KUALA LUMPUR: Sapura Energy Bhd
topped the list of most active counters in early morning trade following the release of its quarterly earnings on Wednesday and plan to address its Practice Note 17 status.
At 9.15am, the trading stock of the oil and gas services company was up 0.5 sen or 9.1% to six sen a share on the back of 65.05 million shares traded.
The company had posted a second quarter net profit of RM42.81mil, which was a significant improvement from a net loss of RM2.59mil in the same quarter in the previous year.
It said in a filing with Bursa Malaysia the improved 2QFY24 performance was mainly due to lower depreciation, a higher share of profit from joint ventures and associates, as well as favourable foreign exchange gain from the appreciation of the US dollar against the ringgit.
Revenue slipped to RM1.14bil in the quarter under review from RM1.17bil previously, mainly due to the completion of the integrated rig drilling completion (IRDC) project in 4Q FY2023 in the drilling segment.
In a separate filing, group chief executive officer Datuk Mohd Anuar Taib said Sapura Energy is building on its steady recovery to set the stage for future growth.
"Within a RM6.3bil order book, the group’s notable recent wins included a substantial contract in its engineering and construction business segment for the provision of transportation and installation services in Angola, slated for completion in 4Q 2026,” he said.
