Pioneer Heat Sees Steady Demand from Oil and Gas Sector Despite Middle East Conflict
Pioneer Heat Holdings Bhd has reported steady demand for its services in the oil and gas sector despite the ongoing Middle East conflict, according to CEO Wong Wei Ken. Speaking at a press conference, Wong noted that even if there is a slowdown in the oil and gas sector, the company's diversified portfolio of mechanical engineering services, which includes petrochemicals, utilities, power plants, and manufacturing, will help mitigate any impact.
The company provides mechanical and civil engineering services for industrial and related facilities, with its services including piping, heat treatment, flange management, and non-destructive testing. For the financial year ended March 31, 2026 (FY2026), Pioneer Heat reported a 59.22% increase in net profit to RM8.21 million, compared with RM5.16 million a year earlier.
Pioneer Heat has also been approved as a vendor for Petroleum Sarawak Bhd (Petros) and has an order book of RM50.43 million as at end-July. The company aims to raise RM26.02 million from its listing on the ACE Market, with RM21.68 million going towards Pioneer Heat and RM4.34 million towards its promoter brothers.
Pioneer Heat's net gearing improved to 0.72 times in FY2026, from 0.76 times a year earlier.