Wasco Berhad (KLSE:WASCO) Full Year 2023 Results
Key Financial Results
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Revenue: RM2.61b (up 10% from FY 2022).
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Net income: RM103.7m (up from RM13.5m loss in FY 2022).
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Profit margin: 4.0% (up from net loss in FY 2022). The move to profitability was driven by higher revenue.
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EPS: RM0.13 (up from RM0.017 loss in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Wasco Berhad EPS Beats Expectations, Revenues Fall Short
Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates by 49%.
The primary driver behind last 12 months revenue was the Energy Services segment contributing a total revenue of RM2.32b (89% of total revenue). Notably, cost of sales worth RM2.16b amounted to 83% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to RM210.0m (61% of total expenses). Explore how WASCO's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 5.6% decline forecast for the Energy Services industry in Malaysia.
Performance of the Malaysian Energy Services industry.
The company's shares are up 12% from a week ago.
Balance Sheet Analysis
While earnings are important, another area to consider is the balance sheet. We've done some analysis and you can see our take on Wasco Berhad's balance sheet.
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