SO what the future holds for Serba Dinamik Holdings Bhd is as good as anyone’s guess after the global integrated oil and gas (O&G) outfit unveiled a humongous net loss of RM1.09 bil for its maiden financial year ended June 30, 2022 (FY6/2022).
On a quarterly basis, Serba Dinamik had continued to be in the red for the fourth successive quarter with a net loss of RM327.76 mil or loss per share of 8.84 sen on the back of a shrinking revenue of RM170.25 mil.
The bleeding follows net losses of RM42.11 mil for 1Q FY6/2022, 2Q FY6/2022 (RM290.33 mil) and 3Q FY6/2022 (RM434.19 mil).
There are no comparison figures due to the group’s change in financial year end to June 30 from Dec 31 last year to allow more time for its then-external auditor KPMG to complete the audit process.
In a Bursa Malaysia filing, the Practice Note 17 (PN17) firm noted that both its operation & maintenance (O&M) and engineering, procurement, construction & commissioning (EPCC) segment had remained its biggest revenue contributor during its 4Q FY6/2022 with 93.9% and 5% contribution respectively.
“(The) O&M segment consists of maintenance, repair and overhaul (MRO) and inspection, repair and maintenance (IRM) activities which main contribution came from operations in the Middle East region such as Qatar and United Arab Emirates (UAE) followed by Malaysia,” revealed the beleaguered O&G firm. “The segment recorded revenue of RM159.8 mil with gross loss of RM60.1 mil.”
Meanwhile, the EPCC segment generated a revue of RM8.49 mil to the group’s current quarter results via its contracts in Malaysia, Bahrain, and the UK. The group incurred RM30.2 mil in gross loss for this segment.
Elsewhere, the group’s information communications technology (ICT) segment recorded a revenue and net loss of RM300,000 and RM650, 000 respectively while its education & training (E&T) segment derived RM1.67 mil of revenue and RM530,000 of gross profit during the quarter under review.
Prospect-wise, the Serba Dinamik board is of the view that despite completion of its statutory audit, the group’s operations will remain challenging but nevertheless “pledges to resolve the ongoing issue, including the restructuring and regularisation plan, in the best interests of stakeholders.”
Update on Winding Up Petition served by HSBC Amanah Malaysia Berhad, Ambank Islamic Berhad, Bank Islam Malaysia Berhad, MIDF Amanah Investment Bank Berhad, Standard Chartered Saadiq Berhad and United Overseas Bank (Malaysia) Bhd (collectively, “Syndicated Lenders”)
At the close of last Tuesday’s (Aug 30) trading, Serba Dinamik was down 0.5 sen or 14.3% to 3 sen with 40.03 million shares traded, thus valuing the company at RM112 mil. – Sept 1, 2022
