Sapura Energy posts first profit in 18 months

KUALA LUMPUR: Malaysia’s largest oil and gas services company Sapura Energy on Monday reported a profit for the fourth quarter on gains from disposal of a subsidiary stake, after five consecutive quarters of losses.

Sapura’s declared net profits of RM500.4 million for the quarter ended January, it said in a stock exchange filing on Monday, versus a net loss of RM2.29 billion in the same period last year.

Revenue stood at RM1.49 billion from RM902.7 million in the year-ago period, on higher revenue from its engineering and construction business segment.

Sapura said in a statement that new contract wins in 2019 had lifted its order book to its highest in two years, and hopes to aggressively pursue new opportunities in the Middle East, Africa, Asia Pacific, Europe and the Americas.

“In 2020, the Group will remain focused on growing and executing the order book as well as delivering strong operational performance,” it said.

Austrian energy group OMV agreed to establish a joint venture with Sapura in November, paying RM 2.1 billion for a 50% stake in the firm’s exploration assets.