KUALA LUMPUR, Nov 26, 2024 – (ACN Newswire) – PROPEL GLOBAL BERHAD (“Propel World” or the “Group”), a supplier of oil and fuel (“O&G”) providers, immediately introduced its monetary outcomes for the primary quarter of fiscal 12 months 2025 (“Q1 FY2025”). The Group recorded income of RM34.3 million for the quarter ended 30 September 2024, reflecting a 24.2% improve from RM27.6 million within the corresponding quarter of the earlier 12 months (“Q1 FY2024”).
The Group achieved income development in Q1 FY2025, pushed primarily by the Oil & Gasoline (“O&G”) phase, which contributed RM20.3 million. This efficiency was supported by ongoing Engineering, Procurement, Building & Commissioning (“EPCC”) and Marine Heating, Air flow, and Air-conditioning (“HVAC”) initiatives. Whereas the phase’s revenue earlier than tax (“PBT”) moderated to RM1.4 million in comparison with RM5.0 million in Q1 FY2024, this was primarily because of a international alternate lack of RM1.1 million from the depreciation of the US Greenback and the absence of one-off beneficial properties recorded within the earlier 12 months, amounting to RM2.8 million.
The Technical Providers (“TS”) phase achieved spectacular income development, reaching RM11.2 million, up from RM8.6 million in Q1 FY2024, reflecting progress on the development of an electronics manufacturing facility in Chuping, Perlis. Though the phase posted a marginal loss earlier than tax (“LBT”) of RM0.2 million, this was primarily because of elevated materials and operational prices, which the Group is actively addressing to boost margins transferring ahead.
The Info and Communications Expertise (“ICT”) phase continued its regular efficiency, contributing RM2.8 million in income and RM0.6 million in PBT. This displays the success of the Group’s diversification technique and its skill to capitalise on development alternatives within the digital expertise sector.
For Q1 FY2025, the Group reported a LBT of RM4.0 million, in comparison with a PBT of RM0.9 million in Q1 FY2024. This was because of increased company administrative bills, together with skilled expenses and employees prices, together with a good worth lack of RM0.5 million on quoted shares and goodwill impairment losses of RM0.2 million. The absence of one-off beneficial properties recorded within the earlier 12 months additional impacted the general comparative efficiency.
Regardless of these challenges, the Group stays well-positioned for future development, with whole fairness of RM102.5 million and money and money equivalents of RM19.8 million as of 30 September 2024. This sturdy place permits PGB to spend money on strategic initiatives and confidently navigate market uncertainties whereas sustaining a concentrate on long run worth creation for stakeholders.
Ms. Angeline Lee, Government Director / Group Chief Government Officer of Propel World commented, “Our Q1 FY2025 outcomes spotlight the resilience of our enterprise amidst exterior challenges. Whereas international alternate losses and the absence of one-off beneficial properties impacted our profitability, our income development displays the energy of our core operations and ongoing diversification efforts.”
She added, “With our elevated stake in Finest Huge Engineering Sdn. Bhd. (“BWE”) to 90.0%, we’re well-positioned to capitalise on alternatives within the oil and fuel sector, significantly as Petronas continues its RM60 billion capital expenditure. Moreover, our concentrate on HVAC providers aligns with Malaysia’s sustainability objectives below the Nationwide Power Transition Roadmap (NETR) and Finances 2025, positioning us to satisfy the rising demand for energy-efficient options.”
The Group stays optimistic about its development prospects in fiscal 12 months 2025 (“FY2025”). Within the O&G phase, Petronas’ substantial investments, together with RM10 billion in lately awarded contracts for Upkeep, Building, and Modification (“MCM”) initiatives, present a stable basis for development. The HVAC phase is ready to profit from Malaysia’s formidable sustainability objectives, with RM300 million allotted below Finances 2025 to assist inexperienced initiatives and the potential introduction of a carbon tax in 2026 additional encouraging companies to undertake eco-friendly practices. PGB’s experience in energy-efficient options positions the Group to capitalise on these developments.
Whereas world financial uncertainties persist, pushed by geopolitical tensions and potential provide chain disruptions following the current US presidential election, Malaysia’s economic system is anticipated to develop steadily, with GDP forecasted to rise by 4.5% to five.5% in 2025. This constructive outlook, supported by a historic RM421 billion in expenditure below Finances 2025, underscores the Group’s confidence in its skill to navigate challenges and ship sustainable development for its stakeholders.
ABOUT PROPEL GLOBAL BERHAD
Propel World Berhad (“Propel World” or the “Group”) is a supplier of oil and fuel (O&G) providers, together with the availability and provision of upkeep providers for air-conditioning and air flow techniques, alongside specialised oilfield providers similar to pipe restoration, properly intervention, diagnostic and sand administration, and manufacturing enhancement. The Group additionally affords engineering and technical works for the O&G trade. As well as, Propel World offers technical providers for industrial, industrial, and residential development and workplace upkeep, in addition to ICT providers, together with buying and selling in {hardware}, software program, and spare components. The Group additionally engages in funding holding actions.
Issued By: Swan Consultancy Sdn. Bhd. on behalf of Propel World Berhad
For extra info, please contact:
Jazzmin Wan
E mail: j.wan@swanconsultancy.biz
Xinyi Ching
E mail: x.ching@swanconsultancy.biz
Matter: Press launch abstract
Supply: Propel World Bhd
Sectors: Exchanges & Software program, Day by day Finance, Day by day Information, Oil & Gasoline
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