MINETECH Resources Bhd executive chairman Datuk Awang Daud Awang Putera has every reason to celebrate yesterday after being forced to dispose 8.5 million shares in Serba Dinamik Holdings Bhd due to technicalities stemming from margin call.
The co-founder of the global integrated oil & gas (O&G) engineering services provider was cheerful after seeing Minetech returning to the black with a net profit of RM5.07mil for the company’s 4Q FY3/2021 (net loss in 4Q FY3/2020: RM20.80 mil).
On the same note, Minetech’s revenue also surged 89.5% year-on-year (yoy) and 44.6% quarter-on-quarter (qoq) to RM40.87 mil during the period under review (4Q FY3
/2020: RM21.57 mil; 3Q FY3/2021: RM28.26 mil).
For its entire FY3/2021, Minetech posted an earnings of RM403,000 from a net loss of RM21 mil in the same period a year ago while its revenue improved xxx% to RM95.02 mil (FY3/2020: RM82.24 mil).
A thrilled Awang Daud is upbeat with the company’s performance especially during the current challenging times.
“This is the second consecutive positive outcome which we had recorded since I took over the helm in March 2020 and I am quite confident that we would be able to keep up with the momentum moving forward,” enthused Awang Daud who is also Serba Dinamik’s non-independent non-executive director.
“The changes and transformation that we had brought into Minetech, particularly the corporate restructuring exercises, the introduction of a new management team and cost cutting measures across the board coupled with the current positive results proves that we are on the right track.”
On a separate development, Minetech which is one of Malaysia’s largest aggregate mining service providers, also revealed that it has been awarded a project to supply, design, construct, complete, test and commission telecommunication structures under the universal service provision (USP) and the Malaysian Communication and Multimedia Commission (MCMC) in Sarawak through Valsa (Sarawak) Sdn Bhd.
The project sites shall include but not solely limited to SMK Kubong, Sujan Estate, Kampung Danau, Kampung Angus Selatan and Kampung Kawang.
“We are expecting to achieve ameliorate operating margin this year through various diversifications into technology and innovation as well as via penetration into second-tier construction activities”, added Awang Daud.
At the close of market trading yesterday (June 11), Minetech was down 0.5 sen or 2.56% to 19 sen with 7.14 million shares traded, thus valuing the company at RM221 mil. – June 12, 2021
