Reservoir Link records highest ever quarterly revenue
KUCHING: Reservoir Link Energy Bhd (Reservoir Link) has delivered the highest-ever quarterly revenue of RM41.4 million for the third quarter of financial year ending December 31, 2022 (3QFY22).
This was an 8.5 per cent increase, year on year, in comparison to the preceding year’s RM38.2 million.
The group’s profit before tax and profit after tax clocked in at RM2.6 million and RM1.7 million respectively.
The increase in the revenue is mainly attributed to the renewable energy segment which contributed 78.5 per cent of the total revenue at RM32.5 million for 3QFY22.
The renewable energy segment recorded a 410.4 per cent surge in revenue as compared to the corresponding period in 2021.
“We are elated to announce that Reservoir Link showed significant improvement and even recorded the highest quarterly revenue since listing,” Reservoir Link executive director Thien Chiet Chai said.
“Our involvement in the renewable energy segment has started to show progress which has been a major contributor to the group.
“In line with the global decarbonisation push, many countries are moving towards the clean energy transition, and it will spur up the demand for renewable energy sources.
“With the involvement and collaboration we had, Reservoir Link is well poised for the global clean energy shift.
“We are confident that our renewable energy segment will continue to grow with this strong market trend.
“On top of that, the prospect of the oil and gas segment is good as well. Recently, there is an increase in business activities for the oil and gas industry in line with the stabilisation in crude oil prices.
“Our teams are still actively expanding the oil and gas segment by participating in new project tenders and bringing in more new technologies.
“We foresee the performance of the oil and gas segment to improve and will contribute to the Group’s earnings in the upcoming quarters.”