WASCO RECORDS NET PROFIT OF RM25.02 MLN IN 3Q

KUALA LUMPUR, Nov 28 (Bernama) -- Wasco Bhd recorded a net profit of RM25.02 million in the third quarter ended Sept 30, 2024 (3Q 2024) compared with RM27.41 million posted in the same quarter last year.

Revenue stood at RM635.99 million versus RM691.23 million previously, the energy solution provider said in a filing with Bursa Malaysia today.

For the first nine months of its financial year ending Dec 31, 2024 (9M FY2024), its net profit surged to RM117.77 million against RM73.18 million in 9M FY2023, while revenue climbed to RM1.98 billion from RM1.80 billion.

In a separate statement, Wasco said it reported a 60 per cent surge in net profit after tax and minority interest (PATAMI) to RM118.0 million for 9M FY2024.

“The group’s revenue rose 10 per cent to RM1.98 billion, supported by robust project execution and operational efficiencies.

“As at Sept 30, 2024, the group’s total order book remained strong at RM3.0 billion, with the energy services division contributing more than 90 per cent of the total,” it said.

The company added that its tendering pipeline is strong, with a current healthy tender book of RM9.6 billion, giving it solid visibility for future growth.

“The energy services segment, which includes pipeline coatings, engineering and fabrications, recorded an 11.8 per cent increase in revenue, contributing RM1.8 billion year-to-date (YTD), driven by timely project execution.

“The bioenergy services segment, which produces biomass boilers and turbines, saw a slight four per cent decline in revenue to RM201.0 million, attributed to the timing of deliveries of completed turbine units,’” it said, adding that YTD, the segment has completed 12 boilers and sold 54 turbines, each accompanied by a two-year maintenance contract.

On prospect, Wasco’s managing director/group chief executive officer Giancarlo Maccagno said despite the global uncertainties in the energy market, the company is optimistic about maintaining its growth trajectory.

“With a clear strategy and operational momentum, we remain confident in delivering long-term value for stakeholders while advancing decarbonisation efforts,” he added.

-- BERNAMA