Malaysia-listed oil bunkering and renewable energy provider Fast Energy Holdings Berhad on Tuesday (23 August) published its quarterly report for the second quarter (Q2) of 2022 ended 30 June 2022.
The company posted a net profit of RM 1.02 million (USD 228,810) in Q2 2022, a 843% increase from net profit of RM 109,000 in Q2 2021. Overall revenue in Q2 2022 was RM 88.6 million, up 36.2% from revenue of RM 65.1 million in Q2 2021.
This increase in revenue was mainly due to increase in the firm’s oil bunkering and petroleum trading business segment.
The company, meanwhile, recorded a net profit of RM 1.5 million for its bunkering, vessel chartering and petroleum trading operations during Q2 2022. Revenue for the segment was RM 139 million during the similar quarter.
“As at the date of this report, CCKSB is a 35%-owned associate company of the Company. Upon completion of the proposed acquisition, Fast Energy will hold 70% equity interest in CCKSB and accordingly, CCKSB will become a subsidiary. This proposed acquisition is subject to the approval from shareholders at the forthcoming Extraordinary General Meeting.”
“Premised on the above and the growing demand for marine fuel oils as global trade and shipping activities gain momentum following reopening of economies, Management is cautiously optimistic on the overall prospects of this business segment barring any unforeseen circumstances.”
With the signing of the share sale agreement for the disposal of 100% equity interest in Cape Technology Sdn Bhd, the Group will be focusing on the oil bunkering, petroleum trading and renewable energy business segments going forward, it said.
Related: Malaysia: Fast Energy proposes acquisition of CCK Petroleum Sdn Bhd shares
Related: Malaysia: Fast Energy proposes disposal of Cape Technology over bunkering ambition
Related: Malaysia: Fast Energy bunkering operations record RM 213,000 net profit in Q2 2021
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