KUALA LUMPUR: Wasco Berhad, an integrated energy services provider, reported a 60% surge in net profit after tax and minority interest (Patami) to RM118.0 million for the nine months ended Sept 30, 2024 (9MFY2024).
The Group’s revenue rose 10% to RM1.98 billion, supported by robust project execution and operational efficiencies.
As of Sept 30, 2024, the Group’s total orderbook remained strong at RM3.0 billion levels, with the Energy Services division contributing more than 90% of the total.
“Our tendering pipeline is strong, with a current healthy tenderbook of RM9.6 billion, giving us solid visibility for future growth,” said managing Director/Group CEO, Giancarlo Maccagno.
The Energy Services segment, which includes pipeline coatings, engineering and fabrications, recorded an 11.8% increase in revenue, contributing RM1.8 billion year-to-date, driven by timely project execution. The Bioenergy Services segment, which produces biomass boilers and turbines, saw a slight 4% decline in revenue to RM201.0 million, attributed to the timing of deliveries of completed turbine units. Year-to-date, the Bioenergy segment has completed 12 boilers and sold 54 turbines, each accompanied by a two-year maintenance contract.
Over the past two years, Wasco has divested more than 80% of its non-core assets, including the trading business, as part of its transformation into a focused energy solutions provider.
During the quarter, the Group total debt stood at RM447.0 million down from RM612.0 million in June 2024, improving its gross gearing ratio to 0.61x and net gearing ratio to 0.19x, driven by higher profitability and strong cash management oversight.
Wasco is also doubling down on its sustainability initiatives. The Group launched Asean’s
first Sustainable & Transition Finance Framework, securing a US$25 million green loan
facilitated by Maybank Investment Bank. Currently, 30% of its energy mix is derived from
renewable sources, with plans underway to expand solar installations and transition to grid electricity for its Qatar operations.
The Group’s sustainability efforts earned recognition at The Edge ESG Awards 2024, where
it received silver awards for Best Performer by Sector (Energy) and Most Improved ESG
Performance Over Three Years (RM800M to RM5B Market Cap).
Despite global uncertainties in the energy market, the company expressed optimism about
maintaining its growth trajectory. “With a clear strategy and operational momentum, we remain confident in delivering long-term value for stakeholders while advancing decarbonisation efforts,” said Maccagno.
