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Propel Global Posts 246.2% Jump in 9M FY2023 Profit Before Tax

Publish date: Tue, 02 May 2023, 09:35 PM

Propel Global Posts 246.2% Jump in 9M FY2023 Profit Before Tax

Group posts third quarter in a row of positive financial performance

KUALA LUMPUR (02 May)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 that the Group reported a 12.3% increase in revenue to RM24.7 million for the third quarter ended 31 March 2023 (3Q FY2023) compared with RM22.0 million in 3Q FY2022 with the expansion of its range of services.

Whilst the profit before tax (PBT) for both the O&G and Technical Services segments improved from 3Q FY2022, the higher corporate administrative expenses impacted the profitability of the Group and the Group recorded a 28.1% decrease in PBT to RM0.9 million for 3Q FY2023 compared with PBT of RM1.2 million in 3Q FY2022.

On a segmental basis, the Group’s O&G operations reported revenue of RM12.1 million and PBT of RM2.7 million for 3Q FY2023 while the Technical Services division contributed RM12.6 million in revenue and RM1.1 million in PBT. The Group’s other segment registered a loss before tax of RM2.9 million for the quarter under review due to corporate administrative expenses, such as professional charges and staff costs from continued operations.

For the nine months ended 31 March 2023 (9M FY2023), Propel Global recorded an increase of 14.3% in revenue to RM67.4 million compared with RM59.0 million in 9M FY2022. The Group’s PBT for 9M FY2023 increased by 2.5 folds to RM6.8 million compared with RM2.0 million in 9M FY2022.

Angeline Lee, Group Chief Executive Officer

Ms. Angeline Lee, Group Chief Executive Officer of Propel Global said, “The Group has once again reported another quarter of profitability as we continue to focus on strengthening our financial performance by leveraging on our expertise and strengths. This is the third quarter in a row that the Group has recorded positive financial performance since its listing with the two main business segments of O&G and technical services contributing positively.”

“We want to reassure shareholders and other stakeholders that the Management is working towards uplifting the Group’s PN17 status. The positive financial performance to-date is expected to be further supported by stable crude oil price and demand benefitting businesses like ours that are involved in the O&G services.”

"We would also like to extend our gratitude to our employees who have been demonstrating a good team spirit, as well as our customers and suppliers who had shown great faith and support towards the Group. It is foreseeable that the Group will move to the next level once the PN17 status is uplifted."

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