KUALA LUMPUR, 30 AUGUST 2023 – PROPEL GLOBAL BERHAD (“Propel Global” or the “Group”), a provider of oil and gas (“O&G”) services as well as downstream specialty chemicals to the O&G industry, today announced a significant increase in revenue and profit before tax (“PBT”) for Q4 FY2023. The Group recorded revenue of RM43.5 million and a PBT of RM3.2 million for Q4 FY2023, compared to a revenue of RM18.7 million and a loss before tax (“LBT”) of RM8.0 million in Q4 FY2022.
The O&G Segment recorded promising growth, with revenue of RM16.2 million and a PBT of RM2.3 million in Q4 FY2023. The increased sales were mainly attributable to higher offtake of production chemicals and contributions from the newly acquired subsidiary, allowed this business segment to turnaround from the LBT of RM5.7 million in Q4 FY2022, an improvement in profitability by RM8.0 million.
In the Technical Services (“TS”) Segment, the Group reported revenue and PBT of RM27.3 million and RM4.3 million respectively, primarily due to contributions from short-term projects related to link bridges and access road construction. Other segments continued to report a LBT of RM3.5 million, mainly due to one-off corporate administrative expenses, such as professional charges and staff costs.
For the financial year ended 30 June 2023 (“FY2023”), the Group’s revenue and PBT were RM110.9 million and RM10.0 million respectively, showing continued positive momentum in both the O&G and TS Segments. Other segment reported variations due to factors such as fair value gain on share consideration issued.
Ms. Angeline Lee, Group Chief Executive Officer of Propel Global said, “This year’s remarkable performance reflects our dedication to growth and innovation. With the upliftment of PN17 classification and the expansion into new services, we have set the start of a solid foundation for the future.”
“Our acquisition of Best Wide Engineering (M) Sdn Bhd is a strategic move that aligns with our vision to offer enhanced services in the oil and gas sector. We’re adaptive to the needs of our clients, dynamic in delivering solutions, and collaborative in our approach to business. We’re optimistic about our prospects and remain committed to delivering value to our shareholders, customers, and employees.” In line with the Group’s strategic direction, Propel Global is expanding its capabilities in O&G and Technical Services Segments, focusing on engineering, technical and technology services.
