Handal's FY12 revenue rises to RM97.58m

Rising demand for integrated crane services, saw Handal Resources Bhd lift group revenue by 16.8 per cent to RM97.58 million, for its financial year ended December 31, 2012 (FY12) from RM83.52 million in 2011.

Its Chief Executive Officer Mallek Rizal bin Mohsin said Handal, an integrated offshore crane services provider and fabricator, benefited from landing two long-term integrated crane services contracts of about RM270 million from ExxonMobil Exploration and Production Malaysia Inc, and Petronas Carigali Sdn Bhd in 2012.

He said the Group also landed several shorter-term crane maintenance projects from other players last year.

"These projects have all begun to contribute to our overall FY12 topline, and secure our position as a leading crane services provider in the market.

"Together with positive contributions from all our other divisions, Handal was able to post a satisfactory performance last year," he said in a statement today.

The Group posted a profit before tax of RM4.16 million in the FY12, down 13.6 per cent from RM4.82 million previously, while net profit declined 3.5 per cent to RM2.93 million from RM3.04 million a year ago.

In light of this and other initiatives, Mallek said that Handal was more than prepared to take advantage of the spillover effect from such investments.

"We have two fabrication yards onshore Terengganu near where the action is, a rental fleet of 19 cranes and our Handal 1 modular drilling rig, which is ready for operation.

"Our crane maintenance and overhaul expertise is also well noted within this industry, as seen by the fact that it accounts for the bulk of the Group’s RM313.3 million order book.

"Add in our strong relationships and positive track record with all the major upstream oil and gas players, Handal is poised for strong growth in FY13 onward," he added.-- Bernama