Scomi Energy Q4 net loss narrows


The group said in a filing with the stock exchange yesterday that it recorded a net loss of RM170.9mil. This is compared to a net loss of RM175.63mil in the previous corresponding quarter

PETALING JAYA: Scomi Energy Services Bhd’s net loss for the fourth quarter ended June 30 narrowed slightly by 2.7% year-on-year (y-o-y), driven by improved revenue from its drilling and marine services segments.

The group said in a filing with the stock exchange yesterday that it recorded a net loss of RM170.9mil.

This is compared to a net loss of RM175.63mil in the previous corresponding quarter.

Revenue in the latest fourth quarter increased by 10.1% y-o-y to RM81.85mil from RM74.36mil a year earlier.

“The (drilling services) segment’s revenue for the current quarter increased by RM4.3mil or 7.2% as compared to the fourth quarter of the financial year 2020 (Q420), with higher revenue from Russia, India and Malaysia.

“The (marine services) segment’s revenue for the current quarter increased by RM3.2mil or 21.4% as compared to Q420 resulting from higher shipments and tonnage carried,” the group said.

Losses per share for the April-June 2021 period were 36.49 sen. No dividend was declared for the quarter.

Cumulatively, for the financial year of 2021, Scomi Energy reported a wider net loss of RM211.57mil.

In the previous year, the net loss was registered at RM184.29mil.

Revenue declined by 26% y-o-y to RM308.5mil.

The revenue contribution from the drilling services segment fell in the year, mainly due to lower activity in most countries except Russia.

Meanwhile, the marine services segment also witnessed a drop in contribution, resulting from lower shipments and tonnage carried.

Looking ahead, Scomi Energy said the drilling services segment’s activity is expected to increase, with the improvement in crude oil prices.

As for the marine services segment, the group expects the volume of freight to remain resilient, amid the improving outlook of coal prices and tonnage required by its customers.

Scomi Energy had previously announced on Aug 26 the proposed disposal of its subsidiary, PT Rig Tenders Indonesia Tbk, which is the major contributor for the marine services segment.

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