News

Handal Energy breaks six-year streak of losses by posting net profit for FY2021

KUALA LUMPUR, Aug 25  -- Handal Energy Bhd has returned to the black for the financial year ended June 30, 2021 for the first time since financial year 2016, recording a net profit of RM227,000 against a net loss of RM25.28 million in the same period a year ago fuelled by new contracts.

Its revenue, however, slipped to RM73.69 million versus RM87.34 million.

The energy solutions and services provider to the oil and gas industry recorded basic earnings per share of 0.10 sen from a loss per share of 11.57 sen.

Group managing director Sunildeep Dhaliwal said the group has done exceptionally well and is back on solid financial footing whereby the company has broken its six-year streak of losses, which is a strong testament to the management’s business turnaround strategies.

“Our financial performance this year confirms the progress of Handal’s financial turnaround. We are proud that all our efforts during the financial year are now bearing fruit, thanks to the group's operational excellence processes as part of our turnaround drive that has resulted in successful delivery despite the global challenges due to the pandemic."

Looking ahead, Handal remains focused on implementing plans that will ensure business sustainability and profitability, with more project tenders in the pipeline.

“We remain confident and determined to continue our efforts to improve our bottom line in the coming quarters,” added Sunildeep.

-- BERNAMA

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