KUALA TERENGGANU, June 20 — Terengganu state government-linked corporation Eastern Pacific Industrial Corporation Bhd’s (Epic) revenue for the financial year ending December 31, 2022 (FY 2022) rose 17 per cent to RM343.1 million compared with the previous year.

The integrated oil and gas solutions provider said 52 per cent of the revenue or RM179.1 million came from supply services, 27 per cent or RM93 million from engineering services, 18 per cent or RM60 million from port operations and three per cent or RM11 million from solar energy segment.

"The group’s net profit after tax (PAT) also increases to RM3.9 million compared with RM2.8 million in the previous year.

"The encouraging revenue growth was contributed by Pangkalan Bekalan Kemaman Sdn Bhd (PBKSB) as a result of increased oil and gas activities at Pangkalan Bekalan Kemaman Sdn Bhd (KSB),” it said in a statement today.

It said the increase in revenue was also contributed by the good performance of Epic’s subsidiary, Epic OG Sdn Bhd (EOGSB).

Going forward, Epic said it is targeting revenue to increase 13 per cent to RM387.2 million for the financial year ending December 31, 2023 (FY2023).

It said profit before tax (PBT) is estimated to increase to RM24.7 million in FY2023 from RM21.7 million in FY2022 and PAT is estimated to more than double to RM9.3 million compared with the previous year.

"The expected increase in revenue and profits is driven by the growth in onshore and offshore activities in addition to the increase in rental rates for real estate facilities,” it said.

It said drilling activities with an average period of eight months of drilling would contribute to higher utilisation of vessels, thus, boosting the utilisation of supply base services.

Meanwhile, Epic said the installation of two gantry cranes at the East Wharf that would be carried out at the end of this year would also drive growth in the amount of cargo handling for port operations by Konsortium Pelabuhan Kemaman Sdn Bhd (KPKSB).

It added that Epic is committed to uphold its strategic plan while taking advantage of business collaboration opportunities with industry players emerging from the recovery of oil and gas activities and potential investments to lease company-owned land in the Teluk Kalong industrial area as well as utilise port facilities in Kemaman.

The financial performance was unveiled by Epic at the company’s 42nd annual general meeting (AGM) chaired by Terengganu Menteri Besar Datuk Seri Ahmad Samsuri.

The AGM also saw all resolutions approved by the shareholders attending. — Bernama