ENRA Group Berhad | Annual Report 2022 15 After the disposal of ENRA Kimia, the Energy Services division’s main active businesses are now the provision of FSO and SPM services (under ENRA SPM), MRO services for power generation systems (under ENRA Energy Solutions), and smart lighting solutions (under ENRA IOL). The Energy Services division continues to be the main contributor for the Group, generating 95.7% of total revenue and 97.4% of total gross profit for FYE 2022. ENRA SPM successfully operated its FSO and SPM system contract with PCML for the year, and hence revenue from this business was generally stable. The team has performed admirably - their safety track record has been excellent since the integration of the Ratu ENRA vessel to the Yetagun field in 2020 and there have been no operational issues. There was a demobilisation provision of approximately RM4 mil that had to be incurred during the year as part of the preparation to conclude the contract. ENRA Energy Solutions completed its maiden major contract during the year, and also initiated a partnership to pursue new businesses in a variety of industries with MTU Services (Malaysia) Sdn. Bhd. This partnership successfully acquired a major IOC as a new client to ENRA Energy Solutions. ENRA IOL won a key contract to supply the lighting solutions for a major highway in the Klang Valley, which was successfully started and completed in the same year. The increase in revenue for the Energy Services division for FYE 2022 was primarily from this contract. Property Development MANAGEMENT DISCUSSION AND ANALYSIS Revenue for the Property Development division improved as a result of continued billings from Q Homes’ first project at Teluk Panglima Garang, Selangor. Although there were some delays as a result of the various movement control orders throughout the year, we are still on track to deliver the product on time to the buyers. The gross profit increase for the year is in line with revenue from progressive billings of the construction. The decrease in PBT was due to a net realisable value loss on our inventory (i.e., freehold title) in the UK. PROPERTY DEVELOPMENT Revenue Gross Profit PBT RM0.3 mil RM2.7 mil RM0.5 mil (RM1.5 mil) RM1.7 mil (RM1.3 mil) FYE 2021 FYE 2022
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