PETALING JAYA: Dialog Group Bhd has set its sights on venturing into new overseas markets, especially in the provision of its technical services for the downstream oil and gas (O&G) sector.

Its chairman and group managing director, Ngau Boon Keat said that Dialog, which had a presence in the Middle East, the US, Europe, Africa and South Africa, was always looking for new markets.

“We will remain focused on the recurring business in plant maintenance, catalyst-handling services and the provision of the specialist products and services which are growing despite the current challenging economic situation,” he said after the company's AGM on Thursday, Nov 19.

For its first quarter ended Sept 3, net profit rose 43% to RM26.93 million from RM18.81 million a year ago. Revenue increased 30.5% to RM308.85 million from RM236.54 million.

It has cash and cash equivalent s of RM200.67 million as at Sept 30, up from RM94.42 million a year ago.

Ngau said he was upbeat about the prospects for the current financial year, as their specialist technical services were always required in the O&G sector despite the economic environment.

Dialog, he said was concentrating on investing heavily in human capital in order to meet growing business demands from its customers.

“About 90% of our investments in Malaysia and we train our people for the company’s specialties in the oil and gas services,” he said. About 50% of its workforce is technical staff.

“With our skills, we can go to any country that is in need of our services,” he added.

On the proposed two-for-five bonus issue of up to 568.34 million shares, he said the company planned to hold an EGM either by January or February next year in order to seek shareholders’ approval.