Velesto’s 1Q net profit soars to RM47mil

KUALA LUMPUR: Velesto Energy Bhd’s net profit for the first quarter ended March 31, 2024, soared to RM46.81 million from RM14.22 million a year ago.

In a filing with Bursa Malaysia today, the company said its revenue improved to RM338.58 million from RM287.25 million previously.

The group’s revenue was RM51.3 million higher than the corresponding quarter’s revenue mainly due to higher utilisation and average daily charter rates for jack-up rigs under drilling services during the current quarter.

"The group is monitoring the current situation in the Middle East for its future bidding strategy, especially for mid-2026 onwards," it added. - Bernama