KUALA LUMPUR, Oct 10 — After more than two years of preparations to exit its Practice Note 17 (PN17) status, EA Technique (M) Bhd (EATech) aims for an upliftment by the first...
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“Yes, many people want to know what’s next. For us, it is about uplifting the company from PN17, which requires two consecutive profitable quarters — specifically, Q3 and Q4,” Nasrul told Malay Mail in an interview at EATech’s headquarters. “The project, awarded in 2015, marked EATech’s foray into EPCIC, which involves extensive engineering analysis and procurement, taking considerable time.
“Over six months, we generated approximately RM60 million, slightly below expectations, but we maintained a gross profit of RM36.63 million, resulting in a gross profit margin of 41 per cent, which exceeds the industry average,” Nasrul said. “Our working capital ratio has risen to nearly unity at 0.94 per cent, up from 0.27 per cent in 2023, and our gearing ratio has improved from 1.44 per cent to 0.17 per cent, providing a solid foundation for future growth,” he added.
“This demonstrates charterers’ confidence in EATech and illustrates how our performance has improved since our PN17 classification,” Nasrul said. Nasrul further said that the employment of FSO Tembikai will significantly impact profits and income. “Brunei Shell offers higher charter rates and long-term contracts, which are essential for sustainability and asset replenishment. This is an opportune time for us, provided we secure long-term contracts,” he noted.“Brunei Shell previously required us to collaborate with local Bruneians to operate there, but they opened the market in 2024.
“Growth cannot rely solely on organic means — securing contracts, acquiring vessels, and fulfilling contracts. We also need to consider loan servicing and fluctuations in currency and interest rates, which impact investment costs,” he said. “This shift changes how we assess risk and future direction. Our previous management was comprised of founders, whereas now we have employed a new CEO and created additional posts, including an independent risk consultant to assess risks independently from management,” Nasrul said.
Technique Charts Path Out Of PN17 With Robust Financials And New Contracts
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