14 LEADERSHIP ENRA GROUP BERHAD ANNUAL REPORT 2023 FINANCIAL PERFORMANCE ENRA’s FYE 2023 total revenue decreased by 51.41% due to our divestment from ENRA Kimia in FYE 2022 and a period of downtime in preparing Ratu ENRA for redeployment in May FYE 2023. The Group's PATAMI for the year had declined due to a major impairment exercise on our EPUK land located in Rugby and the settlement of outstanding litigation. ENERGY SERVICES After the MRO division was diversified into its own core business, the Energy Services division’s main business is the provision of energy logistics services and solutions entailing vessel-based storage and transportation. This division continues to be the main contributor for the Group and generated RM23.66 million of revenue and RM2.63 mil of gross loss for FYE 2023. The downtime of the Ratu ENRA vessel during the five months in between contracts incurred running costs and maintenance expenses which resulted in a gross loss. Combined with the settlement of the PT CMS litigation amounting to USD3.35 million, the division experienced a loss before tax of RM15.23 million. ENRA SPM is set to complete its FSO and SPM contract in the Yetagun Oil Field with GPM following a contract extension which will continue into the second quarter of the next financial year. The team has been able to manage the operations of the Vessel smoothly while maintaining a good safety track record. Management Discussion and Analysis (Cont’d) FYE 2022 FYE 2023 RM57.12 mil RM18.44 mil RM23.00 mil RM23.66 mil (RM2.63 mil) Revenue Gross Profit/(Gross Loss) PBT/(LBT) (RM15.23 mil) REVENUE PATAMI/(LATAMI) FYE 2022 FYE 2023 ENERGY SERVICES RM62.71 mil RM30.47 mil FYE 2022 FYE 2023 RM7.32 mil (RM25.48 mil)
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