In the latest installment of Kuala Lumpur news, Propel Global Berhad has reported a notable 43.3 per cent increase in revenue, reaching RM35.1 million for Q2 FY2024, up from RM24.5 million in the same period the previous year.
Despite facing market challenges and seeing a decrease in profit before tax to RM0.9 million from RM2.6 million in Q2 FY2023, the oil and gas services provider is making strategic adjustments for operational optimization.
The company’s oil and gas segment led the revenue increase, followed by growth in the Technical Services segment and the promising introduction of an ICT segment, contributing to the company’s diversification efforts. Group Executive Director/CEO Angeline Lee emphasized Propel Global’s dynamic strategy and focus on digital transformation within the energy sector, aiming to capitalize on Malaysia’s National Energy Transition Roadmap and the New Industrial Master Plan 2030 for sustainable growth. Additionally, a significant stride towards a cleaner energy future has been made through the partnership between Gentari Sdn Bhd and SEDC Energy Sdn Bhd to establish the Sarawak H2 Hub in Bintulu, Sarawak.
This venture, which was announced at the Borneo Energy Transition Conference, aims to position Malaysia as a leader in green hydrogen production, aligning with Sarawak’s Hydrogen Economy Roadmap and supporting the state’s ambition to become a commercial hydrogen producer by 2027.
Gentari, SEDC Initiate Hydrogen Hub
Kuala Lumpur, Feb 26: In a significant stride towards a cleaner energy future, Gentari Sdn Bhd, through its subsidiary Gentari Hydrogen Sdn Bhd, has partnered with SEDC Energy Sdn Bhd, a subsidiary of the Sarawak Economic Development Corporation, to establish a centralized hydrogen production hub in Bintulu, Sarawak, dubbed the Sarawak H2 Hub.
This groundbreaking initiative was officially announced during the Borneo Energy Transition Conference (BETC2024) in Kuching, with the exchange of the Heads of Agreement (HOA) witnessed by the Premier of Sarawak, Datuk Patinggi Tan Sri (Dr) Abang Johari Tun Abang Haji Openg. Tasked with spearheading Sarawak’s new energy ecosystem, SEDCE aligns with the state government’s commitment to embracing new, cleaner energy forms.
The Sarawak H2 Hub aims to position Malaysia, and Sarawak in particular, as a leader in green hydrogen production within the ASEAN region.
Leveraging the state’s abundant sustainable resources, the hub will supply green hydrogen to downstream facilities in the Bintulu division, with operations managed by a joint venture between Gentari and SEDCE.
Michèle Azalbert, Chief Hydrogen Officer at Gentari, emphasized the company’s dedication to developing the local hydrogen economy in harmony with Sarawak’s Hydrogen Economy Roadmap and the broader Malaysian government’s Hydrogen Economy and Technology Roadmap (HETR). This initiative is set to decarbonize critical sectors such as energy, transportation, and petrochemicals, underlining the growing global demand for low-carbon hydrogen derivatives.
Robert Hardin, CEO of SEDCE, highlighted the strategic partnership’s potential to catalyze further development and attract new investments in the new energy sector, marking Sarawak’s ambitious goal to become a commercial hydrogen producer by 2027 and transition into a hydrogen economy.
This collaboration builds on a previous Strategic Collaboration Agreement between Gentari and SEDC Energy, aiming to explore clean energy solutions and contribute to Sarawak’s policy and regulatory energy framework, underscoring a shared commitment to sustainable energy transition.
Artroniq Reports Q2 FY2024 Results with Strategic Focus on ICT and Semiconductor
Kuala Lumpur, Feb 26: Artroniq Berhad, a prominent player in the ACE Market, today announced its financial performance for the second quarter of fiscal year 2024. Despite slight revenue decline to RM15.4 million from RM16.0 million in the first quarter, the company showcased resilience amidst tough market conditions, particularly in its core ICT and semiconductor segments.
The ICT segment, contributing RM12.9 million, experienced a slowdown in project progression compared to the previous quarter, impacting overall revenue. Loss Before Tax remained steady, with a minor increase to RM0.2 million from RM0.1 million, attributed to currency exchange fluctuations.
Artroniq’s management team remains optimistic, emphasizing strategic focus on ICT and semiconductor sectors as key drivers for future profitability and growth. With a change in financial year-end to 30 June, the company does not provide year-on-year comparative figures. Artroniq is committed to innovation and strategic development to navigate market dynamics and achieve long-term success.
Propel Global Achieves 43.3pct Revenue Growth
Kuala Lumpur, Feb 26: Propel Global Berhad announced a significant revenue increase of 43.3 per cent to RM35.1 million in the second quarter of fiscal year 2024, compared to RM24.5 million in the same period last year.
Despite market challenges, the oil and gas services provider saw a profit before tax of RM0.9 million, down from RM2.6 million in Q2 FY2023, as it undergoes strategic adjustments and operational optimization.
The oil and gas segment led with a revenue surge to RM18.5 million from RM11.5 million in Q2 FY2023, while the Technical Services segment also showed growth, generating RM15.6 million in revenue. Additionally, the newly introduced ICT segment contributed RM1.0 million in revenue, marking a promising diversification effort.
Group Executive Director/CEO Angeline Lee highlighted the quarter’s success as reflective of Propel Global’s dynamic strategy and expansion into digital transformation within the energy sector.
With the focus on engineering, digital innovation, and cleaner energy solutions, Propel Global is set to capitalize on opportunities presented by Malaysia’s National Energy Transition Roadmap and the New Industrial Master Plan 2030, driving sustainable growth and value creation for stakeholders.
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