Velesto Energy’s PAT More Than Triples In Q1

Velesto Energy’s first quarter FY24 revenue of RM338.6 million was RM51.3 million higher than the corresponding quarter’s revenue of RM287.3 million, which the group said mainly due to higher utilisation and average daily charter rates for jack-up rigs under Drilling Services during the current quarter.

The Group reported profit before tax of RM60.2 million in the current quarter, higher by RM44.7 million against profit
before tax of RM15.5 million in the corresponding quarter, profit after tax was also significantly higher at RM46 million against RM14 million in the previous years first quarter.

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