KUALA LUMPUR: T7 Global Bhd
is optimistic over its prospects, which remain supported by a RM2.4bil order book to be recognised over the next 10 years.
In the second quarter ended June 30, 2023, T7 Global posted a net profit of RM6.43mil, which was an increase of about 140% over RM2.65mil in the same quarter in 2022.
The group's earnings per share leapt to 0.82 sen from 0.37 sen in the comparative quarter.
It said revenue doubled to RM104.04mil from RM52.96mil, mainly attributed to higher revenue recognition under the energy segment from integrated well services, operational and maintenance, as well as specialist products and technology segments.
"Along with better operational efficiencies, these factors allowed T7 Global to fetch better margins," said CEO Tan Kay Zhuin in a statement.
He added that the group's energy division remains steadfast in executing contracts in hand while expecting contributions from the baggage handling system asset replacement programme for KL International Airport Terminal 1 this year.
Over a cumulative six-month period, T7 Global's net profit was RM10.67mil from RM5.37mil in 1HFY22, while revenue jumped to RM198.08mil from RM114.94mil previously.
