KUALA LUMPUR (Feb 20): Carimin Petroleum Bhd’s net profit for the second quarter ended Dec 31, 2019 rose 53% on-year to RM8.05 million from RM5.26 million earlier, driven by higher offshore activities and utilisation of marine vessels.

In a bourse filing today, Carimin said revenue for the quarter rose 11% to RM107.13 million from RM96.26 million.

Earnings per share was 3.44 sen versus 2.25 sen previously.

Carimin declared an interim dividend of 1.2 sen per share to be paid on April 3.

For the six months ended Dec 31, Carimin’s net profit rose 18.7% to RM20.16 million from RM16.98 million, on the back of revenue of RM259.37 million versus RM180.34 million.

On its prospects, Carimin said project work activities are expected to continue with corresponding utilisation of marine support vessels driven by steady work order flows from the maintenance, construction and modification (MCM) contract.

Meanwhile, it said the collaboration with DOF Subsea Asia Pacific Pte Ltd has further strengthened its core capabilities and competencies in the area of inspection, repair and maintenance (IRM) services.

"The prospect and sustainability of the group is enhanced with the recent award of the four-year integrated hook-up and commissioning (i-HUC) contract for the Petronas Carigali Sarawak SKG package,” it said.

At the midday break today, Carimin was unchanged at RM1.15, valuing it at RM268.96 million.