KUALA LUMPUR: Dagang NeXchange Bhd (DNeX) reaps RM100 million per year from the Customs Department's National Single Window (NSW) for Trade Facilitation concession.
“The Customs Department had recently extended our NSW concession for a further two years. We earn about RM90 million to RM100 million per year from this concession,” said DNeX deputy executive chairman Datuk Samsul Husin, adding that charges are based on usage by customers.
Two months ago, DNeX told the stock exchange that its wholly-owned unit Dagang Net Technologies Sdn Bhd had received a contract extension from the government for the NSW for Trade Facilitation.
The concession encompasses eDeclare, ePCO, ePermit, ePermitSTA, eManifest and ePayment, which provide the trading community to be directly connected to the Customs Department and relevant agencies for import and export document approvals.
The two-year extension runs from September 1, 2019 until August 31, 2021. DNex is the concession operator since its launch in 2009.
"We remain committed to offering top notch eServices in trade facilitation," Samsul told reporters at "MID GEMS" Corporate Day showcase organised by Bursa Malaysia and Malaysian Investor Relations Association (MIRA) here today.
On reports DNeX was keen to sell its 30 per cent stake in Ping Petroleum, which it invested US$10 million for the stake in 2015, Samsul said: “Yes, we are in talks with several parties but I cannot elaborate further on this at the moment."
Ping Petroleum is currently drilling for oil and gas with Hibiscus Petroleum Bhd in the Anasuria Cluster, 175km east of Aberdeen in the UK Central North Sea.
Ping Petroleum’s founders include its chairman David Roy Phillips, chief executive officer Ning Zhang and chief operating officer Paul Baltensperger, all of whom are former technical and management executives of Newfield Exploration Company. It has offices in the UK and Malaysia.
Last year, Ping Petroleum contributed RM22 million to DNeX’s net profit, down slightly from RM22.2 million in 2017.
Some analysts have estimated DNeX' 30 per cent stake in Ping Petroleum to be worth around RM200 million.