KUCHING: Petra Energy Bhd is optimistic that the group will continue to deliver strong financial results in 2025 after achieving a stronger bottom line last year.
For the financial year ended December 31, 2024 (FY2024), Petra Energy posted a significantly higher group net profit of RM71.1 million compared to RM52.7 million in FY2023 — an increase of RM18.4 million or 35 per cent.
The higher earnings were achieved despite a decline in group revenue to RM500.6 million from RM553.5 million in FY2023.
The company’s earnings per share rose to 22.16 sen from 16.43 sen in FY2023. It has declared a higher dividend of 11 sen per share, up from 7 sen per share.
In FY2024, Petra Energy recorded a significantly lower revenue of RM268.4 million (FY2023: RM336 million) (Including external customers (RM253.2 million) and inter-segment sales (RM15.2 million) from its services segment, which provides services for the oil and gas industry, including hook-up and commissioning (HuC), maintenance, construction and modifications (MCM), marine vessel support for HuC and MCM works, fabrication yards, trading, and engineering services. This decline had a notable impact on the segment’s pre-tax profit, which fell to RM32.1 million from RM39.7 million.
Conversely, the marine assets segment performed better, with revenue increasing to RM447.6 million (RM361.1 million), including RM247.4 million from external customers and RM200.3 million from inter-segment sales. The higher vessel utilisation contributed to the segment’s pre-tax profit surge to RM88.1 million from RM49 million. This segment operates a fleet of eight vessels, including four accommodation workboats, two accommodation workbarges, one anchor handling tug supply (AHTS) vessel, and one mobile offshore production unit.
The production and development segment did not report any revenue for both years.
In 4Q2024, Petra Energy reported significantly weaker earnings, with net profit falling to RM13.2 million from RM25.9 million in 4Q2023, as revenue dropped to RM85.5 million from RM138.2 million.
The services segment saw its revenue more than halve to RM38.7 million (4Q2023: RM86.3 million). However, its pre-tax profit rose to RM13.9 million from RM11.7 million due to continuous efficiency improvements in project execution during the quarter, the company stated in explanatory notes to its financial results.
The marine assets segment also underperformed, with revenue decreasing to RM91.5 million (RM101.3 million) and pre-tax profit declining to RM17.4 million from RM20.7 million due to lower vessel utilisation.
Petra Energy’s 4Q2024 financial results were weaker compared to the preceding quarter (3Q2024). On a quarter-on-quarter basis, revenue fell by RM48.2 million (-36.1 per cent) to RM85.5 million (3Q2024: RM133.7 million). Consequently, pre-tax profit declined to RM19.4 million from RM33.1 million.
Commenting on future prospects, Petra Energy stated: “The outlook for the oil and gas industry remains positive, as evidenced by favourable oil price levels. Major oil producers continue to increase their capital expenditures in response to the prolonged lack of investment in previous years.
“This positive outlook bodes well for the group’s financial performance. The group remains cautious and will continue to pursue new opportunities, leveraging its financial strength.
“Barring any unforeseen circumstances, the group is optimistic about delivering strong results for the financial year 2025,” the company added.
