T7 Global doubles net profit in 2Q22

The integrated energy solution provider attributed the higher net profit to better project cost management

T7 GLOBAL Bhd’s net profit for the second quarter ended June 30, 2022 (2Q22) almost doubled to RM2.65 million from RM1.35 million a year ago.

The integrated energy solution provider attributed the higher net profit to better project cost management, the company said in a statement.

For 2Q22, it posted a revenue of RM52.96 million, slightly lower than RM54.19 in the same quarter last year.

Earnings per share decreased to 37 sen from 38 sen from the previous year’s quarter.

In a Bursa Malaysia filing, the group said the recovery in oil and gas (O&G) activities in the region has a positive impact on its ongoing projects. However, the outlook of the economy remains uncertain due to disruptions caused by the Covid-19 pandemic.

O&G remains the group’s core business and the energy division will continue to bid and secure new contracts and be on the lookout for new opportunities, it added.

It said its aerospace division has managed to secure new international clients which will bring in recurring revenue to its metal surface treatment facility.

In a statement, T7 Global chairman Datuk Seri Dr Nik Norzrul Thani N Hassan Thani said the group’s Bayan mobile offshore production unit project is expected to start contributing to their bottom line in the next 10 years.

“Coupled with other contracts in hand such as integrated well services, and maintenance, construction and modification services, T7 Global are optimistic of achieving satisfactory results for the financial year ending Dec 31, 2022,” he said.

T7 Global has an outstanding orderbook of RM2.2 billion, it added. — TMR / graphic TMR