KUALA LUMPUR: Wasco Bhd is confident of delivering profitability over the next 12 to 18 months, on the back of a robust RM3.2 billion order book and ballooning tenderbook of RM7.25 billion for its pipe coating, energy services and bioenergy services business.
Wasco managing director and group chief executive officer Gian Carlo Maccagno said if the group secured these jobs, it would be executing them within the next one to three years.
"With 90 to 95 per cent of our business conducted outside of Malaysia, we see a short-term market opportunity of RM13 billion globally, promising very strong years ahead," Maccagno told reporters at a media briefing themed 'Navigating the Future of Energy' during Wasco's Investor Day.
Maccagno said the company also aims to achieve this through optimised portfolio management, prudent financial strategies, sustainable growth and consistent profitability.
On the pipe coating outlook, he said although the market demand in general continues to be driven by traditional oil and has (energy security), there is rising demand in carbon capture and hydrogen (energy transition).
On delivering traditional energy markets, he said Wasco's geographic position in the Middle East, Africa and Asia Pacific gives it a strategic advantage, due to substantial investments in traditional oil and gas projects in these regions with opportunities to expand to the South American market.
Maccagno said the company also sees biomass waste as a huge potential for Wasco, formerly known as Wah Seong Corp Bhd.
It has operated this business for three decades and has helped install 2.5mw of bioenergy plants in Indonesia and Malaysia.
With 1,695 turbines in operation and 2.54 GW of biomass energy power plants installed, Wasco's bioenergy services generated RM289 million in revenue and RM48.4 million in pre-tax profit in 2023, setting new industry standards.
"We are one stop provider, an integrated value chain facilitating the end-to-end process of biomass energy generation," said Maccagno.
Wasco's steady performance was evident in its Q1 FY2024 results, with a 21 per cent year-on-year increase in revenue to RM644.0 million and significant growth in net profit.
"We are poised for continued growth, leveraging our expertise, resources, and partnerships to seize emerging opportunities in the global energy landscape," he added.
Wasco, established in 1999, has a global presence across 16 countries.