Posted by Jimmy Song > 2017-05-17 00:35 | Report Abuse

Kuala Lumpur – 16 May 2017 T7 Global Berhad (“T7 Global” or “The Group”) formerly known as Tanjung Offshore Berhad a major upstream and downstream oil and gas service provider in Malaysia, today announced its first quarter results for the year ending 31st December 2017 (“Q1FYE2017”) with revenue of RM 29.9 million, an increase of 149.2% compared to its corresponding quarter last year (“Q1FYE2016”). In line with the improvement of revenue, the Group reported a profit after tax (“PAT”) of RM0.3 million. This reflects a tremendous improvement considering the reported loss after tax (“LAT”) of RM4.7 million in Q1FYE2016. For the quarter under review, T7 Global two business division both reported strong revenue growth. The product and services division remains as the core contributor of 73.7%, reporting a revenue of RM22.0 million, an increase of 177.3% compared to Q1FYE2016. The engineered packages division also reported a higher revenue amounting to RM7.9 million, an increase of 94.2%. Latest Developments On Aerospace On the 21st March 2017, T7 Aero Sdn Bhd (“T7 Aero”), a wholly owned subsidiary of T7 Global signed a Head of Agreement (“HOA”) with MARA Aerospace & Technologies Sdn Bhd (“M-AeroTech”), a wholly owned subsidiary of Majlis Amanah Rakyat (“MARA”). This HOA signals the commitment by both parties to work together on human capital development for metal treatments and other high value manufacturing activities in Malaysia. On the 9th May 2017, T7 Aero signed a Joint Venture Agreement (“JVA”) with KOV Limited (“KOV”) and incorporated a new company named T7 Kilgour Sdn. Bhd. (the “Company”). The Company will build, operate and set up a metal treatments plant in Malaysia to pursue high value manufacturing businesses in metal treatments. This collaboration with Kilgour will be on a sole and exclusive basis in the Asia-Pacific Region, excluding China and Japan. KOV’s ultimate shareholders are Kilgour Metal Treatments Limited (“Kilgour”), namely Paula Jose Kilgour and Raymond Kilgour. “We are pleased that the repositioning and restructuring plans for the Group remains progressive as demonstrated from our positive first quarter results. Moving forward, we will continue to focus on our cost reduction program, enhance our core business, as well as venturing into new revenue streams.” “This quarter, apart from maintaining our profitable turnaround, we are proud that the Group is one step closer in venturing in the Aerospace industries. We believe that our strong collaborations set a firm footing into the industry and in working towards the global standards of aerospace requirements. As a whole, we are confident that T7 Global is well geared for market liberalisation and will emerge stronger.” said Encik Rahmandin @ Rahmanudin bin Md. Shamsudin, Group CEO of T7 Global Bhd. Supports Petronas On Offshore Reefing Project Tanjung Offshore Services Sdn Bhd (“TOS”), a wholly owned subsidiary of the T7 Global has completed the provision of structure reefing at reef site for Vestigo Petroleum Sdn Bhd, a subsidiary of Petronas. TOS has placed an underwater structure at an abandoned offshore oilfield to grow artificial reefs. It is located a few kilometres away from Pulau Kapas of Marang, Terengganu. The artificial reefs are expected to not only improve the marine ecosystem in the location but also able to support the local community through tourism attractions associated with fishing and diving activities. “The Group is pleased to have completed this new project with Vestigo Petroleum. With the implementation of this project, we foresee significant long-term positive impact to the environment and the local community.” said En Mohd Sabri Ab. Ghani, Chief Executive Officer of TOS.