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2015 has been a challenging year.
It has been tough on everybody - the employers, employees, suppliers, vendors and the common people. The low oil price has yet to see the bottom of it. The war on currency is still yet to stabilize. The oil and gas industry is reeling from the effects. We have been hearing on the news about staff layoff by the operators and also contractors locally as well as abroad. In any downturn there is always the need to control the cost in order to survive, The Company’s interest is always above anyone’s and profitability is always the name of the game.
We at MMCOG are also affected by the current situation. However at the end of 2014 together with our parent company, we embarked on the Strategic Cost Management Program (SCMP) to control our cost and bring down our cost structure. We reduced the unnecessary overheads and informed our staff on the need to be cautious in this current economic downturn. With the support of most of our staff we managed to bring the cost structure down and barely keep our head above water. We always stress to our staff the famous quotation by our shareholder, “a ringgit saved is a ringgit profit”.
We will continue our relentless march to improve our operation. We need to be more efficient and improve our productivity in order to stay ahead of the competition. Our continuous improvement program for 2015 involved the automation of most of the work processes. Our MINDA implementation is crucial for us to move forward and reduce our reliability on hard copy for project implementation. We will try to minimize errors via automation and also space for storage. We foresee that the industry will be completely paperless in the short term. Cloud computing and big data operation will be the norm in the future.
As we move towards a tougher environment in 2016, we will continue to efficiently execute our long term contracts with our clients and also be resourceful in developing our revenue stream. We will also work closely with our sister companies for any work opportunity that arise from their current order book or requirement. We hope that the industry will accept the current oil price as the new norm and will not delay or cancel more projects due to economics.
2016 will be a more challenging year.