Revenue, however, slipped 12.5% to RN702.199 million from RM802.79 million previously, the company said in a filing with Bursa Malaysia today.

The oil-and-gas services company said the higher net profit was mainly attributable to increased production from the upstream activities.

“The midstream activities continued to contribute a stable revenue stream to the group from the operation of Dialog Terminals Langsat and Dialog Terminals Pengerang.

“The profit contribution from these activities for the current quarter has improved compared to the corresponding quarter last year due to the increased tank storage occupancy rate,” it said.

As a leading integrated technical service provider that is diversified across the upstream, midstream and downstream businesses of the energy sector, Dialog said it will remain focused and steadfast in pursuit of its key long-term strategies.

“With our dedicated management team, we remain confident that our business model is well structured to manage and sustain the group through periods of economic uncertainty, oil price volatility, and currency movements,” it said.

It added that Dialog will pay an interim dividend of 1.5 sen per share on June 27, 2024.

At the close of trading, Dialog’s share price was unchanged at RM2.48, giving the group a market capitalisation of RM14 billion.