In a statement, Sapura Energy president and group CEO Tan Sri Shahril Shamsuddin (pic) said the group pursued an agile strategy of utilising strategic assets to acquire capabilities across the value chain, expanding its global presence and diversifying into adjacent markets. PETALING JAYA: Sapura Energy Bhd posted a RM17.2mil net profit for its third quarter (Q3) ended Oct 31,2020 compared with a RM100.9mil net loss a year ago. The earnings were achieved on the back of better project margins from its engineering and construction (E&C) division, extra income from the previous 50% stake sale of a subsidiary, higher share of profit from associates and joint ventures, lower net finance cost as well as a reduction in foreign exchange loss and provision for restructuring costs. Group revenue for the quarter under review was 25.3% lower year-on-year (y-o-y) at RM1.33bil mainly due to reduced revenue from its E&C and drilling divisions, in line with the progress of projects being executed and less operating days for working rigs. For the nine months under review, Sapura Energy posted a RM55.2mil net profit compared with a RM326.3mil net loss a year ago, while revenue dropped 26.8% y-o-y to RM3.9bil. On a quarter-on-quarter basis, the group posted a 27.5% drop in net profit while revenue was 9% higher due to improved revenue from the E&C division. In a statement, Sapura Energy president and group CEO Tan Sri Shahril Shamsuddin said the group pursued an agile strategy of utilising strategic assets to acquire capabilities across the value chain, expanding its global presence and diversifying into adjacent markets. “The move steered us through the uncertainties of the energy industry, ” he said. Notably, its E&C division successfully installed the first monopile at an offshore wind farm in the Taiwan Strait earlier this month, marking its maiden foray into the offshore wind sector. Also, the group has identified more than 200 optimisation initiatives valued at RM1.1bil, of which RM600mil worth have been implemented to date. These initiatives include improvements in operations productivity, supply chain optimisation and extensive reviews of commercial opportunities within existing contracts. Sapura Energy and its financiers are also currently finalising terms for a planned refinancing exercise, which is due to be completed by January 2021. The group’s order book stands at RM12.5bil, with RM2.2bil in cumulative new contract wins for the year-to-date. Recent awards include the provision of engineering, procurement, supply, construction, installation and pre-commissioning of pipelines in the Al-Khalij field, Qatar; provision of engineering, procurement, construction, transportation and installation and hook-up and commissioning for the additional Andalas pipeline in the Malaysia-Thailand Joint Development Area; and a drilling services contract for its tender-assist drilling rig “Sapura Berani” on three wells offshore Congo. The group’s bid book has tenders valued at RM38.8bil, submitted and in progress. The stock closed unchanged at 12.5 sen yesterday, giving it a market cap of RM1.99bil.
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