• D estini’s energy segment also reported positive earnings with a PATNCI of RM4.12 million in FYE2021 from LATNCI of RM45.55 million a year before. Revenue doubled to RM29.75 million in revenue in FYE2021 from RM14.93 million the year before. • T he increase in revenue for this segment mainly derived from the revival of projects awarded by major oil companies that were deferred earlier due to budget constraints and the uncertainties in the oil and gas environment resulted from the pandemic. • D riven by the global push towards a new global aim of achieving neutral carbon emissions by 2030 and net zero carbon emissions by 2050, Destini embarked on a journey to explore and expand its energy segment into renewable energy. • I n line with the global decarbonization agenda, Destini’s entry into renewable energy is also part of the Group’s long-term sustainability plan which includes the adoption of environmental, social and governance values that are an increasingly important criterion for sustainable growth. • M aking its mark in renewable energy, the Group ended the year with its maiden solar project from IWK with the acceptance of a Conditional Letter of Award (“CLOA”) for the engineering, procurement, construction and commissioning (“EPCC”) of solar PV systems at IWK’s sewerage plants across Malaysia. • T hrough its wholly-owned subsidiary Destini Energy Sdn Bhd (“DESB”), the Group is to carry out detailed design, construction, installation, operations and maintenance at up to 1,177 sewerage plants owned by IWK, with an objective of providing an average savings of 10% on electricity consumption to IWK. • D ESB is a registered company under the Sustainable Energy Development Authority of Malaysia (“SEDA”) for solar renewable energy projects. As a registered solar PV investor, DESB is able to carry our EPCC projects by themselves or award such projects to a registered PV service provider registeredwith SEDA. • D estini believes that there would be more opportunities for it to pursue in the years to come which would bode well for the Groups prospects in the energy sector. ENERGY 33 ANNUAL REPORT 2021 • DESTINI BERHAD
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