Revenue increased 23.9% to RM1.18 billion from RM951.73 million previously.

In a filing with Bursa Malaysia today, the integrated oil and gas services company said the lower profit registered for the quarter under review was mainly due to higher operating expenses and finance costs.

“However, the increase in revenue was attributable to higher revenue recognised from the engineering and construction (E&C) segment, driven by higher project progress in the current quarter.

“The segment’s revenue rose 42.5% to RM818.9 million from RM574.8 million registered in Q1 FY2024,” it noted.

In a separate statement, Sapura Energy said the group’s outstanding order book currently stands at RM7 billion, an improvement from the RM5 billion recorded in Q4 FY2024.

The company also noted that the unconsolidated order book held by Sapura Energy’s joint venture and associate entities doubled from the previous quarter, standing at RM7.1 billion, compared to RM3 billion previously.

“The order book included new wins by operations and maintenance segment from Sapura Subsea Services Sdn Bhd, which was awarded the provision of pan Malaysia underwater services for Petroliam Nasional Bhd (Petronas) group of companies and production arrangement contractors,” it said.

Moving forward, Sapura stated that it remains committed to bidding for projects, both in the Malaysian and international markets.

Sapura said it will continue to focus on its core capabilities while keeping a keen eye on opportunities arising from the energy transition.

The company said it is also on track with the implementation of its reset plan, which includes efforts to address its unsustainable debt and dues owed to trade creditors.

“We remain committed to regularising our financial position, with the ultimate goal of declassifying as a Practice Note 17 (PN17) company,” it added.

At the close of trading, Sapura Energy’s share price was down by 0.5 sen or 12.50% at 3.5 sen, giving the group a market capitalisation of RM643.16 million.