KUALA LUMPUR: Bumi Armada Bhd logged a higher net profit of RM240.54 million in the first quarter ended Mar 31, 2024 (Q1 2024), up 19.67 per cent year-on-year from RM201.01 million in Q1 2023.
This was due to higher contribution from Armada Olombendo floating production storage and offloading (FPSO) and Armada Kraken FPSO.
Group revenue for the quarter under review rose 16.8 per cent to RM635.54 million from RM544 million a year ago.
This was due to higher revenue from Armada Olombendo FPSO resulting from resolution of outstanding issues with the charterer which includes escalation of the operating fee pursuant to the charter agreement, and higher revenue from Armada Kraken FPSO as a result of higher vessel availability.
In a statement, Bumi Armada noted that its cash flow from operations remained strong, with RM315.3 million generated during the quarter which increased cash holdings.
Orderbook at the end of Q1 2024 amounted to RM9.7 billion, with additional optional extensions of up to RM10.3 billion.
"We remain vigilant in ensuring the stable operation of our vessels which drives our financial performance.
"We continue to seek new projects and opportunities while maintaining our focus on safety, ESG, operational excellence and financial discipline," said chief executive officer Gary Christenson.