Bumi Armada CEO Gary Christenson
KUALA LUMPUR: Bumi Armada Bhd
registered a net profit of RM211.33mil in the third quarter ended Sept 30, 2024 (3QFY24), as compared to RM177.77mil in the year-ago quarter.
The group reported a higher revenue of RM551.86mil as compared to RM524.8mil in the comparative quarter.
Earnings per share, meanwhile, rose to 3.57 sen from three sen previously.
Over the nine months period, the group's net profit was RM717.83mil against RM497.55mil in 9MFY23, while revenue rose to RM1.77bil from RM1.51bil previously.
According to the group, it returned to a net current asset position of RM1.05bil as at Sept 30, 2024, following a successful refinancing of the Sukuk Murabahah loan of RM1.5bil via syndicated facilities with a six-year tenor at an aggregate amount of up to US$400mil (RM1.65bil).
"The proceeds from the facilities were applied towards the redemption and settlement of the Sukuk Murabahah loan and all its related cross currency and interest rate hedge liabilities," it said in a statement.
The group's cash balance stood at RM1.1bil as at the end of the quarter.
It added that its future firm vessel order book as at end-3QFY24 amounted to RM10.2bil, with additional optional extensions of up to RM9.5bil.
"On top of another solid operational performance, we are delighted at the two-year contract extension for our Armada TGT1 FPSO vessel in Vietnam and the recent award of a Flare Gas Recovery System project for EnQuest Heather Limited on the Magnus Platform.
"The non-binding memorandum of understanding with MISC Bhd regarding a potential merger between us and their offshore business unit is an exciting development," said CEO Gary Christenson.
