KUALA LUMPUR: Bumi Armada Bhd
’s net profit almost doubled to RM633.99 million in the financial year ended Dec 31, 2024 (FY2024), against RM332.05 million in the previous year.
This is attributed to higher contributions from the Armada Olombendo floating production storage and offloading (FSPO) and Armada Kraken FPSO, the group said in a filing with Bursa Malaysia today.
Revenue rose to RM2.29 billion from RM2.13 billion previously, on the back of higher contributions from all segments.
"Operations segment revenue increased due to settlement of the operating fee escalation of Armada Olombendo FPSO, while the higher revenue from others segment was mainly due to provision of engineering services to the group’s jointly-owned FPSO vessels,” said Bumi Armada.
In the fourth quarter, the oilfield services company narrowed its net loss to RM83.83 million from RM165.48 million in the same quarter of 2023, while revenue decreased to RM532.96 million from RM622.98 million previously.
The group declared an interim dividend of one sen per share, payable on April 11.
On prospects, the group said it would continue to improve the operational performance of its vessels and secure new projects in core regions, among others. - Bernama
