The Company remains positive that the demand for its products and services, mainly in servicing, maintenance and offshore services will increase in light of the heightened oil and gas activity.
Speaking at the Group’s Annual General Meeting today, Deleum Berhad’s new Group Managing Director Nan Yusri bin Nan Rahimy said: “The current operating environment is exciting for Deleum as we see opportunities for our services and products. With the increased focus on deepwater development, we will certainly see a demand for oil and gas equipment and services to support exploration and production activities. It is also timely for us to look into expanding our current scope of services and products to respond to the needs of the industry.”
Deleum Berhad posted a net profit of RM23.24 million on the back of RM399.04 million in revenue for financial year 2010. Deleum’s earnings per share for the year in review stood at 23.24 sen.
In contrast to a year ago, net profits decreased by 12.14% while revenue decreased by 22.41%, largely as a result of lower activity levels in 2010 and deferment of projects to 2011, as well as gratuity payments to retiring executive directors, which adversely impacted the bottom line.
Nan Yusri added: “We will continue looking for opportunities to form strategic alliances and partnership which will complement our existing business and also provide us with a platform and capabilities to further grow the scope of services which we currently offer.”
Despite a challenging year in 2010, Deleum paid out a total of 11.5 sen or RM11.5 million in total to shareholders.
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