Geographically, Middle East and South East Asia will remain key contributor to the Group meanwhile the Group also plan to enlarge its presence in Central and South Asia and Africa as the Group see more prospects within these regions," it added.