Its net profit rose 58% to RM146.09 million compared to RM91.93 million in the same quarter last year.

The higher profit was driven mainly by lower depreciation, higher share of profit from associates, and net foreign exchange gain due to the US dollar’s appreciation against the ringgit.

Revenue, meanwhile, increased to RM951.73 million from RM886.08 million, according to the group’s filing with Bursa Malaysia today.

Sapura Energy said that the growth in revenue was driven by higher rig utilisation from the drilling segment, and increased activities from the operations and maintenance (O&M) segment.

“Our strategy to deploy key assets beyond Malaysian borders augments our ability to secure work and complete projects for international clients.

“This strategy has enabled the group to export its expertise and bring back revenues earned in US dollars to our shores,” said group CEO Anuar Taib.

The positive results, he said, reflected the group’s resilience and determination to turn the company around despite its Practice Note 17 (PN17) status and limited access to working capital and bank guarantees.

Sapura Energy emphasized that FY2024 carries substantial significance for the group’s dedication to address its unsustainable debt, outstanding amounts owed to trade creditors, and its PN17 status.

These initiatives reflect their commitment to financial stability and long-term sustainability.

“The group is making progress towards finalising its proposed restructuring scheme (PRS) and regularisation plan, with an extension of time granted for the regularisation plan and restraining orders until Nov 30, 2023 and March 10, 2024, respectively.

“These extensions will enable the group to finalise its PRS and regularisation plan that will be fair and equitable to all stakeholders,” it added.