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KUALA LUMPUR: T7 Global Bhd’s net profit for the second quarter to June 30, 2021 jumped by 185% to RM2.33mil on higher contribution from its energy division.

Its chairman Datuk Seri Dr Nik Norzrul Thani N. Hassan Thani said its energy, aerospace and defence and construction divisions have improved and with its resilient orderbook, the board was confident of better financial performance in FY2021 and FY2022.

“Currently, T7 Global has an outstanding order book of RM2bil which will keep the company busy for the long term.

“The company is in the midst of pursuing for several projects which include amongst others, mobile offshore production unit and construction projects worth RM3bil,” he said.

Its 2Q net profit rose from RM820,000 a year earlier, on higher contribution from its energy division.

The better earnings were driven by contributions from the maintenance, construction and modification services contract for Repsol Oil & Gas Malaysia Bhd, onshore fabrication, offshore hook-up and commissioning for infill flowlines contract for Carigali Hess Operating Company Sdn Bhd and increased activity in the manpower recruitment business.

Earnings per share rose to 0.38 sen from 0.16 sen previously. It has declared an interim dividend of 0.5 sen per share.

Revenue increased 49% to RM54.19mil from RM36.39mil a year ago due to the recovery in oil and gas activities in the region having a positive impact on its ongoing projects.

For the first half, T7 Global’s net profit surged to RM4.57mil from RM1.96mil in the previous corresponding period, while revenue climbed to RM106.41mil from RM85.16mil.

Nik Norzrul Thani said as the government eased the Movement Control Order restrictions from January to May, economic activities picked up and this had a positive impact on the Company’s financial performance.

He said the group’s three divisions recorded overall improvement and he expects the energy division to continue to perform well and remain the key profit driver for the group.



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