Kuala Lumpur: Eastern Pacific Industrial Corporation Bhd (Epic) is aiming for a revenue target of RM470 million for the financial year 2025 (FY2025), building on its record-breaking FY2024 performance, which saw revenues hit RM403.8 million.
According to BERNAMA News Agency, Epic’s CEO Muhtar Suhaili stated that the anticipated revenue growth will be largely driven by the company’s new subsidiary, Rahar Niaga Sdn Bhd (RNSB), and fresh contracts secured, particularly from Petroliam Nasional Bhd (Petronas). Epic, through its subsidiaries, is actively bidding for additional projects with Petronas related to oil and gas operations in Peninsular Malaysia and Sabah, with hopes of securing more contracts to fuel further growth.
Established on January 17, 1981, Epic is a Terengganu state government-linked company under the Terengganu Inc Group. It operates as an integrated oil and gas service provider, covering both upstream and downstream value chains. Its core business includes supply base and support services fo
r the offshore oil and gas industry, port management, marine services, engineering, maintenance services, and renewable energy.
Muhtar detailed that the FY2024 revenue was primarily derived from three main clusters: supply base and support (RM214 million or 53%), oil, gas, and renewable energy (RM99 million or 25%), and port management and marine services (RM91 million or 22%).
In highlighting the company’s achievements in 2024, Muhtar noted that Epic secured significant contracts from Petronas for maintenance, construction, and modification services (MCM), as well as hook-up and commissioning (HUC) for Package A2 (Peninsular Malaysia Assets – Gas). Epic was also appointed as a panel contractor for construction and modification works (CMW) for downstream units across Peninsular Malaysia’s East Coast, West Coast, and Southern regions.
Furthermore, the board has agreed to expand the company’s operations to Sabah and Sarawak. In Sabah, Epic signed a cooperation agreement with Begas Energy Sdn Bhd for onshore
maintenance, construction, and modification services (ONMCM), and is bidding for several related projects. In Sarawak, Epic is seeking a strategic business partner and is in discussions with several potential collaborators in oil and gas activities.
In Brunei Darussalam, Epic signed a letter of intent (LOI) with Qaswa Holdings Sdn Bhd, part of Brunei’s Adinin Group, involving Brunei’s first integrated marine maintenance yard and decommissioning yard. Due diligence is underway to finalize the terms for acquiring a stake in the company, with an aim to conclude the partnership terms by mid-year.
Muhtar explained that the collaboration with Brunei was chosen due to its strong oil and gas industry and geographical proximity to Malaysia, which aligns well with ASEAN’s spirit. Epic is also exploring potential opportunities and initial discussions with several other countries.
Regarding international expansion, Muhtar emphasized Epic’s cautious approach to overseas investments to ensure they generate significant i
ncome and profit returns. Celebrating its 44th year, Epic is keen on securing more projects and improving its service quality.
Epic is currently managing a major project, the Kemaman port expansion in Terengganu, which aims to increase port capacity from seven million tonnes per year to 12 million tonnes by 2027. The expansion is expected to be completed by 2030. Additionally, the East Coast Rail Link’s (ECRL) connection to Kemaman Port, expected by 2027, will further boost port capacity to 29 million metric tons per year. Epic is in discussions with a major Malaysian port operator to establish container-related business at Kemaman Port, with an MOU signed last February, and further negotiations ongoing.