KUALA LUMPUR (Aug 19): Dialog Group Bhd's net profit fell 11.57% to RM138.54 million in its fourth quarter ended June 30, 2021 (4QFY21), from RM156.68 million a year earlier, on the back of higher operating expenses and lower revenue.

Earnings per share stood at 2.46 sen, against 2.78 sen previously, the onshore tank operator's bourse filing showed.

Quarterly revenue fell 3.3% to RM522.14 million, from RM539.94 million, on weaker contributions from the group's downstream activities.

The group has proposed a final dividend of 1.9 sen, bringing its total dividend for the financial year ended June 30, 2021 (FY21) to 3.1 sen — unchanged from FY20.

For FY21, Dialog's net profit fell 13.84% to RM543.14 million or 9.63 sen per share, from RM630.36 million or 11.18 sen in FY20, amid weaker contributions from downstream operations, offset by higher international and midstream operations' earnings.

The weaker bottom line was also due to the absence of last year's one-off fair value gain of RM28.5 million, Dialog said.

Full-year revenue fell 30.11% to RM1.61 billion, from RM2.3 billion in FY20, again due to contraction in downstream contributions as well as reduced business activities in the international front.

"Despite the lower revenue and net profit reported in the downstream activities, the group saw increased contributions from its recurring income business such as midstream business," said Dialog.

"The storage capacity of Dialog Terminals Langsat and Pengerang Independent Terminals Sdn Bhd, at 770,000 m3 and 1,780,000 m3 respectively, continued to be fully leased out.

"In addition, the newly commissioned Dialog Terminals Pengerang 5 with storage capacity of 430,000 m3 dedicated to BP Singapore Pte Ltd commenced its commercial operations in March 2021," it said.

On prospects, Dialog said it has completed land reclamation for Phase 3 of the Pengerang Deepwater Terminals (PDT) as it continues its midstream operation expansion.

On the downstream segment, Dialog said the completion of PDT Phase 2 and refinery projects in Pengerang means that it is now actively involved in the plant maintenance services for both new and existing plants in the region.

Shares of Dialog slid four sen or 1.52% to RM2.60, valuing the group at RM14.68 billion.