Sapura Energy Berhad recorded positive financial results in the first quarter of financial year 2024 posting a group profit after tax and minority interests of RM146 million, a 58 percent increase from the RM92 million it posted in the first quarter of financial year 2023.
This was achieved on the back of RM952 million in revenue, a moderate increase from the RM886 million revenue garnered in Q1 FY2023. The Group reported a 30 percent improvement in earnings before interest, taxes, depreciation, and
amortisation at RM332 million for Q1 FY2024, compared to the RM250 million EBITDA reported in the corresponding quarter of the previous financial year.
“The results are rooted in our resilience and determination to turn around the company, despite our status as a Practice Note 17 issuer with limited access to working capital and bank guarantees”, said Sapura Energy Group CEO Datuk Mohd Anuar Taib. All business segments operated by Sapura Energy posted encouraging EBITDAs with Engineering & Construction delivering RM46 million; Operations & Maintenance at RM7 million; and Drilling posting RM130 million.
PATAMI in Q1 FY2024 was primarily driven by the combined efforts of all business segments, which materialised through higher EBITDA arising from revenue recognised from new and ongoing projects, and favourable foreign exchange gains following the strengthening of the U.S dollar. Group revenue saw a boost due to several factors, including the commencement of a major E&C project in Congo and the steady income generated from the nearly full utilisation of its fleet of drilling rigs.
Nearly 70 percent of its Q1 FY2024 revenue was generated from the Group’s international operations. As much as RM748 million in external revenue were denominated or earned in U.S. dollars, indirectly benefitting the nation’s economy.
Sapura Energy recently disclosed that its E&C, O&M, and Drilling business segments secured contract awards in the Eastern and Western Hemispheres with a combined value of about RM1.4 billion, increasing its outstanding order book to RM5.8 billion. More than 70 percent of the combined contract values are from projects outside Malaysia, indicating a growth trajectory beyond its home base.
