KUALA LUMPUR, Dec 15 (Bernama) — The 2015-2016 oil and gas industry downturn triggered cuts in activity and asset impairment in Malaysia’s oil and gas services and equipment (OGSE) industry in recent years. But, financial data on the top 100 privately held and public-listed OGSE companies saw losses tapering off in 2019 amid a pick-up in activities, according to industry development agency Malaysia Petroleum Resources Corporation’s (MPRC) latest ranking of the top 100 OGSE companies Malaysia.
A preview of the top 100 OGSE companies or OGSE100, showed that the sector swung back into the black with a PBT of RM612 .45 million in financial year 2019 (FY2019), from a loss of RM1.87 billion registered in the previous year. This was due to a modest pickup in project activities and fewer impairments after OGSE companies recorded large impairments in the last two years. OGSE100 analyses the financial performances of both public-listed and private companies to provide a wholesome ‘state of the industry’ assessment to industry, policymakers and financial institutions.