Malaysia-listed Straits Energy Resources (SER), formerly known as Straits Inter Logistics, posted a rise in profit for the third quarter (Q3) of 2021 mainly due to increased revenue from its oil trading & bunkering services segment.
The group recorded profit before tax of RM 1.94 million in Q3 2021, 53.6% up from profit of RM 1.27 million in Q3 2020.
Its overall revenue grew 111% to RM 341.2 million in Q3 2021.
“The Group’s revenue in the current quarter surged by RM180.0 million to RM341.2 million, from RM161.2 million recorded in the corresponding quarter of the previous year.
“The increase was substantially attributed to the oil trading & bunkering services segment due to the recovery of the maritime industry and global oil prices compared to corresponding quarter,” it explained.
“The revenue from this segment itself increased by RM161.0 million.”
Its oil trading & bunkering services segment, meanwhile, posted a 114.6% on year increase in revenue to RM 337.7 million in Q3 2021, while profit for the similar segment grew by approximately three times to RM 743,000 in the similar quarter.
Moving forward, SER shares it is looking to widening its business coverage into Ship to Ship (STS) operations. The group in August received a letter of approval from Marine Department Malaysia for the development of STS Energy Transhipment Hub at Labuan.
“The new business is estimated to commence by December 2021 and the Group aims to be a major player in the Sustainable and Alternative Energy industry in addition to its current fuel bunkering and port operation business,” it notes.
“As the COVID-19 pandemic continues to pose challenges to the global business environment since its outbreak in March 2020, the economy outlook remains highly uncertain with the continuous mutation of the COVID-19 virus,” it adds.
“With the majority of the Group’s businesses being classified as essential services, the Group is able to continue operating and concurrently complying with the Standard Operating Procedures to ensure the safety and wellness of its employees and also to ensure the continuous growth and smooth execution of its expansion programs.”
Related: Straits Energy Resources in MOU with Baicells Technologies for 4G and 5G roll out
Related: Malaysia: Straits Energy Resources adds “Empower” to bunkering fleet
Related: Straits Inter Logistics undergoes name change to Straits Energy Resources
Related: Tumpuan Megah Development to collaborate with Petronas for bunker deliveries
Related: Straits Inter Logistics receives government approval to develop STS hub
Related: Straits Inter Logistics subsidiary to become STS operator at Victoria Bay, Labuan
Related: Malaysia: Straits Inter Logistics gears up for USD 3.6 million STS hub project
Related: Malaysia: Straits Inter Logistics posts 26% rise on year in profit for Q1 2021
Photo credit: Straits Energy Resources
Published: 26 November, 2021
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