by BERNAMA / pic credit: hrsb.com.my
HRSB Holdings Sdn Bhd, a Malaysian oil and gas (O&G) contractor, has set an annual revenue target of RM500 million this year.
Group COO Datuk Mohd Sabri Zahari said this is achievable following a RM25 million loan from SME Bank this year for working capital and asset purchases to execute the scheduled contracts it has received.
HRSB Holdings had received financing worth a total of RM132 million since its 2007 inception, he told a press conference yesterday.
“I think the financing is good enough for us and would enable us to achieve RM500 million in revenue this year. With short- and long- term contracts and ongoing infrastructure contracts, and based on our first quarter results of about RM140 million in revenue, we are on track to get RM500 million,” he said.
Sabri revealed that the value of the contracts received to date by the company is more than RM1 billion. The company achieved sales
worth RM270 million last year. HRSB group president Datuk Mohd Faizal Mohd Hassim said the company will continue to focus on three core industries, namely, O&G, information and communication technology, and telecommunications.
“There are two other industries under the planning and implementation stage by HRSB’s strategic planning group, namely infrastructure and construction, and consumer product manufacturing,” he said.
Among the large scale and high value contracts undertaken by HRSB Holdings is the master services agreement for integrated turnaround main mechanical and maintenance mechanical static works for Petroliam Nasional Bhd.
It also has an engineering, procurement, construction and commissioning contract for the effluent management at source project for Malaysian Refining Company Sdn Bhd.