KUALA LUMPUR, December 23 – Propel Global Berhad, a prominent provider of oil and gas services and downstream specialty chemicals, has unveiled its financial results for the first quarter of fiscal year 2024 (Q1 FY2024). Despite market challenges, the company reported robust revenue growth, reaching RM27.6 million compared to RM18.1 million in the same period last year. However, the group experienced a decrease in profit before tax (PBT) to RM0.9 million in Q1 FY2024, mainly due to reduced revenue in the Technical Services (TS) Segment after the completion of short-term projects.
O&G Segment Drives Growth: The Oil and Gas (O&G) Segment emerged as a key driver of growth for Propel Global in Q1 FY2024. The segment recorded a substantial increase in revenue, reaching RM19.0 million, with a PBT of RM5.0 million. This impressive growth can be attributed to contributions from new services in engineering and technical works, a result of the acquisition of a new subsidiary. The positive performance is further augmented by a one-off reversal of impairment loss on receivables and the waiver of debts, totaling RM1.3 million and RM1.5 million, respectively.
Ms. Angeline Lee, Executive Director and CEO of Propel Global, highlighted the adaptability and strategic alignment of the company amid market challenges. She emphasized their active pursuit of opportunities under the National Energy Transition Roadmap and New Industrial Master Plan 2030, aligning operations with sustainable development goals. Looking ahead, Propel Global is strategically positioned to leverage opportunities arising from the National Energy Transition Roadmap and the New Industrial Master Plan 2030.
