WASCO DELIVERS BEST FINANCIAL PERFORMANCE IN FY2024, DECLARES 2 SEN DIVIDEND

KUALA LUMPUR, March 1 (Bernama) -- Energy solution provider Wasco Bhd delivered its best annual financial performance in the year ended Dec 31, 2024 (FY2024) with a 41.2 per cent jump in net profit to RM153.04 million.

Revenue grew to RM3.18 billion, up from RM2.61 billion in the preceding year.

It has declared a dividend of two sen per share -- its first payout since 2020, Wasco said in a statement today.

The company said it also capped 2024 with “exceptional” fourth quarter (4Q) results.

Revenue rose 22.9 per cent year-on-year (y-o-y) to RM984.40 million while net profit edged up to RM35.27 million from RM35.22 million a year earlier.

Quarter-on-quarter, Wasco’s net profit surged 41 per cent from RM25.02 million in 3Q FY2024.

“The sharp increase in profit was driven by higher revenue contribution during the quarter, supported by key project completions in the liquefied natural gas (LNG), industrial, carbon capture and renewable energy sectors,” it said.

The company said its record-breaking FY2024 performance was driven by strong execution across all business segments, with 4Q FY2024 delivering sharper growth momentum.

It said the energy services division posted full-year revenue of RM2.6 billion, up 14 per cent from RM2.3 billion in FY2023. Revenue in 4Q FY2024 stood at RM856.6 million, versus RM722.5 million in the same period in 2023.

During the financial period, the pipeline services unit completed 570 kilometres of pipeline coating for Qatar’s North Field Expansion Project, a key LNG infrastructure initiative.

As for its bioenergy services division, Wasco said it delivered revenue of RM276.7 million for the year and RM75.2 million in 4Q FY2024.

As the group continues to serve the energy industry through sustainable growth and services, the division expanded its clean energy portfolio while advancing its waste-to-energy and circular economy initiatives, aligned with Wasco’s Sustainable Transition Finance Framework.

Cumulatively, over the years, a total of 1,764 units of turbine have been sold, which further drives significant opportunities for the bioenergy services division from its after-sales services which contributed about 34 per cent and 28 per cent of total revenue for FY2024 and FY2023, respectively.

Outlook for 2025

Wasco said it entered 2025 with strong momentum, backed by a tender book of RM10.4 billion with a secured order book of RM2.5 billion, ensuring earnings visibility and diversified growth potential.

“Our record-breaking FY2024 and stellar 4Q results surpassed market expectations, a testament to our ability to seize market opportunities, optimise operations, and sustain profitability,” Wasco group chief executive officer Giancarlo Maccagno said.

“This performance reflects our strong business fundamentals, and we are pleased to declare our first dividend since 2020 -- reinforcing our confidence in Wasco’s long-term growth and commitment to creating value for our shareholders.”

Wasco said the group is well-positioned to continue its momentum in FY2025, with key ongoing projects globally driven by its outstanding execution capabilities and commitment to safety and excellence.

Additionally, the bioenergy services division continues to drive expansion in biomass energy generation, with further strategic opportunities under evaluation to further unlock shareholder value.

“We are not just meeting targets; we are seizing opportunities to innovate, expand, and create lasting impact. Wasco is shaping the future of energy with integrated solutions for both traditional and clean energy markets,” he said.

-- BERNAMA