This was despite revenue declining 5.1% to RM867.4 million in 3QFY18 from RM913.6 million a year ago.

According to Dialog’s filing with Bursa Malaysia yesterday, the better performance in Malaysia was contributed by midstream and downstream activities, in particular its engineering, construction and plant maintenance services for various projects.

“In addition, the group’s financial performance for the current quarter included the consolidation of Langsat Terminals since they became subsidiaries in September 2017. The upstream activities also contributed to the better financial results following the recent increase in the oil price,” it said.

It also said higher profits from abroad were mainly contributed by increased activities at Jubail Supply Base, Saudi Arabia, and higher sales of specialist products and services in the Middle East, Thailand and India.

For the nine-month period ended March 31, 2018 (9MFY18), Dialog’s net profit grew 48.1% to RM395.5 million or 7.02 sen per share from RM267.1 million or five sen per share in the corresponding period a year ago. The current year-to-date (YTD) net profit included a RM65.6 million fair value gain recorded on the disposal of a jointly controlled entity in September last year.

Dialog’s revenue edged 3.3% higher to RM2.5 billion YTD compared with RM2.42 billion recorded in 9MFY17.

The group said it will continue growing its core businesses with recurring income especially its logistics businesses, including storage tank terminals.

It said the ongoing operations of its 1.3 million cubic metre Pengerang Deepwater Terminals phase 1 is now being expanded by an additional 430,000 cubic metres, while the construction of phase 2 is partially completed. The full completion is scheduled for early 2019.

“The group had recently signed a memorandum of understanding with the state government of Johor Darul Ta’zim and the State Secretary, Johor (Incorporated) to invest in and develop common tankage facilities (including shared infrastructure) and deep water marine facilities (‘Jetty 3’), to support and promote the petroleum and petrochemical storage and handling tank terminal business,” it added.

Phase 3, meanwhile, will be developed on approximately 300 acres (121.41ha) of land next to phase 2 within Pengerang Deepwater Terminals with an indicative initial investment cost of RM2.5 billion. Land reclamation activities have started and the group is in discussions with potential customers for phase 3.

Dialog has increased its stake in Langsat Terminal (One) and Langsat Terminal (Two), both engaged in providing centralised tankage and terminal facilities in Tanjung Langsat, Johor. The group is planning to expand Langsat Terminal (Three) into a 300,000 cubic metre storage facility in line with the group’s strategy to grow sustainable and recurring income.

“In the upstream sector, the group is actively developing new reserves from existing contracts. At the same time, the group is on the lookout for viable production assets, which may become available for possible acquisition,” it said.

Barring any unforeseen circumstances, the group is optimistic that its performance will remain strong for FY18.

At closing yesterday, Dialog’s share price was unchanged at RM3.32, with about 12.9 million shares traded and a market capitalisation of RM18.7 billion.