13 LEADERSHIP ENRA GROUP BERHAD ANNUAL REPORT 2023 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL SNAPSHOT FOR THE YEAR UNDER REVIEW FYE 2022 RM mil Change % FYE 2023 RM mil Remarks Revenue 62.71 (51.41) 30.47 Energy Services 57.12 (58.58) 23.66 Redeployment of Vessel from September 2022 Property Development 2.68 109.33 5.61 Recognition of sale of land and continuing progress of Taman Iram Perdana MRO 2.91 (58.76) 1.20 Completion of previous long-term contract and contribution from ad hoc services and solutions Gross Profit/(Loss) 19.86 (109.62) (1.91) Energy Services 18.44 (114.26) (2.63) Vessel downtime for five months to prepare for next deployment Property Development 0.51 15.69 0.59 Primarily generated from sale of land MRO 0.91 (85.71) 0.13 In line with change in revenue PATAMI/(LATAMI) 7.32 n.m. (25.48) Impairment on EPUK land and settlement of PT CMS litigation ROE 6.6% n.m. (29.2)% ROA 3.9% n.m. (16.6)% Note: The FYE 2022 numbers for the Energy Services division have been segmented further to reflect the diversification into MRO. KEY HIGHLIGHTS FOR THE YEAR i. Diversification of business into the MRO segment, allowing ENRA to develop a new area of growth; ii. Hexagon Energy Logistics Sdn. Bhd. (formerly known as ENRA Oil & Gas Services Sdn. Bhd.) entered into a 5-year Bareboat Charter (“BBC”) for Ratu ENRA with 7Seas Maritime Transportation – FZCO (“7Seas”) amounting to ~RM41 million; and iii. Maiden project at Taman Iram Perdana, Teluk Panglima Garang, was physically completed on time and is now undergoing utilities installation in the lead-up to issuance of Certificate of Completion and Compliance. ENRA Group Berhad concludes the financial year ended 31 March 2023 by diversifying into the MRO segment and continuing to grow and streamline its existing businesses.
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