Dayang returns to the black in Q1

KUALA LUMPUR: Dayang Enterprise Holdings Bhd has returned to the black with a net profit of RM13.76mil in the first quarter ended March 31 (1Q) against a net loss of RM27.54mil a year ago.

It recorded a pre-tax profit during the current quarter as a result of insurance claims received from the incident of Dayang Topaz of RM3.6mil, net realised/unrealised gain in foreign exchange of RM900,000 as well as lower depreciation charge of RM4.9mil.

Its revenue for the quarter jumped 90.5%to RM160.14mil from RM84.06mil a year prior.

“The increase in revenue in the current quarter is mainly due to the revival of work orders/contracts being awarded from oil major in the first quarter of 2022. Vessel utilisation also came in stronger at 25% in the current quarter, compared to 20% in the corresponding quarter in 2021,” Dayang said in the notes accompanying its quarterly results.

Moving forward, Dayang believes the group would benefit from the expected increase in demand for offshore maintenance, construction and modification (MCM), and hook-up and commissioning (HUC) works.

Its order book currently stands at RM1.8bil.

“The group will continue to be prudent in managing its business affairs as well as exploring new opportunities. We will leverage on our strong track record and optimise our cost management, vessel utilisation and project execution,” Dayang said.