At its annual general meeting today, Deleum said he will be succeeded by Shamsul Azhar effective June 1, 2023.

Despite the change, Izham will remain on the company’s board as a non-independent non-executive director.

He was the group’s executive chairman until his retirement on May 31, 2010, after which he was redesignated as non-executive chairman.

One of the co-founders of Deleum Services Sdn Bhd – a wholly owned subsidiary of the group – he was appointed to Deleum’s board on Dec 21, 2005.

He served as Deleum Services’ chairman upon his retirement as managing director of Aseambankers Malaysia Bhd in 1996, and subsequently its executive chairman in 2000.

Having served as Deleum’s chairman since the company’s listing in 2017, Izham said he is proud of how the company has managed to overcome numerous obstacles and delivered on its commitment to stakeholders.

“I am confident that Shamsul Azhar as chairman of the board will successfully lead the company and continue to build momentum towards its future growth,” he said.

Fuelling future growth

In a press statement today, Deleum revealed they will focus on growth in both its top and bottom lines, spurred by the projected rise in global capital spending in the oil and gas sector as a result of robust demand for fossil energy.

The group said it intends to broaden its product service offerings, as well as regional presence, in its next growth phase.

“Deleum will continue to invest in processes and systems to integrate its services on a seamless and robust platform, increasing the group’s capacity to meet the needs of its clients,” it said.

Based on its financial year ended Dec 31, 2022 (FY2022), the group’s net profit increased 146.9% to RM42.1 million compared to RM17.1 million a year ago, the highest net profit reached in the last seven years.

In terms of revenue, Deleum showed a 25% increase to RM698 million from the previous year, attributed to higher spending in the oil and gas sector.

“Overall growth was delivered across three segments – power and machinery, oilfield services, and integrated corrosion solutions,” it said.

Deleum group CEO Rao Abdullah said that they are not only extending their product and service offerings but also expanding their geographic footprint, particularly in Indonesia and Thailand.

“This will allow us to better support and increase our client base in the region as demand grows,” he said.

As at 3.47pm, Deleum’s share price was unchanged at 92 sen, giving it a market capitalisation of RM365.42 million.