Intelligence Node · AI-09
Weekly AI Briefing
FY2024 closed with RM 75.2M PBT and RM 70.6M PAT (EPS 21.99 sen, +33.8% YoY), but USD payables on imported well-services equipment for Banang are creating fresh FX exposure.
Revenue softened to RM 499.4M (FY23: RM 553.5M) on contract phasing, yet EBITDA at RM 139.5M (margin 27.9%) and PBT at RM 75.2M (+16.2% YoY) both delivered. Cash of RM 188.1M and net cash position (net gearing −0.22x) keep covenant headroom wide; total borrowings of RM 92.2M sit comfortably below treasury limits. 11.0 sen DPS maintained — yield ~8.3% on RM 1.32 share price.
The Banang LLA MOPU upgrade and Block SK433 seismic programme bring imported equipment payables of ~USD 28M over the next 9 months — only 40% hedged. Lifting hedge ratio to 65% costs ~RM 260k in forward points and caps a potential RM 6–8M FX hit if MYR weakens past 4.85.
Sources · Internal ERP + Bloomberg + AI scrape