KUALA LUMPUR, March 25 — Sapura Energy Bhd’s net loss for the financial year ended Jan 31, 2024 (FY2024) significantly narrowed to RM508.66 million from RM3.16 billion in FY2023, as a result of lower provision for impairment.
In a filing with Bursa Malaysia today, the oil and gas services provider said in the current year, the group has not made provision for impairment on goodwill on consolidation (FY2023: RM1.46 billion) but has made provision for impairment on property, plant and equipment of RM25.8 million (FY2023: RM1.16 billion).
The company posted lower revenue of 6.5 per cent to RM4.26 billion from RM4.55 billion previously, as a result of lower revenue posted by the engineering and construction (E&C) business segment.
For the fourth quarter of 2024 (4Q 2024), the company reduced losses to RM728.44 million from RM3.26 billion, while revenue declined to RM1.06 billion from RM1.22 billion in the same quarter last year.
Sapura Energy group chief executive officer Datuk Mohd Anuar Taib said the group is committed to its operational turnaround by focusing on efficiency improvements, enhancing client relationships, and fostering greater collaboration with clients, partners and vendors.
“Despite the challenges posed by the ongoing restructuring process, we are determined to progress our Reset milestones and further solidify Sapura Energy’s market position,” he said in a statement.
The group’s orderbook currently stands at RM5 billion, while the orderbook held by the group’s joint venture and associate entities stands at RM3 billion, the statement said.
It added that the company’s E&C and operations and maintenance (O&M) segments are actively pursuing several prospects, focusing on fabrication, transportation & installation, and subsea inspection, repair and maintenance.
“The group will also explore opportunities in Energy Transition projects, including offshore decommissioning,” it said. — Bernama
