Publication Source: Bernama
KUALA LUMPUR: Sapura Energy Bhd, formerly known as SapuraKencana Petroleum Bhd, has posted a pre-tax profit of RM385 million for financial year ended Jan 31, 2017 (FY17), compared with a pre-tax loss of RM713 million a year ago.
Revenue, however, declined to RM7.65 billion from RM10.18 billion previously.
In a statement today, the global integrated oil and gas services and solutions provider said the group had delivered robust operational performance, resulting in the higher pre-tax profit.
President and the Group Chief Executive Officer, Tan Sri Shahril Shamsuddin, said the group continued to win work for services in Malaysia, India, Australia and the Americas.
"Notable wins in our core market include drilling in Brunei and renewal of the Pan-Malaysia Transport and Installation (T&I), as well as inspection, repair and maintenance (IRM) contracts.
"We have established our footprint in Europe with the Trans-Anatolian Natural Gas Pipeline in Turkey and remain aggressive in our market expansion strategy in that region, as well as in the Middle East," he said.
He said the company's energy division was also making good progress on its SK310 B15 Field development, with first gas anticipated before year-end while development plans were in progress for the SK408 fields.
Shahril said the group's continuous commitment towards re-basing of costs and increasing operational efficiency would ensure it remained competitive in winning jobs globally.
Moving forward, he said the challenging industry environment was expected to persist in the short term, but the group believed it would remain resilient.
The group's orderbook currently stands at RM16.7 billion with new contract wins for the year amounting to about RM6.3 billion across all services divisions, said Sapura Energy.
Its current cash and cash equivalent balance is at RM3.5 billion.
Based on this performance, Sapura Energy has declared an interim dividend of one sen per share.