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)

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

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.