Ping Helps Propel DNeX To Over £134m In Profits

ping-helps-propel-dnex-to-over-134m-in-profits

© Supplied by DNeXDNeX profits

Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, Group Managing Director of DNeX.

Ping Petroleum owner DNeX has published “stellar results” for the financial year ended 30 June 2022, with nearly £135 million in profits after tax and revenues of £270m.

Dagang NeXchange Berhad (DNeX) owns Aberdeen-based Ping Petroleum, among a series of other ventures.

The firm’s energy business generated £72 million in revenue, accounting for 26% of the company’s overall earnings.

In the group’s fourth quarter results for financial 2022, profits after tax increased 238% to £50m from the £14.8m reported in the third quarter, which ended 31 March 2022. Revenue for the organisation grew by 12% in that same time frame.

Net cash flow from operating activities amounted to some £122m.

DNeX group managing director Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said: “We are pleased to announce a remarkable achievement for the FY2022, a record-breaking financial performance of the Group with a PAT [profits after tax] of RM707.3 million and revenue of RM1.44billion, despite the extreme market volatility and geopolitical uncertainty which has disrupted global supply chains.

“This was an incredible year for the Group driven by the relentless support and hard work of all employees in churning out these results towards building the Group’s resilience to improve on the overall bottom-line performance.”

DNeX’s efforts in the UK

Hummingbird Spirit Cromarty Firth © Supplied by DCTMedia/ Sandy McCo
The Hummingbird FPSO – now renamed Excalibur – in the Cromarty Firth.

Ping Petroleum acquired the Hummingbird FPSO earlier this year for its Avalon field and thematically renamed the vessel Excalibur.

Derived from the magical sword wielded by King Arthur, the vessel’s new name is in keeping with the associations of Avalon, an island central to Arthurian legend and sometimes described as the forging place of the mythic weapon.

Ping took delivery of the FPSO from previous owner Teekay in early July.

The Vessel has a 60-metre-diameter and has a storage capacity of 270,000 barrels of oil and is capable of producing up to 30,000 barrels of oil per day.

Ping aims to connect the FPSO to a dedicated floating offshore wind turbine to power the facility and minimise diesel and fuel gas usage as well as associated emissions.

It was reported earlier this month that Cerulean Winds and Ping Petroleum UK had signed a new agreement that would create one of the UK’s first oil and gas facilities powered almost exclusively by offshore wind.

Ping acquired a 100% stake in the Avalon site in August 2021 and intends to make a final investment decision on the 23 million-barrel project later this year, ahead of production start-up in 2025.

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