Telegram群聊机器人（www.tel8.vip）:Enra proposes diversification into MRO industry
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KUALA LUMPUR: Enra Group Bhd is proposing to diversify its core operations to include the maintainence, repair and overhaul (MRO) business as it seeks to arrest the decline in its financial performance.
RHB Investment Bank Bhd, on behalf of Enra, said in a filing with Bursa Malaysia the group has determined that its existing nascent MRO services should be expanded to capture the favourable outlook of the MRO industry.
Generally, MRO services involve the upkeep of plant facilities and equipment through preventive and corrective actions to ensure that the assets are kept in running condition.
According to the announcement, Enra's management believes the nature of MRO business activities is stable and recurring due to the continuous need for ongoing maintenance of assets to keep operations running.
"An example of those assets includes diesel engines and generators (including ancillary and related equipment) in industries such as O&G, marine, industrial and agriculture," it said.
It added that it expects Malaysia's MRO industry to grow at a cumulative aggregate growth rate of about 5% from 2022 to 2025.
Since the commencement of the group's MRO services in 2019 to March 31, 2022, the segment's contribution to the group has been minimal.,
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By growing the MRO services under its energy services segment, it aims to improve its financial performance, which has declined in the past three financial years.
Specifically, the property development segment has been loss-making in recent years, made worse by the onset of the Covid pandemic, while the energy services segment has posted declining pre-tax profits.
Despite swinging to the black in FY22 with a pre-tax profit of RM6.2mil, the group noted that this was mainly owing to a one-off gain of about RM19.6mil recognised from its divestment of Enra Kimia.
Furthering efforts to grow its MRO services, Enra has collaborated with MTU Services (Malaysia) Sdn Bhd to pursue new projects and contracts in MRO services across various industries.
The joint venture, MSMENRA Sdn Bhd, is 70% owned by Enra Energy Solutions Sdn Bhd while MSM holds the remaining 30% equity interest.
Enra's board of directors is seeking shareholder approval for the proposed diversification as the MRO segment is expected to contribute 25% or more of the net profits of the group, and/or result in a diversion of 25% or more of the net assets.