KUALA LUMPUR: Dialog Group Bhd posted a higher net profit of RM575.03 million for the financial year ended June 30, 2024 (FY2024) from RM510.52 million in the preceding year, attributable to increased production from the upstream activities.

Revenue in FY2024 appreciated five per cent to RM3.15 billion compared to RM3.00 billion previously, the integrated technical service provider to the energy sector said in a filing with Bursa Malaysia.

For the fourth quarter of FY2024, the company's net profit increased to RM138.42 million from RM126.78 million, while revenue gained to RM810.07 million from RM690.04 million previously.

Dialog Group said the midstream activities continued to contribute a stable revenue stream and profit to the group from the operation of Dialog Terminals Langsat and Dialog Terminals Pengerang for the current financial year.

"The downstream team remained busy completing various engineering, procurement, construction and commissioning (EPCC) and plant maintenance projects and reported losses for the current quarter and financial year caused by project cost overruns.

"The group is facing many challenges brought on by the COVID-19 pandemic, conflict in Ukraine and Gaza, inflationary pressures, supply chain disruption, higher material prices and labour cost," it said.

On prospects, Dialog Group said the group will continue to grow its existing upstream business through the rejuvenation, development, and operatorship of oil and gas fields.

"In the downstream business, we will continue to leverage our strengths and established track record in integrated technical services comprising EPCC, plant maintenance and catalyst handling services, and specialist products and services," it said.

- BERNAMA

TAGS: Dialog Group, Results, FY2024, Net profit, Revenue, Upstream, Downstream