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Serba Dinamik posts higher net profit of RM83.2m in Q3

KUALA LUMPUR: Serba Dinamik Holdings Bhd reported higher net profit in the third quarter (Q3) ended Sept 30, 2018 to RM83.2 million from RM68 million recorded in the same period last year.

Revenue rose to RM770.2 million from RM653.3 million previously due to strong activities from the operation and maintenance (O&M) segment.

In a filing with Bursa Malaysia, Serba Dinamik said O&M contributed 90.6 per cent of the group’s revenue, a 22.9 per cent increase year-on-year, that was mainly attributed to higher maintenance, repair and overhaul of rotating equipment activities in the Middle East, as well as inspection, repair and maintenance of static equipment and structure activities.

“The engineering, procurement, construction and commissioning (EPCC) segment recorded a lower revenue of RM69.2 million against the same quarter in 2017.

“EPCC activity was mainly derived from the water treatment plant project in Kuala Terengganu, hydro-power plant project in Kota Marudu, Sabah and the chlor-alkali plant project in Tanzania,” it said.

Net profit for the nine-month period ended Sept 30, 2018, expanded to RM278.6 million from RM229.5 million while revenue increased to RM2.31 billion from RM1.92 billion, previously.

Serba Dinamik said Malaysia remained the biggest country contributor at RM219.6 million in Q3, constituting 28.5 per cent of revenue.

“Meanwhile, the Middle East region is the highest contributor of revenue for the group on a regional level at RM470.5 million or 61.1 per cent of revenue for the quarter.

“The increase was mainly due to the servicing of more contracts in the United Arab Emirates and Bahrain due to higher call-up activity. The majority of the revenue from the Middle East is from O&M services,” it said.