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Bumi Armada: Net Profit After Tax Is Now At RM185.8m

Bumi Armada: Net Profit After Tax Is Now At RM185.8m

Kuala Lumpur, 25 May 2022 – Bumi Armada Bhd reported a net profit1 of RM185.8 million in Q1 2022, an improvement from the Q4 2021 net profit of RM118 million.

Revenue from continuing operations was RM529 million in Q1 2022, compared to RM513.1 million in Q4 2021.

The increase was mainly due to higher vessel availability for Armada Kraken FPSO in Q1 2022 compared to Q4 2021 and the provision of engineering services to one of the Group’s jointly-owned FPSO vessels in Q1 2022.

The Group completed the disposal of its subsidiaries which own 3 Ice Class Vessels during the quarter for total cash consideration of USD44.5 million with the proceeds having been used for further debt reduction.

An additional OSV was also sold during the quarter in line with the Group’s asset monetisation initiatives.

Bumi Armada order book

The future firm orderbook at the end of Q1 2022 amounted to RM13.2 billion, with additional optional extensions of up to RM9.0 billion.

Commenting on the results, Mr Gary Christenson, Chief Executive Officer of Bumi Armada says, “The FPO fleet continued to deliver stable operations in the first quarter of 2022. Our focus on operational excellence and cost efficiencies underpinned the solid financial performance over the same period.

“We will continue to focus on safety, sustainability, operational excellence, and financial discipline. Our improved financial position is enabling us to turn our attention to pursuing new opportunities in targeted markets.”

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