Drilling work drives Scomi profits
Malaysian Energy Services provides Scomi Group reported a 62% jump in first quarter net profits as strong demand in its oilfields services business drove turnover.
Scomi reported first quarter net earnings of 25.1 million ringgit ($7.4 million) as turnover increased 34% to 436.1 million ringgit.
The company said the gains were led by a 76% increase in turnover for its oilfield services segment paticularly on demand for its drilling waste management services.
The company's energy and logistics engineering division reported 18% growth in turnover, while its energy logistics and logistics engineering divisions each saw turnover rise by 3%.
Scomi said it's future growth was focused on its production enhancement divsion, which has a strategic alliance with US oil storage group Natco.
It said 78% of its turnover was generated by its international operations in 36 countries outside Malaysia.