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KUALA LUMPUR: Wasco Berhad today announced its unaudited financial results for the first half of fiscal year 2024 (H1 FY2024), reporting steady growth driven by its energy services segment and significant progress on major projects.
For H1 FY2024, the Group continued its growth trajectory with a 20.9% Year-on-Year (Y-o-Y) increase in revenue to RM1.35 billion, compared to RM1.11 billion in the first half of FY2023 (H1 FY2023). Profit Before Tax (PBT) surged 70.5% to RM145.5 million, while net profit reached RM106.4 million, reflecting the Group’s focus on operational efficiency and execution.
The Group’s orderbook grew by 15% compared to the previous quarter and now stands at RM3.7 billion, with RM3.4 billion attributed to the energy services segment. Key contracts
include Malaysia’s inaugural Carbon Capture and Sequestration (CCS) project off the coast of Sarawak, secured by our pipeline services division, and a significant offshore development
project in the Middle East, awarded to our engineering & fabrication services division. These wins emphasise Wasco’s strategy of broadening its earnings base and capitalising on
emerging opportunities across its diverse service offerings. The bioenergy services segment contributed RM294.1 million to the orderbook, as the Group continues to explore growth
opportunities in the equatorial belt. This robust orderbook is expected to positively impact the Group’s financial performance in the coming quarters.
“Our performance in the first half of FY2024 highlights our ability to leverage diverse revenue streams across multiple markets. This strategic approach ensures our stability and positions us for sustained long-term success,” said Wasco managing director/Group CEO Giancarlo Maccagno.
“The energy services segment has been a key growth driver,
supported by a strong orderbook and effective project execution. Despite a slight decline in revenue and profit, our bioenergy services division performance remains on track, driven by
increased demand in its biomass energy boiler projects. With new projects secured, we anticipate significant improvements in the division’s performance over the next few quarters,” he added.
Wasco’s energy services segment, which includes pipeline services and engineering & fabrication, posted a 24.6% increase in revenue to RM1.2 billion for H1 FY2024. The
segment’s PBT rose 54.2% to RM130.7 million, supported by the completion of several key projects and disciplined cost management. Key milestones during the quarter included the
completion of the loadout phase for the JDA Block B-17-01 Field Development Project and the ahead-of-schedule delivery of critical modules for the Angola FPSO project.
In the bioenergy services segment, PBT for H1 FY2024 surged 130% to RM45.6 million, despite a slight decline in revenue to RM120.0 million. The division’s profitability were
impacted by a one-off gain from the disposal of assets held for sale during the first half of the year.
Looking ahead, Maccagno emphasised Wasco’s strategic focus on capitalising on emerging opportunities in the energy and bioenergy sectors. “With a solid orderbook and continued
operational excellence, we are well-positioned to sustain growth and deliver value to our shareholders as we navigate the evolving market landscape.”
As Wasco continues to expand its impact, the Group is proud to report that its vision of delivering reliable and competitive solutions to the energy industry while achieving net zero
carbon emissions by 2026 is firmly on track. This progress reflects Wasco’s determination to lead with purpose, pushing the boundaries of innovation and sustainability across its projects
and operations. In recognition of its dedication to environmental, social, and governance (ESG) commitment, the Group was included in the FTSE4Good Bursa Malaysia and FTSE4Good Bursa Malaysia Syariah indices this quarter, enhancing its appeal to ESGfocused investors.
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