KUCHING: Dayang and its subsidiary Perdana Petroleum Berhad remain on firm financial footing, Dayang Enterprise Holdings Berhad executive chairman Datuk Hasmi Hasnan said.
This is on the back of the Group’s asset base of RM2.3 billion, called order book value of RM1.9 billion, and strong cash reserves of RM456.1 million.
Its finance coverage service and gearing ratios of 2.38 and 0.41 underline the Group’s strong position to service its financial obligations, he added in a press release yesterday.
Datuk Hasmi Hasnan – File photo
“Dayang and Perdana are still one of the strongest companies amongst its peers.
With a good track record in project delivery, safety standards as well as a dedicated and professional staff, I expect the Group’s recovery to happen sooner rather than later,” Hasmi said.
Dayang Group had earlier reported a 12-month accumulated loss of RM436.9 million, citing Perdana’s asset impairment of RM219.1 million as the main reason for the loss.
On Perdana’s fleet of vessels, Hasmi, who is also the managing director and one of the major shareholders of the Naim Group, remarked that the Group is considering many options to fund Perdana’s fleet expansion programme as part of its turnaround.
This may include forays into the equity and debt markets, including bank borrowings, he said.
Naim and Dayang’s combined asset base is estimated to be in the region of RM4.3 billion.
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