06/04/2026

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MONDAY | APR 6, 2026

Wasco navigates near-term pressures

o Company looks to capture long-term opportunities from shifts in energy market

attempting to compete on fares alone. “Our proposition is based on value, not just price,” Amri said. “We are offering a different choice for travellers who want more comfort and a more refined experience on regional routes.” To sustain load factors, the airline is combining its onboard product with destination appeal and bundled offerings, creating a more holistic travel proposition that extends beyond the flight itself. Industry-wide challenges such as fuel price volatility and geopolitical uncertainties remain a concern, particularly for smaller operators. Nevertheless, Amri said, Berjaya Air’s focused strategy provides a degree of resilience. “We are not building a mass-market model. Our emphasis is on thoughtful expansion, a high-value product and closer integration with hospitality offerings, which gives us more flexibility in managing demand and yield,” he said. economically viable before, but now they are being revisited. I think final investment decisions are going to be accelerated, not purely from an economic point of view, but because of the need for alternative sources of supply.” Wasco, which has a global footprint spanning Southeast Asia, the Middle East, Africa, Europe and Australia, said it will assess how the situation develops before deciding on expansion beyond the Middle East. “Hopefully, the war ends soon. But it is not just about the end of the war. It is also about what kind of arrangements will be made in that region. “From there, we will decide where and how to invest. But we are definitely in a very good position in the longer term, being in the energy industry and supplying infrastructure and services to it.” Maccagno said the problem with the service industry is that during good times companies tend to forget downturns and take on excessive leverage, which has driven many corporate failures. “If you look at some of the failures we have seen, both in Malaysia and internationally, they are mostly driven by high levels of debt.” During good times, he said companies invest and increase their debt, and when a downturn hits, that is when they get into trouble. “What we have worked on, especially in recent years, is building a resilient company that can perform well in good times and withstand difficult periods as well. That is what we are doing.” Competitiveness remains central, he said, with a focus on delivering on time, ensuring reliability and safety, while improving efficiency, adopting

travel, particularly among passengers prioritising convenience over the scale offered by Kuala Lumpur International Airport. On the commercial front, Berjaya Air is leveraging synergies within the broader Berjaya Group ecosystem to strengthen its market positioning. Its collaboration with Berjaya Hospitality Group enables the bundling of flights with curated stay-and-fly packages, along with exclusive privileges at affiliated hotels and resorts. While this provides a built-in leisure pipeline, Amri emphasised that the airline is not solely reliant on internal demand. “The positioning is broader than just serving group-linked travellers. We are targeting independent travellers who are looking for a more comfortable and elevated short-haul experience,” he said. This approach comes amid a highly competitive and price-sensitive aviation landscape dominated by low-cost carriers. However, Berjaya Air is not be an issue if the situation does not improve soon.” However, Maccagno views the disruption through a longer-term lens with structural shifts in global energy supply that could benefit the group. “If we look at the longer term, this disruption in the Middle East is going to create tremendous opportunity for both our traditional oil and gas business as well as our renewable energy business,” he said. Wasco, through its 61%-owned Wasco Greenergy unit, is positioned to tap into alternative energy opportunities beyond the region. Drawing parallels with Europe’s earlier pivot away from Russian gas, he said countries are rethinking reliance on concentrated supply sources, which is expected to drive investment into new geographies and renewable energy to strengthen supply security across Asia and Europe. “While additional supply from the United States is emerging, it may not be sufficient to offset expected volumes from the Middle East over the next two to three years,” he said. Wasco is involved in pipeline coating, line pipe services, offshore gas developments and LNG-related infrastructure, including fabrication, modular systems and engineering works supporting global energy projects. Maccagno said LNG will face short-term challenges due to the Middle East situation which will prompt additional investment as regions previously considered too far or too expensive are reconsidered. “For example, Australia has large gas reserves that were not

