KUALA LUMPUR: Sapura Energy Bhd's net profit surged to RM30.89 million in the third quarter ended Oct 31, 2023 (Q3FY24) from RM10.18 million in the same period last year.
Group revenue, however, dropped to RM1.1 billion from RM1.28 billion in Q3FY23 due to lower contribution from the E&C business segment from a lower percentage of completion of projects executed.
Cumulatively, the group's net profit for the nine-month period came to RM219.78 million up from RM99.53 million in the same period in 2022.
Its revenue dropped to RM3.2 billion from RM3.33 billion in the comparative period.
Group chief executive officer Datuk Mohd Anuar Taib said the company's financial constraints clipped its ability to improve business performance, particularly in terms of order book replenishment.
"While we work to resolve the financial limitations through a regularisation plan, there is also a critical need to bolster Operational Excellence, to preserve project margins and drive consistent results.
"To capitalise on opportunities across all our business segments, we are bidding right on major projects in Africa, the Mediterranean, the Atlantic, and the Asia Pacific regions.
"Trusted partnerships with clients and peers have helped us navigate challenges related to limited liquidity, enabling us to win more work," he added.
The group continues to progress its restructuring plan, which includes efforts to resolve its unsustainable level of debt and amounts owed to trade creditors.
