KUALA LUMPUR (May 25): Offshore energy facility and service provider Bumi Armada Bhd saw its net profit increase 14.1% to RM185.76 million for the first quarter ended March 31, 2022 (1QFY22), from RM162.79 million a year earlier, on lower depreciation of property, plant and equipment, tax expense and finance costs.

This resulted in higher earnings per share of 3.14 sen for 1QFY22 from 2.76 sen for 1QFY21.

Revenue for 1QFY22, however, fell by a marginal 2% to RM529.01 million from RM539.74 million a year ago, on the back of the provision of one-off engineering services relating to a floating, production, storage and offloading (FPSO) vessel in the previous year.

On a quarterly basis, net profit rose 57.4% from RM118.01 million for 4QFY21, while revenue grew 3.1% from RM513.05 million.

On its prospects, the group said the strong oil price augurs well for the oil and gas sector, which has witnessed increased activities across the entire value chain, including the floating offshore solutions segment.

"The group expects our existing business to be stable for the rest of 2022 and is pursuing new opportunities in targeted markets," it added.

Gary

In a separate statement on Wednesday (May 25), Bumi Armada chief executive officer Gary Christenson said the future firm order book at the end of March 2022 amounted to RM13.2 billion, with additional optional extensions of up to RM9 billion.

"The FPO fleet continued to deliver stable operations in the first quarter of 2022. Our focus on operational excellence and cost efficiencies underpinned the solid financial performance over the same period. We will continue to focus on safety, sustainability, operational excellence and financial discipline. Our improved financial position is enabling us to turn our attention to pursuing new opportunities in targeted markets," he noted.

At noon break, shares in Bumi Armada were unchanged at 42 sen, with 4.13 million shares traded. Its market capitalisation stood at RM2.45 billion.