KUALA LUMPUR: Bumi Armada Bhd reported a net profit of RM211.3 million for the third quarter of 2024 (3Q24), reflecting an 18.9 per cent increase compared to RM177.8 million in the same period last year.
Its revenue rose by 5.1 per cent to RM551.9 million from RM524.8 million a year earlier, driven by higher revenue from its operations segment, largely due to the settlement of the operating fee escalation for the Armada Olombendo FPSO.
As of Sept 30, 2024, the company returned to a net current asset position of RM1.05 billion following the refinancing of its RM1.5 billion Sukuk Murabahah loan through syndicated facilities totaling up to RM1.64 billion (US$400 million) with a six-year tenor.
"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.
Its cash balance remained at RM1.1 billion.
At the end of 3Q24, the future firm vessel order book amounted to RM10.2 billion, with additional optional extensions of up to RM9.5 billion.
Bumi Armada said it is pursuing new opportunities in targeted markets and continues to focus on improving the operation performances of vessels and securing new projects in the core region with preferred partners.
"On top of another solid operational performance, we are delighted at the 2-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 Berhad regarding a potential merger between us and their Offshore Business Unit is an exciting development," Bumi Armada chief executive officer Gary Christenson said.