SapuraKencana Boosts Profits
- Business & Finance
Malaysia’s O&G services company, SapuraKencana Petroleum, has recorded a net profit jump of approximately 42% in third quarter on higher drilling activities and its energy services business.
The company reported net profit of approximately $100.1 million (348.4 million ringgit) for the three months ended October 31, 2014, versus $70.6 million (245.6 million ringgit) during the same quarter last year. Net profit for the first nine months surged from $226.5 million (787 million ringgit) to $374 million (1.3 billion ringgit).
The company generated revenues of approximately $693 million (2.41 billion ringgit), slightly higher compared to 2.38 billion ringgit same time last year. Higher revenues were mainly reasoned to higher drilling and energy services.
However, offshore construction and subsea services revenues dropped by $131 million (455.4 million ringgit) in correlation to last year, primarily on lower activities.
“Despite the continued uncertainties in crude oil prices, the Group is confident in delivering a healthy financial performance for the financial year ending 31 January 2015 on the back of recurring income from long term contracts and a strong balance sheet.
The Board remains confident that through optimisation of the operations, the Group will be able to deliver good financial performance in the medium term,” said the company.