In line with that philosophy, fleet growth will be measured rather than aggressive. The airline intends to align capacity expansion with route performance and market response, ensuring that growth remains sustainable. “Our direction is to grow thoughtfully, matching fleet and network development to demand,” Amri said. At the Matta Fair, Berjaya Air is targeting a mix of premium leisure and experiential travellers, including families and couples seeking a more seamless and comfortable regional journey. Looking ahead, Amri said, the carrier is well-positioned to support Visit Malaysia Year 2026 by enhancing connectivity to both domestic resort destinations and key Asean leisure markets. “By pairing air connectivity with hospitality and curated travel experiences, we can help channel more inbound traffic into destinations that benefit from quality tourism growth.” technology and managing costs. Wasco’s strong track record means clients rely on its ability to deliver projects safely and on time, enabling it to secure large-scale pipeline projects globally. As at Dec 31, 2025, Wasco is executing a portfolio across Southeast Asia, the Middle East, Africa, Europe and Australia, covering offshore oil and gas infrastructure, modular fabrication, substations, pipeline services, power generation and energy storage systems. Key works include offshore gas developments in Indonesia incorporating enhanced gas recovery (EGR) and carbon capture, utilisation and storage (CCUS); FPSO topside module engineering in the North Sea; substation EPCC and fabrication projects across the Middle East and Europe supporting industrial and green steel developments; and modular E-House EPCC for a cross-border crude oil pipeline in East Africa. The group is also undertaking pipeline coating, line pipe services, fusion bonded epoxy (FBE) coating, thermal insulation, concrete weight coating and anode installation for LNG production and offshore developments in Qatar and Malaysia, as well as supplying pressure vessels, heat exchangers and process modules for global energy and industrial facilities. In addition, Wasco is involved in EPCC works supporting power generation assets and balance-of-plant for a 10MWh battery energy storage system (BESS) in Australia. The group said its order book stands at RM2.8 billion, with a RM12 billion tender book providing earnings visibility into FY26 and beyond.

Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

in the world may or probably will be affected by this situation,” he said. For Wasco, the impact is already visible, with its operations in Qatar and Dubai effectively shut down and running with minimal staffing, weighing on short-term performance. “ T h e

KUALA its operations in Qatar and Dubai disrupted by the Middle East conflict and supply chain challenges, Wasco Bhd is navigating near-term pressures while positioning itself to capture longer-term opportunities from shifts in the global energy market. Managing director and group CEO Gian Carlo Maccagno ( pic ) said the group is focused on building a resilient business to navigate the oil and gas industry’s cyclical nature. “We have been in this business for about 35 to 40 years, our business is definitely cyclical. So, there will always be a time when it goes up and it comes down. But we have now built a resilient LUMPUR: With

b i g g e s t p r ob l em right now is n o t operations, we can operate, but getting the supply of

materials from outside the Middle East. Shipping routes are disrupted, and

that will

company that can basically do well during good time, but sustain during a difficult time,” he told SunBiz in an interview recently. The Middle

East, a key operating region for Wasco, has emerged as a major source of uncertainty across industries. “Middle East is now a potential problem for everyone. Every industry

Berjaya Air charts premium niche with regional push from Subang

KUALA LUMPUR: Berjaya Air is carving out a premium niche in the regional aviation space as it expands beyond its traditional charter roots, positioning itself as a boutique carrier focused on elevated short-haul travel rather than mass-market scale. Speaking to SunBiz on the sidelines of the Matta Fair, Berjaya Air general manager Mohd Amri Mohd Akib said the airline’s long-term strategy is centred on building a differentiated product that balances comfort, accessibility and convenience, while remaining within reach for a broader segment of travellers. “Berjaya Air is positioning itself as a premium regional airline with a clear niche rather than pursuing scale for its own sake,” he said. The airline’s direction is underscored by the introduction of the ATR 72-600 Business Class Highline, which Amri described as a defining feature of its “affordable Ű BY DEEPALAKSHMI MANICKAM sunbiz@thesundaily.com

luxury” proposition. The enhanced turboprop configuration is designed to deliver a more refined onboard experience, including a private cabin feel and greater personal space. At the same time, the carrier is laying the groundwork for regional expansion, with a growing network across Thailand and Indonesia signalling ambitions beyond a purely niche operation. “We are building a serious regional growth platform, but in a very focused and deliberate way,” Amri said. A key pillar of that strategy is its exclusive base at Sultan Abdul Aziz Shah Airport in Subang, which the airline views as integral to its overall value proposition. “Subang is not just an airport choice, it is part of the overall product proposition,” he said, noting that the airport’s proximity to the city supports a more seamless and time-efficient travel experience. Amri added that Subang has strong potential to emerge as a viable alternative gateway for regional