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Bumi Armada’s Q1 FY2022 net profit rises due to continuing operations

25/05/2022 03:46 PM

KUALA LUMPUR, May 25 (Bernama) -- Bumi Armada Bhd’s net profit rose to RM185.76 million in the first quarter ended March 31, 2022 (Q1 FY2022) from RM162.79 million a year ago due to a rise in revenue from its continuing operations.

In a filing with Bursa Malaysia, the oilfield services group recorded a revenue of RM529.01 million in Q1 FY2022 versus RM539.74 million a year ago. There was a rise in revenue compared to the previous quarter's (Q4 FY2021) revenue of RM513.05 million, however.

The current quarter under review saw an increase in revenue from its operations segment due to higher vessel availability for Armada Kraken floating production storage and offloading (FPSO) and the provision of engineering services to one of the group’s jointly-owned FPSO vessels in Q1 2022.

“The group completed the disposal of its subsidiaries which own three Ice Class Vessels during the quarter for a total cash consideration of US$44.5 million with the proceeds being used for further debt reduction,” it said. 

It also noted that an additional offshore support vessel (OSV) was also sold during the quarter in line with the group’s asset monetisation initiatives.

Meanwhile, the group said its orderbook at the end of Q1 2022 amounted to RM13.2 billion, with additional optional extensions of up to RM9.0 billion.

On prospects, it said a strong oil price augurs well for the oil and gas sector, which saw a rise in activities across the entire value chain, including in the floating offshore solutions segment.

The group expects business to stabilise for the rest of 2022 and is pursuing new opportunities in targeted markets, it said. 

The group said it will continue to focus on the safety of all employees, partners and assets; securing new contracts; and build on the excellent operational performance of vessels.



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