Deleum Bhd’s revenue in the financial year ended December 31, 2017 declined 12.3 per cent to RM 534.1 million from RM608.7 million compared to the corresponding year. 

The lower earnings was attributable to the challenging trading conditions particularly in the power and machinery and oilfield services segments. 

However, Deleum noted profit for FY17 spiked up to RM39.3 million from RM32.8 million on the back of a favourable sales mix, operational efficiencies and cost management.

The supporting specialised products and services provider in oil said in a statement they will remain cautious as the volatility of the Ringgit will continue to have noticeable effect on the Group’s financial assets and liabilities as mainly trade receivables and payables are denominated in USD.

Deleum has declared a second interim single tier dividend of 3.25 sen per ordinary share payable to shareholders on March 28. 

Combined with its first interim single tier dividend of 1.00 sen per ordinary share this will record a total dividend of 4.25 sen per ordinary share for FY17. 

On prospects, Deleum sees oil prices likely to trade in the USD60-USD70 range with downside risks remain elevated as the market continues to rebalance itself and the observed inverse relationship between oil prices and the dollar. 

Moving forward, the Group will continue with its existing strategies focusing on its core businesses, operational efficiencies and managing cash flows.

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