Barakah – be careful when the trends look fantastic

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From a ROE perspective, except for 2023, Barakah ROE was lower than those for my 2 reference Bursa energy services companies – Dayang and Deleum.

The only except was for 2023 where Barakah posted a 40% ROE. This seemed like a turnaround after the negative ROE of 177 % in 2022.

[Image: Barakah.png]

But when I dug deeper, this positive 40% was because it had an after-tax loss of RM 4 million divided by a negative equity. It was a positive 40% due to arithmetic.

Moral of story – when numbers look funny, you better dig deeper
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