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GFM Services Bags MYR83.1 Million Energy Orders; Shares Up 5%

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GFM Services' (KLSE:GFM) energy division secured additional release orders worth a total of 83.1 million ringgit for major turnaround work packages at the Pengerang Integrated Complex in Johor, Malaysia, according to a Tuesday filing with the Malaysian bourse.

The company's shares were up over 5% in recent trade.

The release orders include 16.3 million ringgit secured by its wholly owned subsidiary, Highbase Strategic, from PETRONAS Chemicals Isononanol, and 66.8 million ringgit secured by its 60%-owned subsidiary Shapadu CR Asia, from Pengerang Refining Company.

The orders are under the company's existing integrated turnaround main mechanical and maintenance mechanical static contract, which are expected to commence in 2027. The group expects the release orders to contribute positively to earnings for the financial year ending Dec. 31, 2027.

With its earlier orders of 148.2 million ringgit, the group has secured work packages worth a total of 231.3 million ringgit for the upcoming turnaround cycle at Pengerang Integrated Complex.

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