Sapura Energy Berhad recorded a profit after tax and minority interests (“PATAMI”) of RM43 million, on the back of earnings before interest, taxes, depreciation, and amortisation (“EBITDA”) of RM209 million, and revenue of RM1.14 billion.
The results, which followed a profitable first quarter in financial year 2024 (“Q1 FY2024”), showcased the Group’s overcoming its multiple operational challenges. Despite the setbacks, the group recorded a marginally higher revenue of RM2.09 billion in the first half of the financial year 2024, compared with RM2.06 billion in the same period of the financial year 2023. Profit before taxation almost doubled, from RM122 million in H1 FY2023 to about RM238 million in H1 FY2024.
Group Chief Executive Officer Datuk Mohd Anuar Taib said, “We are building on our steady recovery to set the stage for future growth. To maintain this positive momentum, we will continue to improve the Group’s cashflow and EBITDA; and strengthen operational efficiencies to protect project margins and drive consistent results.”
In Q2 FY2024, the Group reported a decrease in EBITDA compared to the preceding quarter, primarily attributed to project delays within its Engineering & Construction and Operations & Maintenance business segments. Its Drilling business segment continued to demonstrate robust performance, driven by lower operating expenses and the commencement of new contracts. The Exploration & Production business segment, operated through the SapuraOMV Upstream joint venture, also maintained consistent performance during the reviewed quarter, albeit with a slight decline in average gas production, mainly due to a scheduled shutdown.
To improve its financial strength, Sapura Energy said it is pressing ahead with the implementation of its Reset plan to address its unsustainable debt and Practice Note 17 status. The Group is actively working towards achieving an agreement in principle with its financiers by the end of 2023.
