Page 16 - Malaysia Marine & Offshore Industries Directory 2019/2020
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                 Editorial
to RM251 billion, against RM223.6 billion a year ago. Cash flows from operating activities improved to RM86.3 billion, an increase of 14% from RM75.7 billion in 2017. Totals assets increased to RM636.3 billion, from RM599.8 billion recorded in 2017.
As at 2018, Petronas’ gearing ratio went up to 19.7%, from 16.1% in 2017, arising from additional provision for the decommissioning of assets following the revision of estimated abandonment costs for O&G properties, coupled with lower shareholders’ equity. Capital investments for 2018 stood at RM46.8 billion, mainly attributed to upstream projects in support of the group’s operational excellence and growth strategies. On its outlook, Petronas expects the O&G industry will continue to operate in a challenging environment arising from market uncertainties and geopolitical risks.
Dialog Group Bhd’s net profit for the second quarter ended December 31, 2018 (2QFY19) rose 18.15% to RM136.78 million, from RM115.76 million a year earlier, thanks to cost savings realised on completed projects and increased share of profit in joint ventures and associates. Higher earnings were recorded despite revenue falling 28.9% to RM609.61 million, from RM857.43 million previously, mainly dragged by the group’s Malaysian operations due to the near completion of the engineering, procurement, construction and commissioning works in the Pengerang Deepwater Terminals (PDT) Phase 2 projects. Total net profit for the first two quarters came to RM251.42 million, down 9.13% from RM276.69 million a year earlier. Half-yearly revenue also fell 20.51% to RM1.3 billion from RM1.64 billion.
Dialog Executive Chairman Tan Sri Dr Ngau Boon Keat said the group has continued to deliver on its commitment to growing sustainable, recurring income and enhancing shareholders’ value. With the completion of PDT Phase 2A and 2B, and the refinery projects at Rapid, Dialog is now actively involved in plant maintenance services for these
projects. The group also continued to make progress for Phase 3 - land reclamation activities are in progress and are scheduled for completion at end of 2019, and is having active discussions with potential customers for Phase 3. Barring any unforeseen circumstances, the group is confident that its performance will remain strong for the financial year ending June 30, 2019.
Dayang Enterprise Holdings Bhd returned to the black in its financial year ended December 31, 2018 after its final quarter of the year raked in a net profit of RM97.72 million compared to a net loss of RM55.21 million in the previous corresponding quarter, on higher work orders received and performed under its topside maintenance contracts. Quarterly revenue jumped 64.9% to a record high of RM285.65 million from RM173.26 million in the previous year, despite the fourth quarter being a typically weak quarter due to the monsoon weather.
It attributed the remarkable achievement to robust work orders issued for the PCSB Maintenance, Construction and Modifications Contract (MCM) and Topside Maintenance Services works under the Pan Hook-up and Commissioning Contract (Pan HUC) as well as the newly minted Pan MCM Contracts which were rolled out in the fourth quarter.
As a result of the strong operational performance in the fourth quarter of 2018, Dayang also recorded one of the highest quarterly profit after tax in its history. This is largely attributable to better cost control, improved efficiency and streamlined project management. It is also evidently positive that vessel utilisation came in stronger at 73% in the fourth quarter, compared to a utilisation rate of 51% for the fourth quarter a year ago.
For the full Financial Year 2018 (FY18), Dayang recorded a net profit of RM164.22 million compared to a net loss of RM144.89 million, while revenue rose 34.9% to RM937.64 million from RM694.99 million in FY17. Dayang is optimistic that its strong earnings trend will be sustainable considering
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