Kenanga sees Bumi Armada doubling earnings in two years

PETALING JAYA: Bumi Armada Bhd is expected to double its earnings in the next two years with the commencement some of its floating production, storage and offloading vessels (FPSOs) that are currently under conversion, according to Kenanga Research.

“In financial year 2017 (FY17), full-year contribution from FPSO Kraken, Olembendo, Rainbow and FSU Malta is expected to double the group’s earnings base to RM833.3mil from RM367.7mil in FY14 assuming conversion of FPSO vessels is completed as scheduled,” the research hosue said in a report yesterday.