Propel seeks to uplift PN17 status


Propel Global group chief executive officer Angeline Lee

KUALA LUMPUR: Propel Global Bhd is working towards uplifting its Practice Note 17 (PN17) status.

The group said this would be possible by the stable oil price environment following the last three quarters of positive financial performance.

“We want to reassure shareholders and other stakeholders that the management is working towards uplifting the group’s PN17 status. The positive financial performance to-date is expected to be further supported by stable crude oil price and demand benefiting businesses like ours that are involved in the oil and gas (O&G) services,” group chief executive officer Angeline Lee said in a statement yesterday.

"We would also like to extend our gratitude to our employees who have been demonstrating a good team spirit, as well as our customers and suppliers who have shown great faith and support towards the group. It is foreseeable that the group will move to the next level once the PN17 status is uplifted," Lee added.

The provider of O&G services and downstream specialty chemicals to the O&G industry reported a 12.3% year-on-year (y-o-y) increase in revenue to RM24.7mil for its third quarter ended Mar 31, 2023 following the expansion of its range of services.

It posted a y-o-y turnaround in its net profit for the quarter with a profit of RM831,000 away from a net loss of RM6.86mil in the same quarter a year ago.

While its pre-tax profit for both the O&G and technical services segments improved from the third quarter of the 2022 year, the higher corporate administrative expenses impacted its profitability and it recorded a 28.1% decrease in pre-tax profit to RM900,000 for the same quarter, it said.

“The group has once again reported another quarter of profitability as we continue to focus on strengthening our financial performance by leveraging on our expertise and strengths.

This is the third quarter in a row that the group has recorded positive financial performance since its listing with the two main business segments of O&G and technical services contributing positively,” Lee said.

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