VELESTO ENERGY BERHAD

KLSE (MYR): VELESTO (5243)

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Last Price

0.285

Today's Change

-0.005 (1.72%)

Day's Change

0.28 - 0.29

Trading Volume

23,361,400

Changes
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Discussions
27 people like this. Showing 50 of 23,578 comments

Felix888

Velesto posts first dividend since FY14 on record 4Q earning!

KUALA LUMPUR (Feb 20): Oil rig operator Velesto Energy Bhd has announced a dividend per share of 0.25 sen, on the back of record quarterly profit and revenue in the fourth quarter ended Dec 31, 2023 (4QFY2023).

The dividend, amounting to RM20.54 million, is its first since FY2014 when it paid one sen per share, and only its second since listing.

The dividends signalled improved prospects for Velesto and the upstream oil and gas industry in general.

“In Southeast Asia, particularly Malaysia, a number of new contracts have been awarded with more being tendered out,” Velesto said in its filing.

Net profit in 4QFY2023 amounted to RM66.68 million, compared to net loss of RM26 million a year ago, thanks to higher work progress, higher asset utilisation and higher charter rates.

Quarterly earnings per share came in at 0.81 sen per share, from loss per share of 0.32 sen in 4QFY2022.

Revenue came in 47.6% higher year-on-year to RM358.89 million, from RM243.07 million, its filing showed.

In the quarter, Velesto also benefitted from the absence of a one-off RM11.7 million costs incurred a year ago, due to changes to work programme and prolonged wait on weather periods during the demobilisation.

For FY2023, Velesto Energy turned around from a net loss of RM100.4 million or 1.22 sen loss per share in FY2022 to a net profit of RM99.53 million or 1.21 sen per share in FY2023.

Full year revenue also more than doubled to a record RM1.21 billion, from RM580.85 million in the same period last year.

The group attributed the improved performance to higher jack-up rig utilisation of 83% (FY2022: 62%) and higher average daily charter rates of US$94,000(RM449.085)/day (FY2022: US$77,000/day) for its drilling services segment, as well as higher utilisation of hydraulic workover units and progress of i-RDC project for its integrated project management segment.

Looking ahead, Velesto Energy sees the utilisation rate of its six rigs to remain high in 2024, with some rigs contracted up to 2026.

The group is actively bidding for new tenders for local and international contracts scheduled to be performed in 2025 and beyond.

Its oilfield services segment, which mainly operates in China, is also expected to improve as the industry outlook supports stable performance.

Velesto Energy’s shares closed one sen or 3.64% lower at 26.5 sen on Tuesday, translating into a market capitalisation of RM2.18 billion. The counter is up 15% this year.

6 days ago

sgrs33

anybody can give rough assumption how much velesto share is worth after this annoncement?

6 days ago

mike767879

Queue higher to buy at TOP price by this very early morning.

6 days ago

SinGor

I think there is one Hydraulic workover unit Not having any job in 4Q---But 1Q25 ( or later ) we must include
revenue from this unit ---Together with higher DayRate, i believe 1Q24 net profit could breached RM100mil
net profit

6 days ago

Felix888999

Sold 1 batch 0.295 which I queued before CNY.

Belated Ang Pow!

6 days ago

Felix888999

Wow break 0.30 finally!!

6 days ago

Felix888999

Maybank TP 0.35

6 days ago

MrHuangBK

Auntie Felicia

U slander and now you have to prove

The bet is standing in Jaks thread or you want me to post here ?

Don’t be like Miketikus.. runaway all the time

6 days ago

Lewis Lee

TP will be raised to 0.40 soon !!

6 days ago

Lewis Lee

TP will be raised to 0.40 soon !!

6 days ago

Xcalibre

Go go go… medium term TP rm0.5

6 days ago

RJ87

big boys come to support at 30sen

6 days ago

Felix888999

Queue sell 2nd batch 0.315. ✌✌✌

6 days ago

Expertise

The game just begin ,I take my 200% profit first…hehe.

6 days ago

RJ87

jialat…bo lat liao… hahahha

6 days ago

Felix888999

You must be bought this during Covid period. Watched other people made huge profit in Gloves but this guy just not moving.

Now finally stand above 0.30, Congratulations!!! Worth for 3 years waiting!!

Posted by Expertise > 4 minutes ago | Report Abuse

The game just begin ,I take my 200% profit first…hehe.

6 days ago

MrHuangBK

Hahahah.. auntie Felicia still avoiding the bet..

Proven slanderer ? 😂

6 days ago

RJ87

Huang, go find a crack somewhere on wall and place ur e-penis there.
Really no one interested.

