KUALA LUMPUR, Aug 24 (Bernama) -- 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:
 
1. Revenue Surge: Wasco Berhad achieved a remarkable 10.1% 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% to the revenue stream.
 
2. Profitability Outpaces Consensus: The first half of 2023 saw a Net Profit of RM62.4 million, constituting an impressive 77.6% of the Full Year Analyst Consensus. Furthermore, PATMI increased by an astonishing 104% to RM45.8 million in comparison to the corresponding period last year.
 
3. Order Book Flourish: The Group's Order Book flourished with an impressive 10% uptick this quarter, culminating in a substantial RM3.9 billion worth of orders. The Energy Division, notably, secured new pipe coating projects, including the noteworthy Rosemari Marjoram project in offshore Sarawak.
 
4. Gearing Ratio Improvement: The gearing ratio continues to improve to 1.27 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.
 
ESG Commitment Shines:
 
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 in where it operates, in alignment with United Nations Sustainability Development Goals.
 
Mr. Giancarlo Maccagno, MD/GCEO 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 capitalize on future growth opportunities.

About Wasco Berhad:

 
Wasco Berhad is a leader in energy services solutions known for its unwavering commitment to excellence, innovation, and ESG principles. Propelled by the dynamic pace of the energy sector and rising demand, the Company today continues to build upon its success to effectively meet the needs of both the energy as well as non-energy sectors as a globally integrated infrastructure group. Listed on the Main Market of Bursa Malaysia Securities Berhad, Wasco has established its footprint in 17 countries worldwide – a feat made possible as a result of its vast technical experience and proven track record. As a rising global player, Wasco is committed to achieving success in a holistic manner whereby its economic ambitions are balanced out with its societal and environmental obligations.
 
Forward-Looking Statements:
 
This press release includes forward-looking statements that capture the company's present expectations and projections regarding future events. These statements are not guarantees of future performance, and actual results may differ materially from those expressed or implied in this press release.

SOURCE: Glenreagh Sdn Bhd 

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Ariesza Noor
Chief Strategy Officer
Email: ariesza.noor@wascoenergy.com

--BERNAMA