Cyberjaya, 6 December 2022 – Dagang NeXchange Berhad (“DNeX”)’s diverse businesses across three segments namely – Technology, Energy and Information and Technology (“IT”) – put the Group on a solid footing to buffer against the expected challenging environment in 2023.
The Group had accomplished commendable results for the financial year ended 30 June 2022 (“FY2022”), charting a profit after tax (“PAT”) of RM707.27 million on the back of RM1.46 billion in revenue.
Speaking at DNeX’s 52nd Annual General Meeting (“AGM”), which was conducted virtually, Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, Group Managing Director of DNeX, said the Group’s strategic investments in SilTerra Malaysia Sdn Bhd (“SilTerra”) and Ping Petroleum Limited (“Ping”) have propelled DNeX to greater heights, driven by the successful turnaround at the semiconductor wafer foundry as well as the recurring contribution from the upstream oil and gas (“O&G”) operator.
He said, in the Technology segment, which is anchored by SilTerra, the 10 per cent capacity expansion, which is scheduled to be completed in the first half of 2023, will enable the Group to add more capacity to the manufacturing of emerging technologies for long-term sustainability.
“Efforts to increase production output at Ping’s Anasuria Cluster in the North Sea, UK, are ongoing. The completion of the riser reinstatement and a major maintenance turnaround are expected to boost field production rates. We are confident that our Energy business, anchored by Ping, will continue to grow as a Malaysian-led company and expand and unlock the potential of other assets within the United Kingdom (“UK”) and Southeast Asia region,” he added.
Within the IT sector, he said National Single Window (“NSW”) transactions have grown due to the lifting of Covid-19 restrictions, and this trend is likely to increase in the coming months in line with seasonal festivities. DNeX is also expanding its presence into regional and international markets via strategic collaborations with leading IT principals and multinational corporations.
“We have realised our goal of becoming a global organisation with around 80 per cent of the Group’s revenue now denominated in US Dollars. While this places us in a unique position to capitalise on global shifts that are occurring, we are also cognisant of the external headwinds that we face, such as the ongoing Russia-Ukraine conflict, rising inflation, weaker-than-expected global growth, escalation of geopolitical tensions, and prolonged supply chain disruptions.”
“To this end, DNeX is steadfast in terms of our focus on building resiliency across our business segments for the purpose of yielding sustainable returns through the optimisation of cost and operating efficiencies. We are ready to take on the challenges of 2023, empowered by our accomplishments in 2022 and propelled by our dynamic DNeX management and talent,” said Tan Sri Syed Zainal Abidin Syed Mohamed Tahir.