KUCHING: Tighter cost control and improved project management have produced positive outcome as Ocean Vantage Holdings Bhd (OVH) reported a turnaround of its engineering, procurement and construction (EPC) business.
Company’s chairman Nor Azzam Abdul Jalil said the Bintulu Additional Gas Facility 2 (BAGSF2) project the group undertook significantly reduced its previous year’s losses as it applied tighter cost discipline and better project management.
“Operational execution improved across our EPC segment delivering several projects more efficiently, reflecting the turnaround of our EPC segment,” he added in the company’s 2025 annual report.
The company had blamed the losses incurred on BAGSF2 to escalation of materials and manpower costs in 2024.
The project had been completed in fourth quarter of 2025 (4Q2025).
Nor said the group’s manpower supply segment continued to demonstrate resilience, supported by sustained demand and improved deployment efficiency.
“While certain segments experienced lower activity levels, particularly on materials supply and drilling chartership services, the group was able to mitigate these impacts through improved pricing discipline and operational efficiency.
Collectively, these efforts resulted in a meaningful expansion in gross profit margins, underscoring the positive outcome of the organisational restructuring undertaken in the prior year.
“Overall, FY2025 represents a year of consolidation and recovery.
The group has strengthened its operational foundation, aligned its cost structure more effectively and reinforced a culture of financial discipline across the organisation,” he added.
Year-on-year, despite OVH group revenue fell to RM110.6 million (FY2024:RM123.6 million), group profit surged to RM27.24 million (RM10.49 million), thanks to the turnaround of the EPC segment, which returned to profitability after recording losses in 2024.
“The recovery is driven by the completion of BAGSF2 project as its losses were substantially reduced in 2015, alongside enhanced project execution; tighter cost controls and improves margin discipline.
“The supply of manpower segment continued to be the group’s primary earnings driven, sustained demand and improved operational efficiency.
The supply of materials, tools and equipment segment has registered a decline in revenue due to lower activity levels but the profitability has improved.”
Overall, Nor said the group’s 2025 performance reflected the positive outcome of ongoing efforts to strengthen operational efficiency, improve cost management and enhance earnings quality.
“Moving forward, we remain focused on reinforcing the group’s core business segments and pursuing sustainable growth opportunities to deliver long-term value to shareholders,” he added.
On outlook, Nor said Malaysia’s stable upstream and downstream activities continue to support demand across the oil and gas services and equipment ecosystem, alongside a growing emphasis on collaboration, digitalisation and capacity development.
Against this backdrop, competitive pressures persist, particularly from rising costs and pricing constraints.
“The group remains focused on operational discipline, cost optimisation and selectively pursuing higher-margin opportunities.
“Strategically, the group will strengthen our presence locally and internationally, deepen partnerships to enhance capabilities and explore opportunities in adjacent sectors, including renewable energy, power and infrastructure.
“Looking ahead, the group maintains a measured but positive outlook, with clear priorities on disciplined execution, strategic partnerships and strengthening our capabilities to support sustainable growth,” said Nor.
