KUCHING: Perdana Petroleum Bhd (PPB) posted sharply lower group net profit of RM41.69 million in third quarter ended September 30, 2025 (3Q2025) as compared to RM75.8 million in 3Q2024 due mainly to a significant reduction in third-party vessel chartering income.
Group revenue fell to RM109.96 million from RM127.3 million year-on-year. The company’s earnings per share were down to 1.87 sen from 3.41 sen.
In the current quarter under review, PPB said the group revenue fell by about RM17.3 million (-14 per cent) from 3Q2024 primarily driven by a drop in third-party vessel chartering income by RM15.7 million to RM13.4 million from RM29.1 million recorded previously.
This was due to decreased availability of third-party vessels, many of which were relocated to other regions seeking more favourable daily charter rates (DCR).
Additionally, the group revenue was impacted by a lower vessel utilisation rate of 75 per cent (3Q2024:78 per cent).
Partially offsetting these declines was an increase in ancillary income, mainly attributable to higher contributions from catering service, Perdana said in explanatory notes to its financial results.
Perdana is a leading provider of offshore marine support vessels, offering a wide range of vessels to support the exploration, development and production of oil and gas.
The company is a subsidiary of Dayang Enterprise Holdings Bhd.
Year-on-year, the group’s pretax profit fell by about RM49.4 million (-47 per cent) to RM55.5 million (3Q2024:RM104.9 million) impacted by a marginal unrealised foreign exchange loss of RM0.3 million in contrast to a gain of RM49.6 million 3Q2024.
This shift, explained Perdana, was primarily due to the relative stabilisation of the ringgit against the US dollar.
Partially offsetting these adverse effects was a reversal of impairment on receivables amounting to RM10.2 million recognised during the current quarter following the settlement of longstanding dues from a group of companies.
As compared to the immediate preceding quarter (2Q2025), Perdana delivered improved earnings in 3Q2025 as after-tax profit grew to RM41.7 million from RM34.5 million in 2Q2025.
Group revenue also significantly increased to RM109.96 million from RM83.24 million during the same period.
The elevated revenue recorded in the current quarter was predominantly propelled by an enhanced vessel utilisation rate (75 per cent compared to 52 per cent) and an uptick in income from chargeable ancillary services, notably in the realm of catering.
“However, these positive contributions were partially offset by a decline in third-party vessel chartering income (RM13.4 million vs RM18 million) and lower mobilisation and demobilisation fees charged during the period,” said the company.
Over a nine-month period in 2025 (9m2025), Perdana reported relatively weak earnings as group net profit slipped to RM57.9 million from RM116.6 million in 9m2024 in line with group revenue which plunged to RM203.8 million from RM351.1 million.
“Revenue declined by RM120.3 million or 34 per cent (in 9m2025) compared to the corresponding period last year primarily due to lower utilisation rate of the group’s vessels (53 per cent vs 76 per cent) and a significant drop in third-party vessel chartering income (RM39.3 million vs RM96.9 million).
“The decline was mainly driven by delays in project commencement by oil majors, temporarily unavailability of three of the group’s own vessels due to scheduled dry-docking, and early off-hire of certain accommodation work during the period under review.
“Profit before tax stood at RM80.3 million, representing a 50 per cent decline from RM159.7 million registered in the corresponding period last year (9m2024).
“The decline in profit was primarily driven by reduced contributions from the chartering services of both own and thirdparty vessels, coupled with a 44 per cent decrease in unrealised foreign exchange gains.
“Partially offsetting these impacts was a reversal of impairment loss on receivables amounting to RM10.2 million,” said Perdana.
Perdana’s Managing Director, Jamalludin Obeng, said 3Q2025 marked an encouraging recovery phase for the company, with vessel utilisation improving as more of its vessels returned to active service.
He said this progress followed the completion of mobilisation works for long-term contracts and underscored the company’s commitment to operational discipline, cost optimisation and efficiency after a slow start to the year.
On the global oil market, Jamalludin said it remained stable yet increasing complex, shapped by economic challenges and geopolitical uncertainties.
According to the US Energy Information Administration’s October 2025 Short-term Energy Outlook, Brent crude is forecast to average around USD69 per barrel in 2025 before moderating to USD52 per barrel in 2026, reflecting expectation of higher production outpacing modest demand growth.
This is compounded by on-going US-China trade tensions and potential inventory build-up towards the end of 2025.
While geopolitical risks, particularly in the Middle East continue to drive price volatility, the broader outlook suggests a more balanced yet subdued pricing environment heading to 2026.
Back home in Malaysia, Jamalludin said the country’s upstream oil and gas activities had progressed at a slowerthan-expected pace through 2025, largely due to delays in the commencement of several longterm contracts.
Nevertheless, he said the demand for offshore support vessel services remained firm, supported by on-going platform support operations and maintenance campaigns.
“While the domestic energy landscape has remained broadly stable, industry players continue to grapple with cost pressures, heightened ESG scrutiny and operational risks.
The operating environment remains challenging, marked by a sustained rate compression, volatile foreign exchange movements and geopolitical uncertainties that influence client spending patterns and contract timelines.
“Perdana remains committed to enhancing operational efficiency, strengthening cost management and maintaining asset readiness to preserve competitiveness in a challenging market environment.
“Although near-term challenges persist, the limited number of new builds and tight vessel supply continue to provide structural support to the sector.
“Our focus remains on long-term sustainability through disciplined operations, cost optimisation and consistent value creation for our stakeholders,” he added. – Photo: BERNAMA
