⊲ Destini’s marine division saw widened losses with a LATNCI of RM7.80 million from a LATNCI of RM3.19 million in FY2021. This was on the back of a dip in revenue to RM63.60 million in FY2022 from RM61.56 million the year before. ⊲ After Destini’s exit from the shipbuilding business, the Group’s marine division was left with lifeboat manufacturing and commercial marine services. During the year in review, losses from this division was recognised due to low business volume due to the effects from the pandemic. ⊲ Destini’s lifeboat manufacturing facility is located in China, which had a slow economic recovery due of the country’s zero COVID policy that limited the progress of many businesses and disrupted supply chains. Because of this, not many lifeboats and davit systems were able to be manufactured. ⊲ During the year in review, Destini’s marine division was able to expand its capabilities in heat exchange services in Dubai, therefore strengthening its scope of services in the Middle East where the marine market is seeing positive growth. MARINE Executive Chairman and Management Discussion and Analysis OPERATIONAL REVIEW PERFORMANCE 38 DESTINI BERHAD ANNUAL REPORT 2022
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