Bumi Armada sees RM144.1 million net profit for 4Q
KUALA LUMPUR: Bumi Armada Bhd (Bumi Armada) reported a net profit of RM144.1 million for its fourth quarter (4Q) of financial year 2020 (FY20).
This was an improvement from the 3Q20 net profit of RM85.6 million, mainly due to higher revenue from Armada Kraken FPSO and higher share of results of joint ventures and associates.
The FPO business reported revenue of RM532 million in 4Q20 boosted by higher vessel availability from Armada Kraken FPSO. This was partly offset by a softer performance from the OMS segment arising from lower OSV vessel utilisation in 4Q20 as compared to 3Q20.
For FY20, Bumi Armada has improved its net profit to RM125.6 million, from RM58.6 million in FY19 mainly due to higher vessel availability from Armada Kraken FPSO.
The future firm orderbook at the end of 4Q20 amounted to approximately RM16 billion, with additional optional extensions of up to RM9.7 billion.
Commenting on the results, Gary Christenson, chief executive officer of Bumi Armada said, “Despite operational and logistical hurdles caused by the Covid-19 pandemic, Bumi Armada has maintained our excellent HSE performance in the fourth quarter of 2020 with zero lost-time injuries.
“Our focus on operational excellence and cost efficiencies underpinned the solid financial performance over the same period.
“Since the close of 4Q20, we have also secured an extension of our Tranche 1 corporate loan final maturity from May 23, 2021 to November 23, 2022. We will continue to focus on safety, sustainability, operational excellence, and financial discipline.”