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EPIC Group Targets a 10% Revenue Increase by End of 2024

KUALA TERENGGANU: Integrated oil and gas (O&G) solutions provider, Eastern Pacific Industrial Corporation Bhd (EPIC Group) is eyeing to increase its revenue by 10% this year, reaching RM375.5 million compared to RM344 million previously.

Its Group Chief Executive Officer Muhtar Suhaili said the target is due to improvements in the group’s operational efficiency and positive growth in several business segments.

Backing the target is the group’s promising first quarter (1Q24) revenue of RM93 million against its projected RM81 million in the company’s 2024 budget.

“Based on this financial performance, we believe the group can increase its revenue to RM375.5 million and profit after tax by RM14.5 million by year-end,” Muhtar said.

He also outlined plans to further boost the group’s revenue to RM400 million by 2025, including strategies such as infrastructure expansion and gradual enlargement of the Kemaman Port.

“We will add 2 more cranes at the Kemaman Port by 2025 and 2026 to increase the port’s capacity at East Wharf from 7 metric tonnes (MT) to 12 million MT.

“The ongoing port expansion project is expected to be fully completed by 2029, increasing the overall capacity to 30 million MT per year,” he explained.

The group is also engaging in discussions to attract approximately RM850 million worth of investment from a Japanese consortium in 3Q24.

The collaboration will involve constructing lithium-ion battery plant and manufacturing of main component of electric vehicles (EVs) in the Teluk Kalong Industrial Area, Kemaman.

“We are also planning to maximise the use of EPIC Group’s 600-acre land in Teluk Kalong to generate more profits for the company,” he added.

As a government-linked company (GLC) under Terengganu Inc, EPIC Group operates as a service provider to the O&G sector, integrating upstream and downstream industries.

Its core businesses include offshore O&G industry services, port management, engineering, marine services and engineering maintenance.

— BERNAMA

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