Bumi Armada Reports 3Q22 Net Profit After Tax of RM149.7m

Operating profit before impairment came in at RM276.4 million, an increase of 14.1% compared to Q2 2022 due to a continued focus on operational efficiencies.

Bumi Armada Reports 3Q22 Net Profit After Tax of RM149.7m
Increased revenue of RM653.1 million in Q3 2022 was mainly due to higher progress of completion of the Subsea Construction contract work in the Caspian Sea.

Kuala Lumpur, 25 November 2022 – Bumi Armada Berhad (“Bumi Armada” or “the Group”) today announced its third quarter (“Q3”) 2022 financial results.

The Group reported net profit of RM149.7 million in Q3 2022, a decrease from Q2 2022 due to a downward revision in the estimated residual value of our vessels.

Increased revenue of RM653.1 million in Q3 2022 was mainly due to higher progress of completion of the Subsea Construction contract work in the Caspian Sea in Q3 2022 compared to Q2 2022.

Operating profit before impairment came in at RM276.4 million, an increase of 14.1% compared to Q2 2022 due to a continued focus on operational efficiencies.

Cash generation remained strong with net operating cashflow of RM512.2 million which enabled us to repay almost USD74.8 million of debt during the quarter.

The future firm order book at the end of Q3 2022 remained robust at RM13.0 billion, with additional optional extensions of up to RM9.9 billion.

Commenting on the results, Mr Gary Christenson, Chief Executive Officer of Bumi Armada said, "It was pleasing that during the quarter we successfully conducted the planned process shutdowns of 2 of our vessels in a safe and efficient manner and restarted ahead of plan.

The FPO fleet continued to deliver stable operations and we remain focused on safety, sustainability, operational excellence and financial discipline. We continue to pursue various new projects amid high energy prices and backed by our consistently improving financial position."

Please refer to the Unaudited Financial Statement for the full details of the Q3 2022 financial results of Bumi Armada Berhad and Financial Results Presentation on our corporate website  for further analysis.

Notes:

FPSO - Floating Production Storage & Offloading

OSV - Offshore Support Vessels

SC - Subsea Construction

HSE - Health Safety and Environment