Malaysia-listed Fast Energy Holdings Berhad on Monday (28 February) posted a 373.6% decrease in net profit for its financial year of 2021 (FY 2021).
Group loss was mainly attributable to one-off losses on disposal of wholly-owned subsidiaries, Oriem and Techfast Precision Sdn Bhd (TPSB) of RM 3.11 million coupled with higher overhead operating expenses.
The company recorded net loss of RM 5.68 million (USD 1.35 million) in FY 2021, compared to net profit of RM 2.08 million in FY 2020; revenue in FY 2021 was RM 194.70 million, 773.7% more than revenue of RM 22.28 million in FY 2020.
The jump in revenue was attributable to the oil bunkering business which reported a full year’s operations compared with half a month’s operations last year when it commenced operations in mid-December 2020.
Its bunkering, vessel chartering and petroleum trading segment generated external sales of RM 175.52 million in FY 2021, significantly more than external sales of RM 4.02 million in FY 2020.
Fast Energy’s oil bunkering business recorded profit before tax (PBT) of RM 0.50 million for the year compared to RM 0.01 million last year.
As at 31 December 2021, the company recorded advances amounting to a total of RM 10.92 million provided as financial assistance to CCK Petroleum Sdn Bhd (CCK) by the Company. This was provided in the ordinary course of business and to facilitate the running of the operations and affairs of CCK for the petroleum trading business.
“In an effort to expand Fast Energy Group’s revenue and profits as well as diversify its earnings base, the Fast Energy Group is diversifying its principal activities to include oil bunkering, vessel chartering and petroleum trading business, thereby reducing its reliance on its manufacturing business segment,” it stated.
“This new business segment commenced operations under its wholly-owned subsidiary, Fast Energy Sdn Bhd (FESB) in December 2020 and management hopes that this business will contribute to group profit going forward.
“The recent increase in oil prices results in higher working capital requirements from oil bunkering players as supply needs to be secured at higher cost. This also dampens the profitability for this business segment. However, with the inflow of funds from the rights issue, management will be able to utilise the proceeds as working capital to fund a larger supply volume for our customers.
“Taking into consideration 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.”
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Cash of SGD 4.43 million and USD 243,100, and one piece of 100-gram gold-coloured bar recovered in safe belonging to Abdul Latif Bin Ibrahim kept at Extra Space warehouse storage facility, show court documents.
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.