Malaysia-listed port operator, logistics and bunkering services provider Suria Capital Holdings (Suria Group) posted a decrease in profits in the year ended 31 December 2017 (FY 2017).
The company recorded net profit of MYR 48.0 million ($12.2 million) in FY 2017, 27% lower than net profit of MYR 66.7 million in FY 2016.
Its total revenue in FY 2017 was MYR 332.7 million, a 29% increase from revenue of MYR 258.5 million a year earlier.
S.P. Satria Logistics, the Sabah-based logistics and bunkering services subsidiary of Suria Group, registered revenue of MYR 3.7 million in FY 2017, 23% lower than revenue of MYR 4.8 million in FY 2016.
“There was lesser volume achieved for the year (2.5 million litres) as compared to the previous year (3.2 million litres) due to challenges faced in the local market which was competitive, reduced demand from vessels and worsen by safety issues mainly in coastal areas of east Sabah which affected business activities with a neighbouring country,” it says.
“Nevertheless, going forward, the company is going to expand revenue base through supplying to international passing vessels, setting up fuel supply facility for tourists boats, logistics handling, heavy lifting and transportation of project cargoes as well as involving in the oil storage depot management and operation in collaboration with other players.”
Manifold Times in March reported Suria Group entering into a bunkering services agreement with Kota Kinabalu-based bunker supplier Minyak V.W. Enterprise.
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