KUALA LUMPUR (Nov 27): T7 Global Bhd (KL:T7GLOBAL) has notched a 42.1% year-on-year jump in its third-quarter net profit from a year earlier, as its industrial solutions division recorded higher revenue, driven by growing demand.

Net profit for the three months ended Sept 30, 2024 (3QFY2024) rose to RM11.41 million from RM8.03 million in 3QFY2023, the oil and gas service provider said in a bourse filing on Wednesday. Earnings per share rose 1.75 sen from 1.12 sen. No dividend was declared.

Revenue rose 29% to RM176.37 million from RM137.36 million.

For the nine months ended Sept 30, 2024 (9MFY2024), T7 Global’s net profit jumped 42.5% to RM26.65 million from RM18.70 million in the same period last year, as revenue rose 36.8% to RM458.94 million from RM335.43 million.

“As we look to the future, we are confident in our continued success, especially within our energy segment, bolstered by the recent award of multiple pan-Malaysia maintenance, construction and modification (MCM) and hook-up and commissioning (HUC) contracts,” T7 Global group chief executive officer Tan Kay Zhuin said.

In November alone, T7 Global bagged two contracts for the pan-Malaysia MCM and HUC services, one of which was a five-year contract from IPC Malaysia BV for Package B3—Guntong. The value of the contracts were not disclosed.

The other contract was from ExxonMobil Exploration and Production Malaysia Inc, for Package B2, which was also for a five-year period with an optional extension of three years, followed by another two years.

Tan foresees that these long-term contracts will provide steady and recurring revenue for the group, as well as strengthen its position in the energy sector.

“Similarly, our industrial solutions segment continues to drive growth, with an expanding portfolio and strategic client relationships poised to fuel our momentum,” he said.

At 4.14pm on Wednesday, shares of T7 Global were trading unchanged at 49.5 sen, valuing the company at RM416.21 million.