Two strong quarters push Perdana Petroleum into the black

A STRONG second consecutive quarter has allowed engineering services company Perdana Petroleum Bhd to swing back into the black for its full year results.

The company posted a net profit of RM20.51 million on the back of turnover of RM55.21 million for fourth quarter ended Dec 31, 2022 (4QFY22), mainly due to higher vessel utilisation at 60% as compared to 51% in the fourth quarter of 2021. There was also a reversal of impairment loss on property, plant and equipment and lower depreciation charges.

According to its exchange filing yesterday, it posted a net profit of RM11.39 million for the financial year ended Dec 31, 2022 (FY22), compared to a net loss of RM328.27 million in FY21. It posted a turnover of RM196.63 million, up 28% from the year before.

Earnings per share was up to 0.93 sen from a loss of 11.95 sen previously.

The increase in revenue in FY22 was mainly due to higher vessel utilisation at 59% compared to 49% in FY21 as a result of improved daily charter rates and work orders/contracts awarded from oil majors in the second half of 2022.

Looking ahead, the company said that even though there was a clear momentum in the recovery of the offshore support vessels (OSV) markets which gave rise to higher utilisation and charter rates for the offshore chartering segment of the oil and gas industry in 2022, it is still cautiously optimistic given the uncertainty in the outlook due to the current geo-political dynamics, as well as rising inflation and interest rates.

Shares of Perdana Petroleum closed at 18.5 sen yesterday, giving it a market capitalisation of RM410 million. –TMR

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