Serba Dinamik concludes FY22 with a whopping RM1.09 bil net loss

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KUALA LUMPUR: Financially troubled oil and gas services provider Serba Dinamik Holdings Bhd continued to bleed in its fourth quarter ended June 30, 2022 (4QFY22) with a net loss of RM327.76 million or loss per share of 8.84 sen, on the back of RM170.25 million in revenue.

This marked its fourth consecutive loss-making quarter, following net losses of RM42.11 million for 1QFY22, RM290.33 million for 2QFY22 and RM434.19 million for 3QFY22.

There are no comparison figures due to the group’s change in financial year end to June 30 from Dec 31 last year.

For the full financial year ended June 30, 2022 (FY22), the Practice Note 17 firm recorded a whopping annual net loss of RM1.09 billion with RM1.35 billion revenue.

Compared with its immediate preceding quarter, Serba Dinamik’s 4QFY22 net loss narrowed despite revenue dropping 17.15% from RM205.48 million, mainly due to lesser activities in operations and maintenance (O&M) segment, especially from Qatar, the United Arab Emirates and Malaysia, it said.

The O&M segment remained as the largest contributor to the group’s revenue in 4QFY22, contributing RM159.8 million, although lower than the RM193.74 million recorded for 3QFY22.

Both its information & communications technology (ICT) and education & training (E&T) also recorded lower revenues on a quarter-on-quarter basis. ICT’s revenue dropped to RM297,000 in 4QFY22 from RM2.69 million in 3QFY22, while E&T segment saw revenue fall to RM1.67 million from RM2.05 million.

Nonetheless, the lower revenues were partially offset by engineering, procurement, construction and commissioning (EPCC) segment, which posted a higher revenue of RM8.49 million in 4QFY22, compared with RM7 million in 3QFY22, on the back of an uptick in EPCC activities in the UK, Malaysia and Bahrain.

On prospects, despite the completion of the statutory audit, Serba Dinamik’s board of directors anticipated the group’s operations to remain challenging, and pledged to resolve the ongoing issues, including the restructuring and regularisation plan.

Serba Dinamik’s share price closed 0.5 sen or 14.29% lower at three sen on Tuesday (Aug 30), giving it a market capitalisation of RM112 million.

Source : The Edge Markets

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