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Quarterly Report For The Fourth Quarter Ended 31 December 2016

Financials Archive

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The Figures Have Not Been Audited

Condensed Consolidated Statement Of Profit Or Loss And Other Comprehensive Income

Remarks To Condensed Consolidated Statement Of Profit Or Loss And Other Comprehensive Income:

Condensed Consolidated Statement Of Financial Position

Detailed analysis of the performance for the current quarter and year-to-date

Quarter ended 31 December 2016 compared with quarter ended 31 December 2015

The Group recorded revenue of RM67.3 million in the current quarter and RM27.9 million in the preceding year corresponding quarter. The increase in revenue was mainly contributed by to the partial revenue recognition on VEP&RC Contract of RM17.1 million and post acquisition revenue of OGPC Group in current quarter.

The Group recorded a PBT before extraordinary item of RM36.3 million in current quarter as compared to the preceding year corresponding quarter of RM7.4 million. Included in the Group's current quarter PBT is a share of result of associate of RM31.3 million, contributed by an associate company, Ping.

Year-to-date ended 31 December 2016 compared with year-to-date ended 31 December 2015

The Group recorded RM178.5 million in revenue for the current year-to-date as compared to the preceding year of RM95.6 million. The higher revenue of 87% in the current year-to-date was primarily due to the substantial completion of VEP&RC contract, a total of RM34.2 million of work done on VEP & RC contract was billed in current year. The post acquisition revenue of the newly acquired OGPC Group, and the growth in the Group's B2G in trade facilitation business also contributed to the increased.

The Group recorded PBT before extraordinary item of RM147.5 million in current year-to-date as compared to the preceding year of RM23.4 million. The current year-to-date PBT was mainly contributed by an associate company, Ping and post acquisition result of OGPC Group. The current year's share of results in associates of RM123.5 million was derived from the Group's share of profit in Ping for the year of RM33.8 million, and also the share of excess of entity's share of net fair value of RM89.6 million.

Prospects for 2017

The Group completed its transformation to become a stronger company with two core businesses and a healthy balance sheet with zero gearing in 2016. It is well-positioned to compete for new businesses and extend its growth momentum.

The Group's Information Technology business continues to firm up its e-services by broadening its product range in business-to-business segment to complement the Group's position in delivering business-to-government services. We have further extended our core IT and e-services capability to serve specific requirements of customers comprising authorities, agencies, and companies. The eWork Permit System is one of such service.

The Group was awarded a total subcontract to operate and manage the VEP&RC Contract worth RM104.3 million for a total of five years by Government of Malaysia. Regionally, we have been appointed as exclusive Project Consultant for the Road Charge Vehicle Entry Permit System for the Thailand-Malaysia border and any other borders to Thailand.

The Group income performance is expected to perform well in tandem with the improving cruel oil price outlook. The recent success in securing two (2) mini bids under the PETRONAS Carigali Umbrella Contract, by the Group's directional drilling unit has further open up a new revenue stream to the Group's Energy business on top of the revenue from OGPC Group.

Barring any unforeseen circumstances, the Group expects to deliver positive results for the year 2017.