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Parent of Malaysia bunkering firm Inter-Century posts profit

01 Mar 2018

Malaysia-listed Ahmad Zaki Resources Berhad (AZR), the parent company of Kemaman-based bunkering firm Inter-Century SDN BHD, recorded a 4.8% increase in net profit for its financial year ended 2017.

It posted net profit of RM 25.8 million ($6.57 million) in 2017 compared to RM 24.6 million in 2016, according to latest financial statements.

Overall revenue in 2017 was RM 960.7 million, down 25% from RM 1.2 billion in the previous year.

AZR has various operations in the engineering & construction, oil & gas, plantation, property and other sectors.

The oil & gas division operates in the East Coast of Peninsular Malaysia, running the Tok Bali Supply Base (TBSB) that services offshore supply vessels and oil rigs in the North Malay Basin, Malaysia-Thailand Joint Development Area, and Malaysia-Vietnam Commercial Arrangement Area.

It also provides bunkering services out of Kemaman Supply Base through Inter-Century SDN BHD.

Revenue for the oil and gas division increased 55.5% to RM 54.3 million in 2017, versus RM 34.9 million in the previous year, due to increased bunkering activity at Kemaman Supply Base, as well as revenue generated from Tok Bali Supply Base during the year.

“The oil and gas sector, while still challenging, has shown signs of improvement as the price of crude oil has seen a steady increase during the recent months and currently sustained above USD60 per barrel,” it says.

“From being only a pure bunkering operator out of Kemaman Supply Base, the division’s prospects are positive with the inclusion of TBSB as a full-fledged supply base in East Coast of Peninsular Malaysia during the year.

“Going forward, the group intends to continue to invest and install more facilities to better accommodate current customers as well as to attract more customers to set up their base of operations at TBSB.”

Dato’ Sri Wan Zakariah bin Haji Wan Muda, Group Managing Director of AZR, is pleased with the company performance.

“The group has performed well operationally, particularly the plantation division which achieved EBITDA positive in the fourth quarter. We are focused on the performance for the upcoming year,” he says.

“With improvements in the efficiency of the engineering & construction division, the plantation division turning around, and oncoming ramp up in activity and clientele in Tok Bali Supply Base expected during the year, we are optimistic that the group will achieve creditable financial performance in 2018.”

Photo credit: Ahmad Zaki Resources
Published: 1 March, 2018
 

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