6 days ago

RJ87

So hai dy. Sold 26.5 and buy back 30sen. ahhahha

6 days ago

RJ87

Sigh, only time tell if it’s a good or bad move.

6 days ago

Expertise

@Felix888999 worth it ….congr8 to you too

6 days ago

MrHuangBK

Hahahah.. auntie Felicia still avoiding the bet..

Proven slanderer ? 😂

6 days ago

RJ87

I think FM will only start pushing up again next week…let all traders trade themselves first

6 days ago

Felix888999

Could have new contract announcement USD 130k per day rate to make the market crazy. 🤣🤣🤣🤣

6 days ago

RJ87

I don't know if you have proven him a slanderer.

But you definitely proved yourself the "smaller" person and NOT the smarter one.

If so desperate to show ur e-penis somewhere, find a place on ur shelf and put it there.
----------------------
MrHuangBK

Hahahah.. auntie Felicia still avoiding the bet..

6 days ago

RJ87

Any chance you happen to know when?

-----------------------------------
Felix888999

Could have new contract announcement USD 130k per day rate to make the market crazy. 🤣🤣🤣🤣

6 days ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥



27-Feb-2024
Qtr ending 31-Dec-2023
Rev 358,885
PBT 79,865
NP 66,684
NPM 18.58%
ROE 2.70%
EPS 0.81
DPS 0.25
NAPS 0.30


Forecast EPS for next 4 qtrs:
0.81 sen x 4 = 3.24 sen

At 29 sen per share, P/E = 9.9x and P?NAPS = 0.97x,

6 days ago

Felix888999

Last new contract announcement was just 2 days before the disappointed QR result in Nov. This round there is no rushing to announce it but coming soon !

6 days ago

RJ87

I think quite abit of short seller here. Probably hv to close their position by 4.30pm.
So, anyone hold should pull short squeeze to bump the price up before closing.

6 days ago

EatCoconutCanWin

buy in opportunity

5 days ago

Macgyver111

Most probably EPF will start buying soon. It will help to push the price up further. EPF always looking for quick money.

5 days ago

KarmaS

Follow EPF buy in!

5 days ago

Macgyver111

Today quite hectic day for me. I miss out to lock TP @ 0.31..anyway I managed to locked @ 0.295..take some profit first la. Q to buy again below 0.28 consider ok la. I changed my investment technique...hold to long boring, no excitement in there..😁😆.

5 days ago

Felix888999

This one got profit just lock it. Got opportunity to collect back.

5 days ago

EAGLE

Dividend laiii...

5 days ago

starleong84no1

If today can maintain 0.30, should be can growth further. But closing stick back to 0.28. Seem no different, last few day also already achieve 0.28. Somehow if EPF coming in, sure no part 2, recent EPF quite like to play short term, earn and cabut. Unless......Fund Manager in, just like GENETEC, somehow GENETEC also special case which out of control (Some contribution from Tesla also). Anyhow if can break 0.30, can slowly climb up already need to appreciate.

5 days ago

Felix888999

Don't worry my friend, when contract with USD 120, 130k per day is announced, the market will be crazy.

5 days ago

Lewis Lee

This counter can’t shoot up one … Jia lat ! 😅

5 days ago

sgrs33

unless got new contract news everything is being priced in,hopefully hope there is light at end of the tunnel for 1st quarter of 2024.

5 days ago

Neoh10855

Today less people goreng.. Price going downtrend 😆

5 days ago

goldenhope

PNB did planned to dispose all the shares in Velesto but quiet already

5 days ago

Tripaka

Game haven't started.

4 days ago

Baby Shark

Hahahaha.. Buyer 20 million.. shark running la !

4 days ago

Tripaka

Thanks velesto... hahaha 😂

4 days ago

junetan11

wow. going to 0.40?

4 days ago

Felix888999

Syndicates already untung several rounds playing swing. Last year March dropped to 0.19 and climbing back, Dec also dropped to 0.20 and climbing back.

This going to swing around 0.28 to 0.35 before challenge another new high.

4 days ago

Felix888999

Follow the big wave created by syndicates, ride on it.

As IBs who promoting Velesto said Velesto hit record earning this quarter and key point is More to Come in coming quarter.

Year 2024 is the a dragon year, Velesto rigs are Naga (dragon in Malay). Huat Ong Hing year!!

4 days ago

SinGor

Constant Vol. over 50m after 66mil net profit announcement indicate building up to "First Wave"----estimate
between 30--50sens

2 hours ago

EAGLE

Lai lai lai

1 hour ago

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