Sapura Energy Berhad has sustained its upward momentum with an earnings before interest, tax, depreciation and amortisation (Ebitda) of RM157mil for its first quarter ended April 30, 2021.

This was a three-fold increase quarter-on-quarter (q-o-q) from RM50mil, on the back of improvements in operational efficiencies and continued realisation of cost optimisation initiatives.

The group’s quarterly revenue came in at RM1.47bil, a 2.08% increase q-o-q.

Sapura Energy narrowed its loss-after-taxation and minority interests to RM97mil for the quarter from RM216mil in the preceding quarter.

Group chief executive officer Datuk Mohd Anuar Taib said the pandemic has not hampered Sapura Energy’s focus on achieving operational excellence and delivering its promises to its clients.

“Sapura Energy has secured about 95% of its targeted revenue for the financial year 2022 (FY2022) and we are confident that we will exceed the revenue posted in FY2021.

“We are well-positioned to capitalise on the recovering energy industry, given the expected rebound in oil and gas demand.

“At the same time, we will continue to deepen our presence in the renewables sector to ensure we remain sustainable in the future, ” he said in a statement.

The group’s order book stood at RM11.8bil at the end of the first quarter for FY2022.

Sapura Energy’s total bids and prospects are valued at RM147bil, with RM51bil worth of tenders already submitted or in progress. These include six active bids in the renewables sector, across Asia Pacific.

The group said its optimism is tempered by uneven recovery in the global economy as many countries are still grappling with Covid-19.

“Sapura Energy will continue to focus on managing the pandemic’s impacts on its operations.

“Its business continuity plans remain in force as the group prioritises the health and safety of its employees and contractors while delivering projects to clients.

“At the end of the quarter, the group has accumulated pandemic-related costs amounting to RM328mil and is currently engaging with clients to acknowledge and resolve these costs for recovery, ” it said.

Meanwhile, the group has financial headroom for lenders to participate in its multi-currency sukuk programme as an alternative funding platform for the group moving forward, following the recent upsizing of the programme from RM7bil to RM10bil in nominal value.

Sapura Energy is cautiously optimistic that it is well positioned to deliver resilient performance in FY2022, while remaining on track to deliver on its longer-term strategic intents in embracing energy transition.