Bumi Armada posts encouraging results
Company News - August 21, 2012
Malaysia-based Bumi Armada Berhad has posted year to date revenue of RM719.7 million, with EBITDA of RM468.2 million and net profit for the period (half year ending June 30) of RM181.6 million.
Although year to date revenue was slightly down by 6.4 per cent, EBITDA and profit were up by RM99.1 million and RM39.5 million respectively against the same period in 2011.
Elaborating on the company's performance, Executive Director/Chief Executive Officer Hassan Basma, said: “The fundamentals of our business and company remain strong with EBITDA margins above 60 per cent, debt/annualised EBITDA less than 3 x, debt/equity below 1 underpinned by strong operating performance KPIs – strong HSSE performance, 99 per cent uptime for FPSOs, net profit for the period of RM181.6 million and a total order backlog (including options) of RM10.6 billion.
Mr Basma explained that the company is in a financially strong position with an excellent track record and has the capacity to manage two new FPSOs at any one time.
The company continues to bid for projects in Asia, West Africa and Latin America.
He said: “Going forward demand for FPSOs remains strong in our key markets and we are on track to achieving our aim to be the fourth largest global owner and operator of FPSOs.
This coupled with our planned OSV fleet expansion, new SURF contract awards for the Armada Hawk and the capability of our Oil Field Development business unit underpins our strategic move to being an integrated full oil field services provider.”
The group reported its 2012 second quarter revenue of RM384.6 million, EBITDA of RM240.9 million and net profit of RM91.9 million. Against the preceding quarter, revenue increased by 14.8 per cent (RM49.5 million), EBITDA was marginally lower by 5 per cent while net profit was up by 2.5 per cent% or RM2.2 million (after minority interest).
Mr Basma added: “From a quarterly perspective, this quarter has been marked by an improvement in all business units; our FPSO business was running at 99 per cent uptime; there was additional new tonnage in our OSV fleet (Armada Tuah 107, 108 and 301) and the start of contribution from the USD200 million Lukoil contract for our T & I business.
On 21 June, Bumi Armada announced its newbuild programme, 'Steel on Water 2' for four multipurpose PSVs, with an option to build four additional units.
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