Wasco 1H FY2024 Revenue Improves 20.9 Pct To RM1.35 Bln

KUALA LUMPUR, Aug 29 (Bernama) -- Wasco Bhd’s revenue improved by 20.9 per cent in the first half of this year (1H FY2024) to RM1.35 billion from RM1.11 billion in the same period a year ago, driven by its energy services segment and significant progress on major projects.

“Profit before tax surged 70.5 per cent to RM145.5 million, while net profit reached RM106.4 million, reflecting the group’s focus on operational efficiency and execution,” it said in a statement today.

Wasco managing director and group chief executive officer Giancarlo Maccagno said its performance in the 1H FY2024 highlights the group’s ability to leverage diverse revenue streams across multiple markets.

“This strategic approach ensures our stability and positions us for sustained long-term success,” he said, adding that the energy services segment has been a key growth driver, supported by a strong order book and effective project execution.

He added that despite a slight decline in revenue and profit, Wasco’s bioenergy services division performance remains on track, driven by increased demand in its biomass energy boiler projects.

“With new projects secured, we anticipate significant improvements in the division’s performance over the next few quarters,” he said.

The group’s order book grew by 15 per cent compared to the previous quarter and stood at RM3.7 billion, with RM3.4 billion attributed to the energy services segment.

The bioenergy services segment contributed RM294.1 million to the order book as the group continues to explore growth opportunities in the equatorial belt.

Looking ahead, Maccagno emphasised Wasco’s strategic focus on capitalising on emerging opportunities in the energy and bioenergy sectors.

“With a solid orderbook and continued operational excellence, we are well-positioned to sustain growth and deliver value to our shareholders as we navigate the evolving market landscape,” he added.

-- BERNAMA

(Disclaimer: This is a paid advertorial. BERNAMA assumes no responsibility for the content, accuracy and opinions carried in the article.)