Datuk Seri Rahim Ismail has been appointed as an independent non-executive director of T7 Global Bhd.

KUALA LUMPUR (March 1): Datuk Seri Rahim Ismail, who was with Petroliam Nasional Bhd (Petronas) for 27 years, has been appointed as an independent non-executive director of T7 Global Bhd, effective Wednesday (March 1).

The energy solutions provider said Rahim, 64, has more than 39 years of experience in the oil and gas (O&G) industry.

During his time with Petronas, Rahim held various managerial and leadership roles in corporate, upstream and downstream sectors, budgeting, planning, supply chain management, entrepreneur management and development, education, human resource, downstream commercial, as well as sales and marketing.

“He also played an instrumental role in representing the industry to chart strategies and policies through various government initiatives under the Economic Planning Unit of the Prime Minister Department and Ministry of Finance,” T7 Global said in a Bursa Malaysia filing.

In 2007, Rahim left Petronas and joined Talisman Energy — now known as Repsol Oil and Gas Malaysia Ltd — as senior adviser until 2020.

He currently serves as senior adviser of Country Star Sdn Bhd, a renewable energy solutions provider. He is also a co-founder of Borealis Healthcare, a pharmaceutical and medical products distributor in Malaysia.

T7 Global group chairman Datuk Seri Dr Nik Norzrul Thani N Hassan Thani said the company believes Rahim is a great addition to the team.

“Given his vast experience and knowledge in the O&G industry, we are confident that he will be able to enrich our board’s composition providing us with an experienced oversight over our business strategies as well as future endeavours,” Nik said in a statement.

For the fourth quarter ended Dec 31, 2022 (4QFY2022), T7 Global’s net profit jumped over 3.5 times to RM11.3 million, up from RM3.17 million a year ago. Quarterly revenue also increased by 26.7% to RM170.41 million, as compared to RM134.46 million in 4QFY2021.

For the full year (FY2022), T7 Global’s net profit more than doubled to RM20.26 million, from RM10.56 million a year ago. The group recorded 19.7% revenue growth to RM365.6 million in FY2022 from RM305.5 million in FY2021.

T7 Global attributed the improved revenue to the recovery in O&G activities in the region, notably for operation and maintenance activities, integrated well services activities and recruitment and manpower services.

Shares of T7 Global closed half a sen lower at 42.5 sen, valuing the group at RM318.09 million. Year-to-date, the counter has risen 29%.