KUALA LUMPUR, June 12 – Propel Global Berhad (“Propel Global” or the “Group”), a provider of oil and gas (“O&G”) services, has announced an impressive revenue increase of 166.1% for the third quarter of fiscal year 2024 (“Q3 FY2024”), reaching RM65.8 million compared to RM24.7 million in the corresponding quarter of the previous year (“Q3 FY2023”). Despite this significant revenue growth, the Group reported a loss before tax (“LBT”) of RM2.1 million.
Attributed to higher corporate administrative expenses, including professional charges, staff costs, and share-based payments essential for retaining key service-driven personnel. In detail, the O&G segment saw a rise in revenue to RM30.1 million and profit before tax (“PBT”) to RM3.3 million, driven by ongoing Engineering, Procurement, Construction & Commissioning (“EPCC”) projects and Marine HVAC projects. The Technical Services segment also showed strong performance with RM33.5 million in revenue, although profit margins were lower compared to previous short-term projects.
Additionally, the new Information and Communications Technology (“ICT”) segment contributed RM2.2 million in revenue. Propel Global’s healthy cash position of RM20.3 million positions the Group well for future project funding and growth initiatives. Executive Director and Group CEO, Ms. Angeline Lee, emphasized the Group’s commitment to strategic growth, operational efficiency, and stakeholder value enhancement.
