Bumi Armada: Stronger Revenue and Profit Performance for 1H 2013

Malaysia-based international offshore oilfield services provider, Bumi Armada Berhad posted a Year to Date revenue of RM970.0 million, EBITDA of RM498.3 million and a net profit of RM221.6 million on the back of increased activities across its business sectors.

Compared to the same period a year ago, its revenue grew 35%, EBITDA was up by 6% and net profit was up by 22%. The Group posted a higher EBITDA in line with its revenue increase.

Profit increased by RM41.9 million in line with increased EBITDA.

Commenting on the company’s performance, Executive Director/Chief Executive Officer, Hassan Basma said, “Our stronger revenue and profit performance for the first half of 2013 is the result of the C7 FPSO award, our continued growth in the T&I segment with Lukoil’s phase II contract and the continued employment of the Armada Hawk coupled with significant improvements in OSV uptime and utilisation.”

The shareholders had approved a final cash dividend comprising a single tier tax exempt dividend of 3.0 sen per share and a dividend of 0.14 sen per share less 25% income tax at the company’s recent Annual General Meeting in June.

Quarter on quarter

Compared to Q1 2013 revenue of RM488.8 million and EBITDA of RM253.8 million, the company reported Q2 revenue and EBITDA of RM481.2 million and RM244.4 million respectively. Net profit increased by 2% from RM109.7 million to RM112.0 million.

FPSO revenue in the current quarter was higher mainly due to the foreign exchange benefit from the strengthening of the US Dollar against the Malaysian Ringgit which is the company’s reporting currency. The quarter also saw an improvement in the OSV utilisation rates, from 83% in Q1 to 87% in Q2. The company’s order book as at 30 June 2013 stood at RM11.8 billion (firm contracts and optional extensions).

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Press Release, August 21, 2013