KUALA LUMPUR: GFM Services Bhd posted a net profit of RM9.5 million in the third quarter (Q3) ended September 30, 2023, from RM8.06 million in the same quarter last year, further boosted by Highbase Strategic Sdn Bhd's contribution of RM2.3 million.
Revenue for the integrated facilities management service provider was down to RM34.3 million in Q3 from RM40.17 million a year ago.
For the nine months ending September 30, 2023 (9M23), GFM Services registered a higher net profit, which rose 28.0 per cent to RM16.5 million from RM12.9 million last year.
The company's revenue rose to RM97.88 million in 9M23 from RM97.04 million a year ago.
Group managing director Ruslan Nordin said the improved results stand as a testament to the effectiveness of its strategic initiatives, affirming that the company is on the right track to deliver sustained growth.
Ruslan said the company's successful acquisition of a 49 per cent stake in Highbase enables it to consolidate its share of earnings, resulting in a notable increase in earnings for the period.
"This positive outcome enhances our optimism for GFM Services' future, especially as we are acquiring the remaining 51 per cent stake in Highbase Strategic, which will allow us to fully consolidate their earnings and further strengthen the company's overall profitability," he said.
Early this month, GFM Services signed a share sale agreement (SSA) to acquire the remaining 51 per cent stake in Highbase Strategic for RM18.2 million.
Highbase Strategic specialises in maintaining oil and gas (O&G) facilities, focusing on downstream operators.
