BUMI ARMADA : REPORTS 2nd QUARTER 2022 NET PROFIT AFTER TAX OF RM186.3 MILLION
August 26, 2022 at 01:41 am EDT
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BUMI ARMADA REPORTS 2nd QUARTER 2022
NET PROFIT AFTER TAX OF RM186.3 MILLION
Revenue from continuing operations of RM618.4 million reported for the second quarter of 2022.
Operating profit from continuing operations was RM242.2 million during the second quarter of 2022.
Net profit1 of RM186.3 million recorded for the second quarter of 2022.
Total debt repayment of USD91 million (RM397.1 million) in the second quarter of 2022.
Individual
Individual
Cumulative
Cumulative
Quarter
Quarter
Quarters
Quarters
Ended
Ended
Re-presented
Re-presented
RM million
30/6/2022
30/6/2021
30/6/2022
30/6/2021
Revenue from
618.4
591.9
1,147.4
1,131.6
continuing operations
-
Operations
572.4
554.1
1,094.6
1,060.3
-
Others
46.0
37.8
52.8
71.3
Operating Profit before
242.2
274.6
498.3
549.8
Impairment from
continuing operations
Profit after Tax
187.4
123.9
373.7
283.5
Net Profit1
186.3
139.9
372.0
302.7
EPS (sen)
3.15
2.38
6.30
5.14
Individual
Individual
Quarter
Quarter
Ended
Ended
RM million
30/6/2022
31/3/2022
Revenue
618.4
529.0
-
Operations
572.4
522.1
-
Others
46.0
6.9
Operating Profit
242.2
256.1
Profit after Tax
187.4
186.3
Net Profit1
186.3
185.8
EPS (sen)
3.15
3.14
Kuala Lumpur, 26 August 2022 - Bumi Armada Berhad ("Bumi Armada" or "the Group") today announced its second quarter ("Q2") 2022 financial results.
1 Net profit refers to profit for the financial period attributable to Owners of the Company.
Registration No. 199501041194 (370398-X)
The Group reported net profit1 of RM186.3 million in Q2 2022, consistent with the Q1 2022 net profit of RM185.8 million..
Revenue from continuing operations was RM618.4 million in Q2 2022, an increase of almost 17% compared to the previous quarter. This was mainly due to progress of the Subsea Construction work in the Caspian Sea, as well as preliminary front end engineering and design revenue recognised during the quarter. The solid performance was achieved in Q2 2022 notwithstanding the impairment of RM88.0 million due to the unsuccessful appeal of the Woodside litigation.
The future firm orderbook at the end of Q2 2022 amounted to RM13.1 billion, with additional optional extensions of up to RM9.4 billion.
Commenting on the results, Mr Gary Christenson, Chief Executive Officer of Bumi Armada said, "We are pleased that the FPO fleet continued to deliver stable operations in the second quarter of 2022 and we 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."
###
Please refer to the Unaudited Financial Statement for the full details of the Q2 2022 financial results of Bumi Armada Berhad.
Registration No. 199501041194 (370398-X)
Notes:
FPSO
Floating Production Storage & Offloading
OSV
Offshore Support Vessels
SC
Subsea Construction
HSE
Health Safety and Environment
About Bumi Armada
Bumi Armada Berhad is a Malaysia-based international offshore energy facilities and services provider, supported by more than 800 people from 26 nationalities.
Bumi Armada Berhad provides offshore services via our Floating Production Storage Offloading ("FPSO") vessels, Floating Gas Solutions ("FGS") unit, Offshore Support Vessels ("OSV"), Subsea Construction ("SC") assets and marine related services, as well as engineering consultancy and project support services.
For more information, please refer to www.bumiarmada.com
For further information, please contact:
Bumi Armada IR Team
Email:ir@bumiarmada.com
Registration No. 199501041194 (370398-X)
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Bumi Armada Bhd published this content on 26 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 August 2022 05:40:04 UTC.
Bumi Armada Berhad is a Malaysia-based investment holding company that is engaged in the provision of management services. The Company is involved in providing offshore energy facilities and services provider. The Companyâs segments include operations and others. The operations segment is engaged in the provision of floating production storage offloading (FPSO), floating gas solutions unit, offshore support vessel (OSV), subsea construction assets and marine related services. The other segment consists of technology, engineering, and projects and corporate and others. The technology, engineering, and projects include provision of engineering consultancy and project support services. The corporate and others segment provides management services and corporate support services. It offers a range of capabilities including field development support, production facilities, installation & operations, pipe-laying, hook-up, and commissioning.