KUALA LUMPUR: Favelle Favco Bhd anticipates a rise in orders as the global recovery progresses.
The group has an outstanding order book of approximately RM756mil (including an order book of intelligent automation of RM141mil) as at May 22, 2024 from the global oil and gas, shipyard, construction, wind turbine industries and intelligent automation.
Favelle Favco noted that oil prices have recovered over the last few years and hence the investment is expected to increase.
“Furthermore, as trade continues to ramp up, shipyards are seeing increased order books and are therefore investing in their yard equipment.
“The group is therefore hopeful of our orders increasing moving forward in line with this global recovery,” it said.
Favelle Favco’s net profit rose 13.3% to RM12mil, or earnings per share of 5.15 sen compared with RM10.6mil, or 4.54 sen reported a year ago.
Revenue jumped 40.3% to RM176.4mil against RM125.8mil last year.
It did not declare any interim dividend for the financial quarter under review.