Petronas-Petros dispute dims Dayang’s earnings outlook
Research houses are pessimistic on Dayang Enterprise Holdings Bhd’s earnings outlook because of the Petronas-Petroleum Sarawak Bhd (Petros) dispute.
The Sarawak-based oil and gas (O&G) services provider is already facing some fallout from the uncertainties arising from the impasse. Its net profit for the second quarter ended June 30 (Q2 FY2025) plunged 41.7% to RM76.6 million from RM131.4 million a year ago.
Q2 revenue tumbled 41.4% to RM267.4 million from RM455.8 million a year earlier. The drop off was attributed to lower vessel utilisation rates caused by a delay in oil majors’ contract commencement.
Public Investment Bank (PublicInvest) said despite a robust RM5 billion orderbook and healthy industry activity outlook, Dayang’s near-term outlook remains “clouded by persistent delays in work order execution”.
“The disconnect…
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