KUALA LUMPUR (Nov 24): Offshore energy facilities and services provider Bumi Armada Bhd saw its net profit decline 2.4% to RM149.72 million for the third quarter ended Sept 30, 2022 (3QFY2022), from RM153.41 million a year earlier, due to a downward revision in the estimated residual value of the group's vessels.
Earnings per share dipped to 2.53 sen in 3QFY2022 from 2.6 sen in 3QFY2021.
Revenue for the quarter, however, rose 26.1% to RM653.07 million from RM517.92 million in 3QFY2021, on higher completion progress of the subsea construction contract work in the Caspian Sea.
For the cumulative nine months ended Sept 30, 2022 (9MFY2022), Bumi Armada's net profit rose 14.9% to RM521.73 million from RM456.07 million a year earlier, while revenue increased 9.2% to RM1.8 billion from RM1.65 billion in 9MFY2021.
In a statement, Bumi Armada chief executive officer Gary Christenson said the floating production storage and offloading fleet continued to deliver stable operations and the group remained focused on safety, sustainability, operational excellence and financial discipline.
"We continue to pursue various new projects amid high energy prices and backed by our consistently improving financial positions," he said, adding that the group successfully conducted the planned process shutdown of two of its vessels in 3QFY2022.
As of end-3QFY2022, Bumi Armada had an outstanding order book of RM13 billion, with additional optional extensions of up to RM9.9 billion.
"We expect our existing business to be stable for the rest of 2022 and are pursuing new opportunities in targeted markets.
"We will continue to focus on the following areas to improve the prospects of the organisation: safety of all employees, partners and assets; integrated sustainability strategy; build on the excellent operational performance of our vessels; secure new contracts; and maintain crucial relationships with clients and partners," said Bumi Armada.
As of noon break, shares in Bumi Armada were unchanged at 43 sen, giving the group a market capitalisation of RM2.54 billion.