Malaysia-listed Straits Energy Resources Berhad (SER), formerly known as Straits Inter Logistics, on Monday (28 February) posted a 117.4% on year increase in revenue for the first quarter (Q1) of 2022 spurred by expansion of its oil trading and bunkering services segment to Port Klang.
The group’s revenue in the current quarter increased by MYR 346.5 million (USD 78.8 million) to MYR 641.7 million, from MYR 295.2 million recorded in the corresponding quarter of the previous year.
“The increase was mainly contributed by the oil trading & bunkering services segment of RM 347.5 million as a result of its market expansion into Port Klang, besides riding on the recovery in the maritime industry and rising global oil prices.
“However lower revenue was generated by our port operation & management segment, which decreased by RM 0.9 million, due to lesser vessels calling during the quarter,” explained SER.
The company recorded net profit of MYR 1.06 million in Q1 2022, 50.1% higher than net profit of MYR 706,000 during Q1 2021.
Profit before tax (PBT) in the first quarter was MYR 1.6 million, down 44.8% against MYR 2.9 million in Q1 2021.
“This was mainly due the port operation & management segment churning in RM0.9 million lesser in revenue, and the STS segment incurring a RM1.6 million loss in initial setup cost, despite its associate contributing a profit of RM1.3 million,” said SER.
As an update, the company said its ship to-ship (STS) segment had successfully completed its maiden STS transfer on 10 May 2022, in a strategic collaboration with Fendercare Marine (Asia Pacific) Pte Ltd.
On the company’s prospects, the group had on 1 April 2022 announced the completion of acquisition of 90% equity interest in Sinar Maju Logistik Sdn Bhd.
“This acquisition will be a horizontal expansion of the Group’s port operation and facility management services, which will allow the Group to offer a broader range of related services within the port operation, logistics and transportation sector to provide additional value to clients and enhance the revenue and earnings of Straits Group,” it said.
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Photo credit: Straits Inter Logistics Berhad
Published: 27 May, 2022
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