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1 month ago | Report Abuse
Velesto ...Syarikat Petroleum Nasional kedua 😂😁😀
1 month ago | Report Abuse
This is good news indeed. This laterally means they look to double their revenue and income without owning large drilling assets...easy, profitable money. JV with other deepwater drilling companies that owned vessel without spending huge budgets in this uncertain fossil fuels business. Nevertheless they got Petroleum National authorized license and very good reputation with Petronas...smart way. They will bid the contracts and pass it contract drillers. Same concept with Petronas.
1 month ago | Report Abuse
Eagle 77
You're very optimistic...I like you spirit. Hopefully Abg won't disappoint us.
1 month ago | Report Abuse
It won't go below 0.26 or worse case 0.25..reffering past trend before move up.
1 month ago | Report Abuse
Collect collect. This is last round they give you chance to collect cheap cheap...once engine start you won't get it.😁. Investment mesti mahu berani. Like Warren Buffet once said "be fearful when others are greedy and to be greedy only when others are fearful"
1 month ago | Report Abuse
Wow! Canteeek collect lagi...all in 😁
1 month ago | Report Abuse
Still got time, go put in Perdana now. This is lousy.
1 month ago | Report Abuse
Many wait @ 0.27 like hungry lion.
1 month ago | Report Abuse
Canteeek! Collect lagi. Collect low sell high later..😀😁
1 month ago | Report Abuse
I consider this is still a good company as long as brent at higher side. Expected qtr 2 to 4 going to make money even with some rigs put under scheduled maintenance.
1 month ago | Report Abuse
It's normal for every shares hibernate for a while after dividend payment. Prospect is there later on...
1 month ago | Report Abuse
https://www.upstreamonline.com/exploration/petronas-carigali-to-appraise-duo-of-malaysian-discoveries/2-1-1650151
Naga 6 assigned for this project. DCR reviewed.
1 month ago | Report Abuse
Permodalan Nasional Berhad (PNB) hold 4,348,186,695 shares while Hong Leong Asset Management Bhd. 639,934,700 shares.
Just figure out how much dividend payment they get...
1 month ago | Report Abuse
I am unsure of under which revenue or expenses they declared. Perhaps this is the management expenses that missing in 1st qtr...maybe.
1 month ago | Report Abuse
The dividend payment is expected to be between $25 million and $30 million, according to my rough calculation.
1 month ago | Report Abuse
In and out 3× in just a short period. Wonder why you can't make money dispite the rest can. Velesto for mid to long term investors. You need patience and holding power at lease up to Nov to get the pay off.
1 month ago | Report Abuse
In the next 2 quarters, FCF surpasses debt with this type of profit return.
1 month ago | Report Abuse
I expected their FCF to exceed 350 million, my rough estimate.
1 month ago | Report Abuse
Sabar sabar. Bagi time kpd abg abdillah...baru take over tu.
1 month ago | Report Abuse
Hahaha..as usual sindiket will off-load ( including some foreign IB)... or they might not. Sometimes this medium sharks bet on qtr to take quick profit. Good news is last profit and recently announced qtr profit, consider the highest profit since 2018...since PNB took over Velesto. This might give good coverage from press/IB.
1 month ago | Report Abuse
KUALA LUMPUR (May 23): Velesto Energy Bhd's (KL:VELESTO) first quarter net profit more than tripled year-on-year, driven by higher utilisation and average daily charter rates for jack-up rigs.
Net profit for the quarter ended March 31, 2024 (1QFY2024) rose to RM46.81 million or 0.57 sen per share, from RM14.22 million or 0.17 sen per share a year ago, according to the offshore drilling rigs and oilfield services provider.
The group, which is 41.7%-controlled by Permodalan Nasional Bhd, said revenue grew 18% to RM338.58 million from RM287.25 million in 1QFY2023.
“We expect overall global utilisation of jack-up rigs to remain strong for 2024/2025. However, the jack-up drilling rig market may experience uncertainty. The group is monitoring the current situation in the Middle East for its future bidding strategy, especially for mid-2026 onwards,” Velesto said in a stock exchange filing.
The group said its utilisation is expected to remain high in 2024, with all six of its jack-up drilling rigs contracted.
Three of Velesto’s jack-up rigs — NAGA 2, NAGA 4, and NAGA 6 — have been contracted until 1QFY2026, and NAGA 8 up to 4QFY2025. Meanwhile, NAGA 3 is contracted up to 4QFY2024 (inclusive of options) and NAGA 5 up to 3QFY2024.
“The group is actively bidding for new tenders for local and international contracts for activities to be performed in 2024, and up to 2026 and beyond,” it said.
“At least three of our rigs, namely NAGA 2, NAGA 5 and NAGA 6, are expected to commence their five-yearly Special Periodical Survey in 2QFY2024, 3QFY2024 and 4QFY2024 respectively,” it added.
