PETALING JAYA: : Bumi Armada Bhd’s net profit has increased by 18.7% year-on-year (y-o-y) to RM177.77 million for the third quarter ended Sept 30, 2023 (Q3 FY2023) from RM149.72 million the previous year.
In a bourse filling today, the offshore energy services provider said that the increase was due to higher operating income and lower finance cost.
Its revenue, however, declined 19.6% y-o-y to RM524.8 million from RM653.07 million in Q3 FY2022 due to a 24% drop in cost of sales.
For the nine months ended Sept 30, 2023 (9M FY2023), Bumi Armada’s net profit declined 4.6% y-o-y to RM497.55 million from RM521.73 million in the previous corresponding period, due to lower contribution from its Armada Kraken floating, production, storage and offloading (FPSO) facility and foreign exchange losses.
Moving forward, the group said it will continue to focus on improving the operational performance of its vessels as well as securing new projects in core regions.
Bumi Armada also plans to develop its energy transition pathway towards a net-zero goal by 2050 by focusing on carbon emission reduction and carbon injection solutions.
“The future firm order book at the end of Q3 2023 amounted to RM10.6 billion, with additional optional extensions of up to RM9.8 billion,” it said.
Bumi Armada is a Malaysia-based international offshore energy facilities and services provider with business experience in over 10 countries across Asia, Europe and Africa.
As at 4.57pm, Bumi Armada’s share price increased by one sen or 1.87% to 55 sen, giving it a market capitalisation of RM3.2 billion.