Cyberjaya, 29 August 2022 – Dagang NeXchange Berhad (“DNeX”) has accomplished stellar results for the financial year ended 30 June 2022 (“FY2022”), charting a profit after tax (“PAT”) of RM707.3 million on the back of RM1.44 billion in revenue.

This is mainly attributed to the Group’s Technology business, underpinned by DNeX’s strategic investments in SilTerra Malaysia Sdn Bhd (“SilTerra”), followed by Energy via Ping Petroleum Limited (“Ping”) and Information and Technology (“IT”) businesses.

DNeX’s Technology business has emerged as the biggest contributor to the Group at RM857.7 million, accounting for 60 per cent of total revenue. This is followed by the Energy business with RM379.6 million in revenue or 26 per cent while the remaining RM199.8 million or 14 per cent was contributed by the IT business.

For FY2022, DNeX generated a strong net cashflow from operating activities amounting to RM643.8 million. The Group’s balance sheet remains solid with total cash of RM1.02 billion, while total loans and borrowings stood at RM319.4 million as at 30 June 2022.

There is no year-on-year comparative figures due to the change in the financial year-end from 31 December to 30 June.

For the fourth quarter ended 30 June 2022 (“4Q FY2022”), DNeX recorded PAT of RM263 million and revenue of RM430.3 million, mainly supported by robust contribution from the Technology and Energy segments. On a quarter-on-quarter basis, the Group’s 4Q FY2022 PAT jumped 238 per cent to RM263.0 million from RM77.8 million reported in the third quarter ended 31 March 2022 (“3Q FY2022”), while revenue increased by 12 per cent to RM430.3 million from RM382.6 million recorded in the same period previously.

According to Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, Group Managing Director of DNeX, the Group closed the financial year ended 30 June 2022 on a high note, having achieved a stellar performance throughout the year.

“We are pleased to announce a remarkable achievement for the FY2022, a record-breaking financial performance of the Group with a PAT of RM707.3 million and revenue of RM1.44billion, despite the extreme market volatility and geopolitical uncertainty which has disrupted global supply chains. This was an incredible year for the Group driven by the relentless support and hard work of all employees in churning out these results towards building the Group’s resilience to improve on the overall bottom-line performance,” he said.

He said transformation efforts at SilTerra have led to a strong turnaround in the Group’s financial performance, supported by higher average selling prices (“ASP”) achieved and operational improvements recorded in terms of production output, quality control and manufacturing efficiency.

“As we enter the new financial year, SilTerra will continue to pursue manufacturing excellence and superior technological innovation. The three long-term agreements secured with major clients will fulfil capacity utilisation to more than 70 per cent. Expansion efforts to increase SilTerra’s annual production capacity by 10 per cent is a work in progress and expected to be completed in the first half of 2023,” he said, adding that as a result, more capacity will be allocated to new emerging technologies such as microelectromechanical systems (“MEMS”) and Silicon Photonics devices, which command higher ASP.

Meanwhile, DNeX’s joint efforts with Hon Hai Precision Industry Co Ltd (“Foxconn”) to build a brand new 12-inch wafer fabrication facility in Malaysia are in progress with the ongoing discussions with the relevant stakeholders including the Government of Malaysia, he said.

“The 12-inch wafer fab will be the first of its kind in Malaysia, and second in South East Asia after Singapore. The fab’s 28nm node is a long-life Tier One Technology node with the most advanced technology under the planar transistor technology that will have the widest range of applications,” he added.

For the Energy segment, Tan Sri Syed Zainal Abidin said Brent crude oil prices are expected to remain elevated on the back of a tight supply outlook due to bans by the European Union on Russian oil exports, and this will benefit Ping, a low-cost upstream producer which has an average cost of production of below US$30 per barrel.

To recap, Ping had taken delivery of the Sevan Hummingbird Vessel Floating, Production, Storage and Offloading (“FPSO”) vessel, which has been renamed to Excalibur – a 60 metre-diameter facility that has a storage capacity of 270,000 barrels of oil and is capable of producing up to 30,000 barrels of oil per day. The FPSO will be deployed at Ping’s second oilfield asset, Avalon Oil Development in the Central North Sea, United Kingdom (“UK”). Subsequently, Ping aims to connect the FPSO to a dedicated floating offshore wind turbine to power the facility thus minimising diesel and fuel gas usage as well as associated Greenhouse Gas emissions in the UK waters.

Meanwhile, Tan Sri Syed Zainal Abidin said the Malaysian economy has been growing at an accelerated pace on the back of stronger domestic demand, normalising economic activities and reopened international borders.

“This augurs well for the Group’s businesses in Trade Facilitation as well as Technology Consulting and Systems Integration. Having secured the contract extension, the Group will continue to operate the National Single Window (“NSW”) for Trade Facilitation until 31 August 2024. Our new Trade Facilitation related service offerings especially in the Business-to-Business (“B2B”) segment locally and in international markets are gaining traction and currently in pilot implementation phase,” he said.

“Within our Technology Consulting and Systems Integration division, we are focused on digital transformational services for public and private sector clients such as development of cloud-based Enterprise Resource Planning (“ERP”) applications as well as new applications in Analytics, Big Data, Artificial Intelligence and Robotics Process Automation. Strategic partnerships with leading global players such as Accenture Solutions Sdn Bhd will strengthen our value proposition further,” he added.

Latest News

Get updates and announcements from Dagang Net

View All

Read more +25 November 2022

DNeX off to a strong start in FY2023 with RM419.6 million in revenue and RM68.3 million in profit after tax in first quarter

Cyberjaya, 25 November 2022 – Dagang NeXchange Berhad (“DNeX”) has recorded solid performance in its financial results for the first quarter ended 30 September 2022 (“1Q FY2023”).
Read more +25 November 2022


Please be inform that, MITI will implement electronic endorsement of the Preferential Certificate of Origin (PCO) by electronically affixed signature and official seal through the ePCO system for CPTPP, ACFTA, AIFTA, MICECA and MTFTA. The PCO approved for the abovementioned FTAs will be electronically endorsed and exporter will no longer be required to do a manual endorsement.
Read more +24 November 2022


Please be informed that the Royal Malaysian Customs Department will implement the CPTPP using PDK 2022 in the Sistem Maklumat Kastam (SMK) and the Authorize Economic Operator System (AEO). The implementation of this Free Trade Agreement (FTA) is expected to take effect on November 29, 2022.