KUALA LUMPUR: T7 Global Bhd registered a net profit of RM2.72mil in the first quarter ended March 31, 2022, which was 43.71% improved over RM1.89mil in the first quarter a year ago.

       The energy solutions provider said revenue increased 18.7% to RM62mil due to higher contribution from its energy division during the quarter.

       Earnings per share rose to 0.37 sen from 0.36 sen in 1Q21.

       In a statement, the group said its strong performance for the quarter under review was driven by higher execution of works related to the integrated well services and operations and maintenance for its clients such as Petronas Carigali Sdn Bhd, Repsol Oil & Gas Malaysia Bhd and Carigali Hess Operating Company Sdn Bhd.

       On prospects, T7 Global chairman Datuk Seri Nik Norzrul Thani N Hassan Thani said the current favourable oil prices continue to have a positive effect on the company's performance, contributing to the strong demand for its energy solutions.

       He added that the Bayan MOPU project is on track and is expected to contribute to the bottom line from the second half of 2022 onwards for the next 10 years.

       “With the improvement in all three business divisions and our resilient order book, the Board and management are confident of setting another record year for the Company this year.

       "We are committed to invest in fit-for-purpose assets such as MOPU and multiple Hydraulic Workover Units to cater for demands in the respective areas of our energy business,” he said.