RANHILL Utilities Bhd reported a sharp 61% quarter-on-quarter drop in net profit to RM6.94 million for the quarter ended March 31, 2025 (5Q25), primarily due to cost overruns on its P82 project. Revenue declined 1.8% q-o-q to RM513.15 million, according to its Bursa filing today.
The P82 project, managed by its 51%-owned unit Ranhill Worley Sdn Bhd, involves detailed design engineering services for Petrobras under a US$27 million contract secured in November 2022.
The group did not declare any dividend for the quarter.
Ranhill anticipates continued demand in its water segment driven by growth in manufacturing, services, tourism, construction, and infrastructure sectors.
Its shares closed 3.2% lower at RM1.21 today, valuing the group at RM1.57 billion. –TMR
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