SAPURA Energy Bhd has reported a strong return to profitability, posting a net profit of RM189.53 million for the financial year ending 31st January 2025 (FY2025), marking a significant turnaround from a net loss of RM508.66 million in the previous year.
The oil and gas services firm attributed the 8.9% rise in revenue, which reached RM4.70 billion compared to RM4.32 billion in the preceding year, to its Operations and Maintenance (O&M) segment, which benefitted from the commencement of new projects.
In a filing to Bursa Malaysia today, the company highlighted that its Engineering and Construction (E&C) segment also saw an increase in revenue, driven by higher progress on existing projects and the launch of new initiatives.
However, Sapura Energy noted that the drilling segment's performance was impacted by lower utilisation days of its rigs, resulting in a decrease in revenue for that division.
The E&C segment recorded RM3.01 billion in revenue, an 11.0% increase from RM2.71 billion the previous year.
The O&M segment posted RM680.0 million in revenue, up RM99.7 million or 17.2% compared to the same period last year.
Meanwhile, the drilling segment's revenue decreased by 7.3%, to RM1.14 billion from RM1.23 billion in the prior year.
For the fourth quarter of FY2025, Sapura Energy reported a net profit of RM405.68 million, a notable improvement from the RM728.44 million loss recorded in the same quarter of the previous year.
Quarterly revenue increased to RM1.19 billion, up from RM1.12 billion in Q4 FY2024.
Looking ahead, the company remains optimistic about sustaining its recovery, citing its order book of RM8.5 billion as the highest level achieved in recent years.
Sapura Energy also noted that, following the court's approval of its Composite Scheme of Arrangement, the company is in the process of finalising its Regularisation Plan.
This plan is expected to help the group exit its Practice Note 17 (PN17) status, further strengthening its financial standing and prospects. – March 27, 2025
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