MMHE eyes opportunities in renewable energy

MMHE said it is cautiously optimistic on the outlook for the heavy engineering segment in view of the growing risks of global recession and geopolitical tensions.

KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) aims to capture opportunities in the domestic and international markets as well as those in the renewable energy (RE) and decarbonisation sectors to sustain and grow its order book.

“The rapid growth of RE and decarbonisation efforts driving global energy transition could present the group with new business opportunities,” MMHE said in a filing with Bursa Malaysia.

It is cautiously optimistic on the outlook for the heavy engineering segment in view of the growing risks of global recession and geopolitical tensions.

The group expects marine business to remain challenging mainly due to stiff competition from Chinese shipyards.

In the first quarter ended March 31, MMHE’s net profit jumped 30% to RM3.5mil, or earnings per share (EPS) of 0.2 sen against RM2.72mil, or 0.2 sen EPS last year.