SERBA DINAMIK REGISTERS NET LOSS OF RM42.11 MLN IN Q1

KUALA LUMPUR, Nov 30  -- Serba Dinamik Holdings Bhd recorded a net loss of RM42.11 million for the first quarter ended Sept 30, 2021 (Q1 FY2022), dragged by higher operating expenses, finance costs, and foreign exchange losses.

Revenue stood at RM799.35 million in the quarter under review, said the global integrated engineering services provider in a filing with Bursa Malaysia today.

The company has changed its financial year-end to June 30 from Dec 31, as such, there will be no comparative financial information available for the financial period ended Sept 30, 2021.

bootstrap slideshow

In a separate statement, Serba Dinamik said its operations and maintenance (O&M) was the largest contributor to the Q1 FY2022 revenue, at RM742.9 million or 92.9 per cent of the total revenue.

“This was attributable to maintenance, repair and overhaul (MRO) and also the inspection, repair and maintenance (IRM) activities, which mainly contributed from operations in the Middle East region such as Qatar and United Arab Emirates (UAE), followed by Malaysia,” it said.

According to the group, its engineering, procurement, construction and commissioning (EPCC) segment was the second biggest contributor to revenue with RM52.3 million or 6.5 per cent of total revenue.

Meanwhile, its information and communication technology (ICT), as well as education and training (E&T) segments provided revenue of RM1.8 million and RM2.4 million, respectively.

Geographically, Serba Dinamik said the Middle East region was the largest contributor to the revenue, providing RM559.2 million or 70.0 per cent of total revenue for Q1 FY2022, followed by the Southeast Asia region which accounted for RM231.1 million or 28.9 per cent of the total revenue. 

“Central and South Asia region contributed RM6.2 million or 0.8 per cent of the total revenue, while the remaining contribution came from the United Kingdom at RM2.9 million,” it said.

Commenting on the performance, group managing director and chief executive officer Datuk Mohd Abdul Karim Abdullah said COVID-19 began as a health crisis but quickly morphed into a global economic crisis of unprecedented magnitude and speed.

“The global ripple effects are still being felt, and it is unlikely that the true impact of this pandemic can be measured until the situation stabilises,” he said.

In line with the industry moving forward in response to the adoption of the Fourth Industrial Revolution (IR 4.0), Abdul Karim said Serba Dinamik is striving to generate sustainable value and construct entire sustainability while integrating information technology (IT) and aerospace business into its core business.

“Despite the positive fundamentals, the group's business environment remains challenging, owing to the crisis that the group is currently experiencing as a result of the incomplete statutory audit. 

“The group is striving to resolve these issues in the best interests of all stakeholders,” he said.

-- BERNAMA