DESTINI AR 2017

The Group had also entered into a Joint Venture with Singapore-listed company, Federal International (2000) Ltd to collectively bid for oil and gas projects in the South Asia and South-East Asia region. The partnership is able to increase the chances for the Group to secure prominent oil and gas projects in the regions through each of the Group’s existing skillsets. Meanwhile, during the year, Destini completed and launched the first New Generation Patrol Craft for the MMEA in March. The launch was officiated by Prime Minister Dato' Sri Mohammad Najib Tun Abdul Razak and Datin Sri Rosmah Mansor at our shipyard in Port Klang. Subsequently, the handover of the first vessel to MMEA was held in July 2017. In corresponding to the Group’s win for the fabrication of three OPV’s, Destini held a keel laying ceremony for the first vessel in December the same year. The ceremony was held at THHE’s fabrication yard in Pulau Indah and was witnessed by MMEA’s newly appointed Director General Dato' Sri Zulkifili Bakar. Financial performance The Group’s revenue jumped 94.19% to RM688.92 million from an increase in defence aviation and marine activities. However, due to lower profit margin and losses from our oil and gas operations during the year, we recorded lower profit after tax and non-controlling interest (PATNCI) of RM30.01 million from RM33.03 million the year before. 36 DESTINI BERHAD to Shareholders Chairman’s Letter