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PEC reports fall in net profit

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Hydrocarbon Engineering,

PEC Ltd has reported a revenue of S$418.6 million for the year ended 30 June 2017 (FY17), supported by its maintenance services division.

Group net profit after tax stood at S$13.9 million compared to FY16’s S$22.3 million.

Revenue from maintenance grew 23% to S$183.1 million in FY17, due to ongoing maintenance activities in Singapore and overseas. This helped to buffer the lower revenue contribution from overseas project works following their completion in FY16.

Robert Dompeling, PEC’s Group Chief Executive Officer, said: “While the Group expects another challenging year in the oil and gas sector, its integrated project and maintenance solutions and long standing proven track record will position it well to benefit when the industry recovers.

“Though there is a steady level of enquiries for project works, cost competition remains keen in the industry. The outlook for maintenance and revamping works, on the other hand, is more positive, driven by ageing infrastructure and revisions to the environmental and energy regulatory frameworks.

“The seven-year daily maintenance contract PEC secured for the Nghi Son Refinery and Petrochemical Complex is expected to add to the Group’s recurrent income stream. The facility is located in the Nghi Son Economic Zone which is primed to become a key petrochemical and industrial hub in Vietnam, and PEC believes its current presence there puts the Group in a good position.”

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