Malaysia: Fast Energy revenue up 948.8% on year to MYR 50.5 million in Q1 2022
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Malaysia-listed oil bunkering and renewable energy provider Fast Energy Holdings Berhad (Fast) on Monday (30 May) published its report for the first quarter (Q1) of 2022 ended 30 March 2022.
The firm posted net loss of MYR 1.71 million (USD 391,721) in Q1 2022, 10.7% more from net loss of MYR 1.55 million in Q1 2021.
Overall revenue in Q1 2022 was MYR 50.54 million, up 948.8% from revenue of MYR 4.8 million in Q1 2021.
The company recorded net profit of MYR 241,000 for its bunkering, vessel chartering and petroleum trading operations during Q1 2022. Revenue for the segment was MYR 50.5 million during the similar quarter.
“To further enhance the earnings of the Group, the Company proposed to acquire another 175,000 ordinary shares in CCK Petroleum Sdn Bhd (CCKSB), representing a 35% equity interest,” said the company.
“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.
“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.”
Manifold Times on 13 May reported Fast Energy proposing the disposal of subsidiary Cape Technology Sdn Bhd to finance the operational expenses of its oil bunkering, marine oil trading and renewable energy business.
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Photo credit: Esmonde Yong on Unsplash
Published: 31 May, 2022
