⊲ Mobility • M Rail Technics Sdn Bhd (“MRail”) accepted a four and a half year contract worth RM531.39 million from the Ministry of Transport (“MOT”) for Level 4 MRO on 35 units of Six Car Train Sets operated by Keretapi Tanah Melayu Berhad (“KTMB”). • Supplementing the above contract, MRail accepted another contract worth RM163.61 million from MOT for the provision of Level 4 MRO services on 10 Electric Train Sets operated by KTMB. ⊲ Energy • Destini Oil Services Sdn Bhd (“DOS”) accepted a contract from EnQuest Petroleum Production Malaysia Ltd for the provision of tubular handling services off the coast of Terengganu. • Destini incorporated a subsidiary with a 70% shareholding with Singapore-based company Alpha ESS International Pte Ltd called Destini ESS Sdn Bhd to locally distribute energy storage systems for residential and commercial application, electric vehicle energy plus storage solution and new product developed and manufactured by Alpha ESS Group. Against a challenging operational landscape, the Group persevered throughout the year with multiple contract wins that enabled it to replenish its orderbook to RM904 million as at 31 December 2022 with the bulk of the sum attributed to Destini’s aviation and defence as well as mobility divisions. FINANCIAL PERFORMANCE With the increase in orderbook value, Destini’s revenue increased by 7% to RM186.17 million in FY2022 against RM173.87 million a year before. However, the Group slid into the red with a loss after tax and non-controlling interest (“LATNCI”) of RM30.15 million from a profit after tax and non-controlling interest (“PATNCI”) of RM3 million in FY2021. Learning from the year before, Destini’s financial strategy was to strengthen its balance sheet and manage its cash flow prudently while advocating a disciplined approach to capital allocation and managing liquidity. Despite these efforts, the Group’s performance was subdued due to higher operational expenses totalling to RM3.04 million. Destini also made an impairment on receivables amounting to RM25.47 million in FY2022. PERFORMANCE 34 DESTINI BERHAD ANNUAL REPORT 2022
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