Bumi Armada Berhad : REPORTS FINANCIAL RESULTS FOR SECOND QUARTER 2021
August 27, 2021 at 05:51 am
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BUMI ARMADA REPORTS FINANCIAL RESULTS
FOR SECOND QUARTER 2021
Revenue of RM615.6 million reported for the second quarter of 2021, an increase of RM52.9 million compared to the first quarter of 2021.
The FPO business continued to deliver a solid performance and generated RM533.1 million or 87% of total reported revenue during the quarter.
Operating profit before impairment1 was consistent at RM279.2 million during the second quarter of 2021.
Net profit2 of RM139.9 million recorded for the second quarter of 2021.
Q2 2021
Q1 2021
Q2 2020
RM million
30/6/2021
31/3/2021
30/6/2020
Revenue
615.6
562.7
606.8
-
FPO
533.1
495.1
521.2
-
OMS
82.5
67.6
85.6
Operating Profit before
279.2
278.2
246.6
Impairment 1
Profit after Tax
123.9
159.6
109.4
Net Profit 2
139.9
162.8
119.8
EPS (sen)
2.38
2.77
2.04
Kuala Lumpur, 27 August 2021 - Bumi Armada Berhad ("Bumi Armada" or "the Group") today announced its second quarter ("Q2") 2021 financial results.
The Group reported net profit of RM139.9 million in Q2 2021.
Revenue was RM615.6 million in Q2 2021, an increase of RM52.9 million compared to Q1 2021. The increase in the FPO segment was mainly due to higher vessel availability for Armada Kraken FPSO, while the increase in revenue from the OMS segment was partly due to higher OSV utilization in Q2 2021 as compared to Q1 2021.
Operating profit before impairment was consistent at RM279.2 million in Q2 2021, compared to RM278.2 million in Q1 2021.
2 OSVs were sold during the quarter in line with the Group's asset monetization initiatives with respect to the OMS segment. Despite recognizing a gain on sale of RM12.2 million in respect of these sales, an impairment of RM103.7 million was recognized in relation to certain remaining vessels.
Impairment of vessels.
Net profit refers to profit for the financial period attributable to Owners of the Company.
Registration No. 199501041194 (370398-X)
The future firm orderbook at the end of Q2 2021 amounted to RM14.9 billion, with additional optional extensions of up to RM9.5 billion.
Commenting on the results, Mr Gary Christenson, Chief Executive Officer of Bumi Armada said, "Our focus on operational excellence and cost efficiencies underpinned the solid financial performance in the second quarter of 2021. We will continue to focus on safety, sustainability, operational excellence, and financial discipline."
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Please refer to the Unaudited Financial Statement for the full details of the Q2 2021 financial results of Bumi Armada Berhad.
Registration No. 199501041194 (370398-X)
Notes:
FPO
Floating Production & Operations
FPSO
Floating Production Storage & Offloading
OMS
Offshore Marine Services
OSV
Offshore Support Vessels
SC
Subsea Construction
HSE
Health Safety and Environment
About Bumi Armada
Bumi Armada Berhad is a Malaysia-based international offshore energy facilities and services provider, supported by over 900 people from 25 nationalities.
Bumi Armada Berhad provides offshore services via two business units - Floating Production and Operations ("FPO") and Offshore Marine Services ("OMS") (encompassing the Offshore Support Vessels ("OSV") and the Subsea Construction ("SC") services).
For more information, please refer to www.bumiarmada.com
For further information, please contact:
Mr. Peter Su
Head, Treasury
Tel: +603 2171 5623
Email: peter.su@bumiarmada.com
Registration No. 199501041194 (370398-X)
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Bumi Armada Bhd published this content on 27 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 August 2021 04:50:03 UTC.
Bumi Armada Berhad is a Malaysia-based investment holding company that is engaged in the provision of management services. The Company is involved in providing offshore energy facilities and services provider. The Companyâs segments include operations and others. The operations segment is engaged in the provision of floating production storage offloading (FPSO), floating gas solutions unit, offshore support vessel (OSV), subsea construction assets and marine related services. The other segment consists of technology, engineering, and projects and corporate and others. The technology, engineering, and projects include provision of engineering consultancy and project support services. The corporate and others segment provides management services and corporate support services. It offers a range of capabilities including field development support, production facilities, installation & operations, pipe-laying, hook-up, and commissioning.