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 SAPNRG 5218 pn17 SAPURA ENERGY BERHAD back in black in Q1

Group chief executive officer Datuk Mohd Anuar Taib said it was seeing the first green shoots of recovery, following the implementation of its Reset Plan.

KUALA LUMPUR: Sapura Energy Bhd (SEB) returned to the black in the first quarter (Q1) ended April 30, 2022 with a net profit of RM91.93 million from a net loss of RM97.07 million in the same quarter a year ago.

Its revenue dropped 39.7 per cent to RM886.08 million from RM1.47 billion.

Sapura Energy said all operating subsidiaries returned positive gross earnings with engineering and construction delivering RM587.8 million revenue, operations and maintenance delivering RM120.9 million revenue and drilling delivering RM231.8 million revenue.

As part of its holistic restructuring plan, the group said it had embarked on a series of negotiations with clients for amicable solutions to ensure project delivery.

Sapura Energy said its net profit in Q1 was mainly derived from such ongoing efforts, which materialised through approved commercial settlements and favourable foreign exchange gains following the strengthening of the US dollar.

Group chief executive officer Datuk Mohd Anuar Taib said it was seeing the first green shoots of recovery, following the implementation of its Reset Plan.

"We still have significant hurdles to overcome before we can sustain this encouraging momentum," he said in a statement today.

Sapura Energy is currently classified as a PN17 company and a regularisation plan, based on the Reset Plan, is currently being formulated.

"Delivering our Reset Plan becomes more important than ever as it is our route to a stable platform for the Group, enabling us to exit the PN17 status and grow in the near future," Mohd Anuar added.

https://www.nst.com.my/business/2022/06/808675/sapura-energy-back-black-q1

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