2 days ago
Sapura Energy reports RM478mil 1Q26 loss
PETALING JAYA: Sapura Energy Bhd , which reported a net loss in its first quarter ended April 30, 2025, expects its financials to improve in subsequent quarters.
In a filing with Bursa Malaysia, the oil and gas company said this projection is in line with the progressive recognition of revenue from ongoing projects in the engineering and construction (E&C) division and with certain drilling rigs being on-hire on their new contracts.
'The group's unrestricted cash balance remains healthy and stood at RM1.85bil as at April 30, 2025.'
In its first quarter ended April 2025, Sapura Energy reported a net loss of RM477.96mil, compared with a net profit of RM82.13mil in the previous corresponding period, while revenue dropped to RM801.37mil from RM1.18bil a year earlier.
'Performance was impacted mainly due to losses being recognised earlier, particularly for a challenging E&C project in Angola, along with lower activity across the operations and maintenance and drilling segments due to project completions and seasonal factors.
'There was also no contribution from SapuraOMV in the current quarter, following the completion of its divestment in December 2024. The group expects its financials to improve in subsequent quarters, in line with the progressive recognition of revenue from ongoing projects in E&C and with certain drilling rigs being on-hire on their new contracts.'
The group's orderbook currently stands at RM7.9bil.
