KUALA LUMPUR (Sept 3): Dayang Enterprise Holdings Bhd, whose share price hit a four-month high of RM1.52 on Aug 22 prior to the release of its latest quarterly earnings, announced today that its unit has been awarded a 15-month contract by Petronas Carigali Sdn Bhd.
The contract was awarded to its wholly-owned subsidiary Dayang Enterprise Sdn Bhd for the provision of hook-up, commissioning, and topside major maintenance services for Petronas Carigali in Peninsular Malaysia, the group said in an exchange filing today.
Dayang said the contract, which expires on Nov 15, 2020, is expected to contribute positively to the group’s earnings over the contract duration.
On Aug 23, Dayang announced a 42% net profit growth in its second quarter, thanks to higher profit margin and revenue, with lower finance costs and expenses.
As such, net profit for the quarter ended June 30, 2019 grew to RM55.09 million from RM38.85 million, while revenue climbed 12% to RM247.18 million from RM221.28 million, mainly due to higher vessel use and higher work orders received and performed under the topside maintenance contracts, the group said.
At market close today, shares of Dayang slipped three sen or 2.16% to RM1.36, bringing a market capitalisation of RM1.31 billion.