Home / Business & Finance / Dialog Group FY19 net profit rises to RM535.84 mln

Dialog Group FY19 net profit rises to RM535.84 mln

KUALA LUMPUR, Dialog Group Bhd’s net profit rose to RM535.8 million for the financial year ended June 30, 2019 (FY19) from RM510.4 million a year ago.

However, revenue recorded by the integrated technical services provider for the oil, gas and petrochemical industry declined 23.3 per cent to RM2.39 billion from RM3.11 billion previously.

In a filing with Bursa Malaysia, the company said the financial performance achieved was contributed by the Malaysian operations which saw better performances delivered by the midstream and downstream activities.

Executive chairman Tan Sri Dr Ngau Boon Keat said the long-term storage agreement the group signed with BP Singapore Pte Limited in May 2019 for Phase 3 of the Pengerang Deepwater Terminals (PDT) marked another significant milestone.

He pointed out that only 50 per cent of the land had been developed under Phase 1 and Phase 2.

With another 200 hectares available for development, we are still in the early stages of developing PDT into the petroleum and petrochemical hub that we have envisioned it to be, he said.

On its Petronas groupwide master service agreement contract, Ngau said it would enable the group to sustain growth and reinforce earnings stability.

Barring any unforeseen circumstances, the group is confident that its performance will remain strong for the financial year ending June 30, 2020, he said.

Source: BERNAMA (News Agency)

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