KUALA LUMPUR: Bumi Armada Bhd
's net profit in the second quarter ended June 30, 2024 (2QFY24) rose to RM265.96mil from RM118.77mil in the year-ago quarter, it reported in a filing with Bursa Malaysia.
This translated into an earnings per share of 4.49 sen against 2.01 sen previously.
Revenue during the quarter was RM578.86mil, as compared to RM441.32mil in 1HFY23.
The latest quarter brought the group's cumulative six months net profit to RM506.5mil from RM319.78mil in the comparative period, while revenue climbed to RM1.21bil from RM985.31mil.
In a statement, Bumi Armada reported it generated strong cash flow from operations in 2QFY24 due to favourable net working capital movements.
The group said its cash balance stood at RM1.21bil after repayment of US$59mil of debt during the quarter due to prudent financial management and strategic practices.
"Our robust cash generation enabled us to further improve our balance sheet as we continue to explore potential new projects to enhance shareholder value," said CEO Gary Christensen.
Bumi Armada reported its net current liabilities at at end-June stood at RM787.3mil, mainly owing to the classification of Sukuk Murabahah of RM1.5bil and its corresponding derivative financial liabilities of RM613.8mil as current liabilities.
The group's future firm orderbook as at end-June stood at RM12.1bil, with additional optional extensions of up to RM10.9bil.
It said the increase in the orderbook relative to the previous quarter was due to Armada Sterling V FPSO achieving final acceptance on July 1, 2024, and the first annual option period for the Armada Kraken FPSO contract being confirmed.
