This is in line with the group’s ambitious effort to reach net-zero carbon emission by 2026, to be actualised in its transformation plan.
WSC is an integrated energy solutions company involved in the oil and gas services sector.
This shift, however, would see the group put greater focus on energy as a whole and dispose of its non-core businesses.
The name change will be accompanied by fresh leadership, with Giancarlo Maccagno succeeding Chan Cheu Leong, who served the group for 21 years, as the new managing director effective July 1.
The group’s order book stood at RM3.5 billion as of March, with RM3.1 billion in the energy solutions segment and RM426 million in renewable energy projects.
“Notably, a growing portion of the order book comprises exciting projects in the renewable and future fuel services sector,” said WSC.
One such project under the company’s transformation plan is the completion of the first 1MW green hydrogen project in Sydney by Wasco Australia, a subsidiary of WSC.
“Wasco is today recognised as a leader in hydrogen project delivery in Australia and it is expanding geographically leveraging on the strong know-how and track record in Australia and the Wasco Group’s global network,” the group said.
Whilst many details have yet to be determined, the group has spoken to stakeholders like Sabah Energy Corporation Sdn Bhd about potential hydrogen deals in the region.
Strengthening business fundamentals
Maccagno highlighted that strengthening the group’s order book would be WSC’s top priority in order to build resilience against external shocks.
This process would involve the group disposing of non-core assets as well as merging similar business segments.
As part of their transformation, the group will redirect their focus and expertise in pipe coating and engineering services for substations from supporting the oil and gas industry to the renewable energy sector.
Maccagno also clarified that the group was not actively seeking to dispose of its 27% stake in Petra Energy Bhd.
“Anytime we receive a proposal, which makes sense for us to dispose of it (Petra Energy), we will,” he said.
“Two years ago we were more interested to sell (as it was during the pandemic). Today’s situation has changed,” he clarified.
WSC is 40%-controlled by the Tan family of Tan & Tan Developments and IGB Corp.
For the first quarter ended March 31, 2023 (Q1 FY2023) the group posted a net profit of RM21.7 million, up 340% from the same quarter last year.
Revenue was also up 39% from RM458 million to RM639 million year-on-year.
The group reported a lower net loss of RM6.3 million for the financial year ended Dec 31, 2022 (FY2022), down 94% from the RM107.48 million loss in FY2021.
The group’s revenue grew 88% to RM2.69 billion in FY2022 from RM1.43 billion in FY2021.
At the close of trade, WSC’s share price was up 1.73% or 1.5 sen to 88 sen, giving it a market capitalisation of RM681.90 million.