Velesto said global and regional upstream oil and gas activities including in Southeast Asia continue its upward trend, with more exploration and development projects being evaluated, re-visited and sanctioned.
“Major oil producers continue to increase their capex (capital expenditure) in response to prolonged lack of investment in the past. In Southeast Asia, particularly Malaysia, a number of new contracts have been awarded with more being tendered out,” it said.
Shares of Velesto closed half a sen or 1.7% to 29.5 sen on Thursday, giving the group a market capitalisation of RM2.42 billion. The stock has climbed 29% year-to-date.
1 month ago | Report Abuse
Emma cantekkk kah..cantek klu saya pun masuk.
1 month ago | Report Abuse
Perdana with 6mil profit can shot up to 0.40. I think Velesto can do better if upcoming qtr result exceed the preceding qtr. Good luck all.
1 month ago | Report Abuse
Excellent qtr coming. Get ready..
1 month ago | Report Abuse
Wou! Genting should be filthy rich ho!..800,000 lots man.
New shareholder..
1 month ago | Report Abuse
Sorry type error. I mean it will give positive earning for Financial year ended 31 March 2024 (4th qtr). Buckle up...one more week for the announcement.
1 month ago | Report Abuse
This is part of it..more contract to come.
1 month ago | Report Abuse
Yes true. Minetech gets contract extension 230mil this year and read this press released..
The company said the contract is from Jan 1, 2024 until Dec 31, 2026.
“The contract is expected to contribute positively to the revenue, earnings and net assets of the company and its subsidiaries for the financial year ending March 31, 2024 onwards to March 31, 2027,” it said.
They said the newly awarded contract will give positive revenue for 1st qtr ended 31 March. 2nd qtr will be much better...fingers crossed, hope for the best. Good luck guys.
1 month ago | Report Abuse
Qtr around corner..going to burst soon. After the qtr believed more institutional join in (waiting for EPF). When we call buy @ 0.15, many newbies shouting...then velesto break 0.20 floor. Now we asked collect below 0.30, many shouting again said lousy stock..after break 0.30 NO return back...don't miss the boat.
1 month ago | Report Abuse
Buy buy. You wont regret buy this counter. Restructuring with new management team. Even this 1st qtr not promising but future earning is invisible...abg Abdillah boleh..😀
1 month ago | Report Abuse
https://paultan.org/2024/05/06/shell-said-to-be-in-talks-to-sell-its-entire-malaysian-petrol-station-network-to-saudi-aramco-report/
Wonder why not Petronas take over this offer..😆😄 Velesto mesti pecut punya.
1 month ago | Report Abuse
EMMA YAZMEEN YIP BINTI MOHD JEFFREY YIP ( Finance Director)...from stock market experience background. You all fikir2 lah.
1 month ago | Report Abuse
Selling due to Choy Sen (the founder of minetech) and family member now in midst disposing their shares after Abang Abdillah Izzarim Bin Tan Sri Datuk Patinggi Abang Haji Abdul Rahman Zohari was appointed as Minetech’s Executive Chairman on 3 January 2024. Abang Abdullah owned majority of the Minetech shares now...healthy. Let the Choy Sen family dispose their shares first..later the real game start.
2 months ago | Report Abuse
Still got hope...big winning hope. All you need is patience to buy, hold and harvest it when the time comes. Company under restructuring with new shareholders.
2 months ago | Report Abuse
In velesto you no need to wait for 2/3 year. Explosion around corner (after dividend). As long higher crude oil price, we're pretty much safer here. All you need is patience.
2 months ago | Report Abuse
This is something to consider
They issued ESOS on 1 nov 2019, exercise price 0.33 (tranche 1) and 6 Nov 2023, exercise price 0.23 (tranche 2).
2 months ago | Report Abuse
Ok. Annual report as usual, nothing extraordinary. Only thing I noticed DCR improving from usd77 to usd 94/day (still lower compared with other southeast Asia). They achieved rigs utilization 83% far better than previous year. Order book stood at 1.7 bil.
2 months ago | Report Abuse
What in annual report guys. Pls share ?
2 months ago | Report Abuse
Ya I'm thinking the same. 1 lot 100 if 900,000 lots = 90,000,000 mil shares. Wow! Kaya lor.
2 months ago | Report Abuse
Velesto still a good company..roce improving. You need some patience to reap the benefit.
https://finance.yahoo.com/news/velesto-energy-berhad-klse-velesto-053617324.html
2 months ago | Report Abuse
We can see more dividend this year.
2 months ago | Report Abuse
Oil price inching up to usd 90 again. Good for DCR. Hope velesto get usd150k to 160k per day.
Stock: [VELESTO]: VELESTO ENERGY BERHAD
1 month ago | Report Abuse
Management has strong future planning. That's why they are confident and willing to give shares (ESOS) to their downline staff (and also dividend)