Epic eyes 10% revenue growth this year

Group aims to reach RM400m by 2025 through infrastructure expansion and extension of Kemaman Port

Eastern Pacific Industrial Corp Bhd (Epic), a provider of integrated oil and gas (O&G) solutions, aims to increase its revenue by 10% to RM375.5 million this year, compared to RM344 million in 2023.

Group CEO Muhtar Suhaili said the target is premised on operational efficiency improvements and positive growth in several business segments.

He expressed confidence in achieving this goal following the group’s promising first quarter (Q1’24) revenue of RM93 million, surpassing the projected RM81 million in its 2024 budget.

“Based on this financial performance, we believe the group can increase its revenue to

RM375.5 million and post-tax profits by RM14.5 million by year-end,“he said during a special interview with Bernama.

Muhtar also outlined plans to further boost the group’s revenue to RM400 million by 2025, including strategies such as infrastructure expansion and gradual enlargement of the Kemaman Port.

“We will add two cranes at Kemaman Port by 2025 and 2026 to increase the port’s capacity at the East Wharf from 7 metric tonnes (MT) to 12 million MT.

“The ongoing port expansion project is expected to be fully completed by 2029, increasing capacity to 30 million MT per year,“he said.

The group is also engaging in discussions to attract approximately RM850 million worth of investment from a Japanese consortium in Q3’24.

This collaboration involves constructing a lithium-ion battery plant and manufacturing of main component of electric vehicles in the Teluk Kalong Industrial Area, Kemaman.

“We are also planning to maximise the use of Epic Group’s 600-acre land in Teluk Kalong to generate more profits for the company,“he added.

Epic Group, a Terengganu state government-linked company under Terengganu Inc, operates as a service provider to the O&G sector, integrating upstream and downstream industries.

Its core businesses include offshore O&G industry services, port management, engineering, marine services, and engineering maintenance.

The group is also involved in Malaysia’s growing renewable energy and green technology industries.