Business

Better revenue for Sapura Energy in Q3

Syndicated News
Written by Syndicated News

KUALA LUMPUR — Dec. 5, 2019: Sapura Energy recorded better revenue to RM1.77 billion in the third quarter ended October 31 from RM1.20 billion a year earlier but the oil and gas company incurred a net loss of RM100.89 million compared with RM31.09 million in the same period previously. 

President and group CEO Tan Sri Shahril Shamsuddin described the better revenue as a reflection of the large volume of projects or activities that were in their early execution phases, involving mainly engineering and procurement, with lower margins.

He said the company’s performance for the first nine months of the year showed its resilience to sustain its businesses amidst prevailing market conditions.

“We will continue to focus on turning the corner as we further enhance operational performance and identify and pursue opportunities globally,” he said in a statement. 

The order book stands at RM15.1 billion, with recent notable contracts from Hess Exploration and Production, Petronas and Shell Malaysia. 

“We expect the industry outlook to remain challenging and Sapura Energy remains resolute in its strategy to continue to pursue more global opportunities by leveraging its capabilities, track record and strong asset base,” he said. — Bernama

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