EPIC CHALKS UP RECORD REVENUE OF RM403.8 MLN FOR FY2024

KUALA LUMPUR, Feb 18 (Bernama) -- Eastern Pacific Industrial Corporation Bhd (EPIC), a subsidiary of the Terengganu state government, achieved record revenue of RM403.8 million in the 2024 financial year.

Group chief executive officer Muhtar Suhaili said the achievement was an increase of RM59.8 million compared to RM344.0 million in the previous year.

"The results, subject to audit, show earnings before interest, tax, depreciation and amortisation (EBITDA) of RM95.8 million and profit before tax (PBT) of RM44.0 million.

"Profit after tax (PAT) jumped to RM28.4 million, three times higher compared to the RM8.9 million recorded last year and well above the target of RM14.5 million while the company's net asset value (NAV) also increased to RM700.2 million," he said at the strategic partnership signing ceremony between EPIC and seven strategic business partners here today.

Also present at the ceremony was Nurkhuzaini Ab Rahman, Terengganu chairman of the Digital Economy, New Income, Trade, Industry and Green Technology Committee representing Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar.

Muhtar said EPIC signed several memorandums of understanding (MoUs) as well as strategic agreements with seven business partners as an effort to boost socioeconomic and industrial development in Terengganu.

He said this collaboration covers various strategic initiatives including port expansion projects, liquefied natural gas (LNG) infrastructure development, offshore field management, maintenance services, decommissioning solutions and talent development.

Muhtar said the collaboration is important in driving the company's future growth in addition to maintaining the positive momentum achieved in 2024, with the intention of driving innovation, increasing operational capabilities and maintaining the positive momentum of last year's achievements.

During the ceremony, EPIC and E&H Energy Sdn Bhd signed an MoU for a land lease for the development of the Kemaman Port LNG terminal.

EPIC OG Sdn Bhd, a subsidiary of EPIC, and Begas Energy Sdn Bhd also signed a cooperation agreement for terminal rehabilitation, maintenance and renovation services in Sabah.

Meanwhile, Nurkhuzaini said EPIC's collaboration with seven related companies will contribute to the state government's efforts to strengthen competitiveness and the local economy, in addition to strengthening EPIC's position as one of the industry leaders in Terengganu.

"This collaboration is expected to open up more opportunities for EPIC to continue to improve the company's capabilities, provide competitive services and provide great benefits to the people and the economy of Terengganu," he said.

EPIC, established on Jan 17, 1981, is a Terengganu government-linked company under the Terengganu Inc Group that operates as an integrated oil and gas service provider for the upstream and downstream value chain. 

Its core business is in providing base services for the offshore oil and gas industry, in addition to port management, engineering and marine services as well as engineering and maintenance services.

-- BERNAMA