KUALA LUMPUR: Drilling and oilfield services firm Velesto
Bhd recorded a higher profit in the third quarter ended Sept 30, 2025, on the back of higher rig utilisation and lower finance cost and depreciation.
"Our performance this quarter reflects Velesto’s continued focus on maximising rig utilisation and
strengthening operational excellence," said Velesto president Megat Zariman Abdul Rahim in a statement.
In the quarter under review, Velesto's net profit rose ot RM50.16mil from RM42.93mil in the year-ago quarter, translating to an earnings per share of 0.61 sen against 0.52 sen previously.
Revenue, however, was lower at RM240.13mil as compared to RM352.36mil in the preceding year quarter, mainly owing to the completion of the i-RDC project and lower average daily charter rates, according to a stock exchange filing.
For the nine-month period to Sept 30, 2025, Velesto recorded a net profit of RM153.2mil, slightly up from RM152.55mil in the same period in 2024, while revenue slid to RM664.69mil from RM1.08bil in the previous corresponding period.
Megat Zariman said the group remains committed to securing long-term contracts that enhance earnings visibility and support sustainable value creation.
As at Sept 2025, the group's order book stood at RM1.1bil,
underpinned by a robust tender book of RM3.2bil.
He added that Velesto’s fleet remains well-utilised, with five rigs currently operating across Malaysia, Thailand and Indonesia.
