Sapura Energy Berhad announced its unaudited preliminary full year results for the financial year ended 31 January 2023, showing noteworthy progress in efforts to regain operational stability. The Group posted an operating profit of RM705 million, a quadruple increase compared to the operating loss of RM2.2 billion recorded in the financial year 2022 (“FY2022”).
Revenue improved by 12 percent to RM4.6 billion against the RM4.1 billion posted in FY2022. Accordingly, all its business segments operated and posted positive earnings. Sapura Energy booked an EBITDA of RM667 million – contributed mainly by Drilling, which outperformed its industry peers to achieve an EBITDA of RM476 million. Operations and Maintenance returned to a positive EBITDA of RM143 million while Engineering and Construction recorded an EBITDA o RM155 million.
Major hurdles include the lack of working capital and the unavailability of bank guarantees, following the suspension of Sapura Energy’s working capital facilities in October 2021. The curtailment resulted in missed tender opportunities for the Group, with an estimated value of USD2.5 billion.
The Group continued to win new work, which amounted to about RM3.7 billion in value, bringing its current orderbook to RM5.6 billion. In addition, the non-consolidated gross orderbook of the Group’s joint-venture entities stands at RM5.2 billion. All eleven of its rigs are currently under contract in Malaysia, Thailand, Brunei and West Africa.
The Group narrowed its loss after tax and minority interests to RM3.2 billion in FY2023, compared to a LATAMI of RM8.9 billion in FY2022.
