KUALA LUMPUR: Sapura Energy Bhd has posted a net profit of RM206 million in financial year (FY) ended 31 January 2017 while revenue stood at RM7.7 billion.
The company said the positive results was attributed to its coordinated effort towards market expansion and cost reduction strategies.
Sapura, while noting that the industry environment remains challenging with increased competition in the services segment due to the widespread cuts in capital expenditure, has secured new contracts worth RM6.3 billion for FY2017.
Notable contract wins include the Trans Anatolian Gas Pipeline in Turkey, EPCIC of B-127 Project in India, KMZ sour gas pipeline in Mexico, long-term Plug and Abandonment contract in Brunei, and decommissioning work in Malaysia, Brunei and Australia.
The company believes that oil price will remain volatile in the medium term driven by fundamental supply and demand dynamics.
Further, the company will also continue to pursue its strategies on global market expansion and cost optimisation, and setting the scene right as the industry finds its way back to recovery.