Bumi Armada Q2 net profit higher at RM186.25mil

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KUALA LUMPUR: Oil field services company Bumi Armada Bhd's net profit rose to RM186.25 million in the second quarter ended June 30, 2022 (Q2 FY2022) from RM139.86 million in the same quarter last year.

Revenue increased to RM618.43 million from RM591.86 million previously, the company said in a filing with Bursa Malaysia today.

For the six months performance ended June 30, 2022 (6M 2022), the group's net profit improved to RM372.01 million from RM302.65 million in the same period in 2021, mainly due to lower depreciation and impairment losses on vessels recognised in 6M 2021.

Revenue for the six months rose to RM1.15 billion from RM1.13 billion previously, driven by higher vessel availability for Armada Kraken floating production storage and offloading.

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As at June 30, 2022, the group had total assets of RM12.30 billion, an increase of two per cent compared to Dec 31, 2021, mainly arising from higher valuation of balances denominated in US dollar due to stronger greenback rates as at June 2022 and increase in trade receivables.

The company’s order book at the end of Q2 FY2022 amounted to RM13.1 billion, with additional optional extensions of up to RM9.4 billion.

Chief executive officer Gary Christenson said the floating production and offloading fleet continued to deliver stable operations in the quarter under review and the group will continue to focus on safety, sustainability, operational excellence, and financial discipline.

"With high energy prices and our improved financial position, we are pursuing various new projects,” he said. - Bernama