Wasco Berhad (WASCOMK: 1542), a leading energy services company, proudly announces its robust financial performance for the first half of 2023, demonstrating unwavering resilience, dynamic growth, and steadfast commitment to Environmental, Social, and Governance (ESG) principles.
Key Financial Highlights:
- Revenue Surge: Wasco Berhad achieved a remarkable 11 per cent surge in revenue for the first half of 2023 compared to the same period last year. Total revenue reached a commendable RM1.3 billion, with the energy division contributing a significant 60 per cent to the revenue stream.
- Profitability Outpaces Consensus: The first half of 2023 saw a Net Profit of RM62.4 million, constituting an impressive 77.6 per cent of the Full Year Analyst Consensus. Furthermore, PATMI increased by an astonishing 104 per cent to RM45.8 million in comparison to the corresponding period last year.
- Order Book Flourish: The Group’s Order Book flourished with an impressive 10 per cent uptick this quarter, culminating in a substantial nine billion worth of orders. The Energy Division, notably, secured new pipe coating projects, including the noteworthy Rosemari Marjoram project in offshore Sarawak.
- Gearing Ratio Improvement: The gearing ratio continues to improve to 27 as compared to 1.36 at the end of last year. This lower gearing reflects a strengthening of the balance sheet, enhancing the company’s financial stability.
Wasco Berhad’s resolute commitment to ESG principles is a defining pillar of its corporate ethos. The Group embarked on significant initiatives to reduce its carbon footprint. Pioneering a cleaner energy future, Wasco Berhad adopted the Green Energy Tariff for its primary pipe coating operations in Malaysia and initiated the installation of solar panels to reduce its Scope 1 GHG emissions. During the period, the Group recorded 9,937 tCO2e of GHG emissions.
Championing diversity, equity, and inclusion, the Group is resolute in its mission to foster gender equality, having set clear targets to increase the composition of women in leadership positions. The Group also outlines its social impact projects that involve the local communities where it operates, in alignment with United Nations Sustainability Development Goals.
Giancarlo Maccagno, managing director and group chief executive officer of Wasco Berhad, expressed his pride in the achievements and ESG dedication, stating, “We are immensely proud of the achievements recorded in the first half of 2023. These results, coupled with our dedication to ESG and our commitment to creating value for all stakeholders, underscore our holistic approach to business excellence.”
Wasco Berhad remains committed to delivering value to all its shareholders, employees, partners, and the planet, and is well-positioned to capitalise on future growth opportunities.
Source: Wasco Berhad
