PETALING JAYA: Velesto Energy Bhd
(VEB) maintains cautious optimism about its outlook for 2025, confident that with Naga 2, Naga 4 and Naga 6 contracted until the first quarter of 2026 (1Q26), this ensures ongoing operations and stability in rig utilisation.
Releasing its results for 1Q25 ended March 31, 2025, yesterday, the group reported a net profit growth of 12.4% year-on-year (y-o-y) to RM52.6mil, despite revenue sinking 33.6% to RM224.6mil.
This translates to an earnings per share of 0.64 sen.
VEB attributed the lower turnover to completion of the i-RDC project and lower rig utilisation in 1Q25, while pointing to lower finance costs and depreciation during the quarter as factors behind the improved profitability.
Compared to the preceding quarter ended Dec 31, 2024, net profit edged lower by 4.6% from RM55.2mil.
This is as turnover decreased 18.6% from RM276.1mil.
