Serba Dinamik net profit up at RM113mil

Serba Dinamik net profit up at RM113mil

PETALING JAYA: Engineering service provider Serba Dinamik Holdings Bhd has posted a 36% jump in net profit to RM113.16mil for the third quarter ended Sept 30 from RM83.23mil a year earlier, thanks to an increase in its maintenance, repair and overhaul or MRO activities in Qatar, the United Arab Emirates (UAE), Kuwait and Malaysia.

In a filing with Bursa Malaysia, the group also attributed the surge in profit to its engineering, procurement, construction and commissioning segment, which was mainly derived from its chlor-alkali plant in Tanzania and activity with the New Thunder project in the UAE.

“The segment recorded an operating profit of RM16.2mil, yielding a gross margin of 15.2%,” it said in the filing.

Its revenue for the quarter rose more than 35% to RM1.05bil from RM770.2mil a year ago, driven by its operations and maintenance (O&M) segment.

Serba Dinamik said its O&M segment contributed about 88.6% or RM925.77mil to the group’s total revenue during the third quarter.

On a geographical segmentation review, Serba Dinamik’s Malaysian operations contributed 25.3% or RM264.74mil revenue in the third quarter, while the Middle East region contributed RM669.95mil or 64.1%.

Cumulatively, Serba Dinamik’s net profit for the first nine months of the financial year ending Dec 31, 2019 (FY19) surged almost 28% to RM355.76mil compared with RM278.61mil previously.

Revenue for the period increased to RM3.17bil from RM2.31bil previously.

Serba Dinamik group managing director and CEO Datuk Mohd Karim Abdullah said: “We are near to the RM3.28bil revenue which we had achieved in FY18, based on the nine-month FY19 revenue itself of RM3.17bil.

“We are confident that the group is closing in on our internal double-digit growth target for both the top and bottom line for FY19.”

Serba Dinamik has declared a third interim single-tier, tax-exempt dividend of 2.34 sen per ordinary share, which is subject to the actual exercise of a share split and bonus issue, to be paid on Dec 30, 2019.Shares in Serba Dinamik closed one sen higher to RM4.30 yesterday.

By Abdul Qaiyum Alidin

The life of an ordinary guy, an engineer, a scientist, and a social media. Enjoy and have fun!

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Posts

%d bloggers like this: