This article first appeared in The Edge Financial Daily on November 22, 2019

KUALA LUMPUR: Oilfield services provider Petra Energy Bhd posted a net profit of RM25.04 million for the third quarter ended Sept 30, 2019 (3QFY19), compared to a net loss of RM26.97 million a year ago, as revenue jumped 83%, following the recognition of the full share of results from an associate accumulated from FY18.

The stronger revenue, which rose to RM219.01 million from RM119.74 million a year ago, was also due to higher contributions from the group’s services and marine assets segments.

With the favourable quarter, Petra Energy declared an interim dividend of two sen per share, payable on Feb 3, 2020. It also returned to the black in its cumulative net profit for the first nine months of FY19 ended Sept 30, with a net profit of RM40.87 million — which the group said in a statement was its highest recorded over the last three years — versus a net loss of RM41.88 million a year ago.

Revenue increased 70% to RM468.52 million from RM275.59 million, lifted by improved performance across all segments. Commenting on its prospects, Petra Energy said there are signs the industry is recovering from a period of low activities.

Petra’s shares closed seven sen or 3.95% lower at RM1.70 yesterday, giving it a market capitalisation of RM545.6 million. In the past 12 months, the stock has jumped near 215%.