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Higher profit for Serba Dinamik in Q2 on increased oil and gas works

KUALA LUMPUR: Serba Dinamik Holdings Bhd’s net profit increased 26.96 per cent to RM130.44 million in the second-quarter (Q2) ended June 30, 2019, from RM102.74 million a year ago.

The oil and gas services provider said this was on the back of higher call out works for operations and maintenance (O&M) and engineering, procurement, construction and commissioning (EPCC) activities.

Its Q2 revenue jumped 42.5 per cent to RM1.14 billion from RM804.13 million on higher contribution from the O&M segment, particularly for the maintenance, repair and overhaul activity in Malaysia, Indonesia and the Middle East region.

For the first-half of 2019, Serba Dinamik’s net profit rose 24.16 per cent to RM242.59 million from RM195.39 million, while revenue surged 38.56 per cent to RM2.12 billion from RM1.53 billion.

The company still believes maintenance works are required especially on the mid and downstream sector, despite the volatility in the market.

“We have been actively engaging and participate in various bidding to capture more market in the maintenance space.”

Serba Dinamik declared second interim single tier dividend of 2.7 sen per share for the year ending December 31, 2019, payable on September 30.