Velesto Energy returns to the black with RM99.53 mln net profit in FY2023

Publish date: Wed, 28 Feb 2024, 08:19 AM

KUALA LUMPUR: Velesto Energy Bhd has returned to the black with a net profit of RM99.53 million for the financial year ended Dec 31, 2023 (FY2023) from a net loss of RM100.40 million for the same period in FY2022.

Revenue jumped to RM1.21 billion from RM580.85 million previously, it said in a filing with Bursa Malaysia today.

The oil and gas service provider said this was mainly due to higher utilisation and average daily charter rates for jack-up rigs under drilling services.

It said higher utilisation for hydraulic workover units and progress for the integrated rig drilling completion (i-RDC) project under integrated project management segments during the year under review also contributed to the higher revenue.

For the fourth quarter ended Dec 31, 2023 (4Q FY2023), Velesto Energy recorded a net profit of RM66.68 million versus a net loss of RM26.00 million previously, while revenue for the period was higher at RM358.89 million against RM243.07 million in the same quarter a year ago.

"The positive outlook in the global oil and gas industry augurs well for the group's financial performance.

"Barring any unforeseen circumstances, the group is optimistic that the financial performance for the financial year 2024 will be as promising as 2023," said the company. - Bernama


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