KUALA LUMPUR: Dialog Group Bhd's net profit rose to RM132.17 million in the first quarter (1Q) ended Sept 30, 2023, from RM125.79 million in the same quarter a year ago.
Revenue increased by 9.7 per cent to RM780.45 million during the quarter under review compared with RM711.69 million previously.
"The better performance was mainly contributed by international operations and higher share of results from joint-ventures (JVs) and associates," the oil and gas group said in a filing to Bursa Malaysia today.
Dialog said its international operations reported higher revenue and higher net profit after tax from increased sales of specialist products and services in various countries, and increased activities at Jubail Supply Base, Saudi Arabia.
It said the engineering, construction, fabrication and plant maintenance activities in Singapore and New Zealand also contributed positively to the group’s performance due to improved business environment.
"The share of results from JVs and associates in the current financial quarter was also higher compared to the corresponding quarter previously, attributable to increased contributions from terminals operations due to higher tank storage occupancy rate,” it said.
Domestically, Dialog said the Malaysia mid-stream activities continued to contribute a stable revenue stream to the group from the operation of Dialog Terminals Langsat and Dialog Terminals Pengerang.
However, the profit contributions from these terminals in 1Q was lower due to higher financing costs, it added.
"The lower net profit after tax contributions from the Malaysia downstream and mid-stream activities were mitigated by the better performance from upstream activities due to higher production at both Bayan and D35/D21/J4 fields,” it added.
Going forward, Dialog said its focus would continue to be on the mid-stream business and the ongoing development of Pengerang Deepwater Terminals (PDT) into the largest petroleum and petrochemical hub in Asia-Pacific region.
It noted that Phase 3 of PDT has been designated for the development of more dedicated petroleum and petrochemical storage terminals for medium- to long-term customers, potentially comprising energy traders, multinational energy companies, refineries, and petrochemical plants. - Bernama