KUALA LUMPUR: Propel Global Bhd's net profit rose to RM7.83 million in the fourth quarter ended June 30 204 from RM1.43 million a year ago, on a higher revenue of RM47.48 million.
Propel, a provider of oil and gas (O&G) services, posted a net profit of RM5.71 million for the full year, down from RM7.71 million.
Group revenue stood at RM176.0 million, reflecting a substantial increase of 56.82 per cent from RM112.3 million in FY2023.
Propel said the revenue growth was primarily driven by the technical services (TS) segment supported by a key construction project in Chuping, Perlis together with several other construction projects.
The O&G segment also saw its revenue rise to RM81.5 million from RM49.7 million in FY2023, supported by the ongoing engineering, procurement, construction and commissioning (EPCC) and marine heating, ventilation and air-conditioning projects.
Group chief exceutive officer and executive director Angeline Lee said its FY2024 results underscored the resilience and adaptability of its business model.
"The improvement in our revenue and the stability in profitability, reflect our strategic focus and operational efficiency. As we move forward, we remain committed to leveraging our strengths and pursuing opportunities that will drive sustainable growth and enhance value for our stakeholders."
She added that its strong cash position not only enables us to meet its financial obligations with confidence but also positions it well to capitalise on emerging opportunities.
"We are dedicated to continuing our growth trajectory by executing our projects efficiently and exploring new ventures."
Looking ahead, Propel Global said it is well-positioned to leverage its diversified portfolio and strong cash position to drive further growth.
The compay expects continued opportunities in the O&G sector, supported by Petronas' substantial capital expenditure plans.
In the construction sector, government-backed infrastructure projects are expected to sustain momentum, providing a robust pipeline of work.