FY2022 FOCUS AREAS AND PRIORITIES Ping • Ensuring continuous operational efficiency at Anasuria oil fields • Delivering progress on future production activities at Anasuria • Expanding our asset base in preparation for future growth • Embracing the transition towards renewable energy OGPC • Ensuring business continuity via a new proposed price agreement (PA) with clients or by extending current PAs • Increasing sales revenue and margins organically and via mergers or acquisitions • Establishing an employee competency plan • Completing asset, equipment and tool purchases to support project execution • Ensuring compliance with zero regulatory issues and non-conformance incidents recorded FINANCIAL PERFORMANCE AND HIGHLIGHTS Global market conditions, along with improved efficiencies and the acquisition of a larger ownership stake in Ping, contributed to a strong financial performance for the Energy Division. RM399.89 million RM82.87 million REVENUE PROFIT BEFORE TAX KEY INITIATIVES AND ACHIEVEMENTS IN FY2022 Ping • Improved operational efficiency at Anasuria and successfully completed duty holder transition from Petrofac • Received letter of “No Objection” for the Avalon development concept while remaining on track to receive the final investment decision by end 2022 • Expanded our asset base and future production capacity via the acquisition of Excalibur FPSO at a competitive price • Kickstarted our transition to renewable energy by signing an MOU with Cerulean Winds to deliver dedicated a floating offshore wind turbine for utilisation at Avalon • Maintained a 7-year streak with no LTIs and reduced annual operational GHG emissions at Anasuria by 44% OGPC • Achieved the globally recognised ISO 45001:2018, ISO 9001:2015 and ISO 14001:2015 integrated management systems certifications, which pertains to the provision of supplies and services of equipment for oil and gas, petrochemicals and general industries. • Participated in the Oil & Gas Asia 2022 Exhibition from 13 – 15th September 2022 at Kuala Lumpur, which is the region’s foremost oil, gas and energy event • Set up a workshop inside our Kemaman Supply Base (KSB) for the servicing of pumps and other rotating equipment, which will be fully complete by early 2023 DAGANG NeXCHANGE BERHAD 86 ENERGY C. BUSINESS REVIEW
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