KUCHING: Petra Energy Bhd has announced the adoption of a dividend policy of distributing at least 30 per cent of its net profit attributable to the owners of the company, with effect from current financial year ending Dec 31, 2024.
In first quarter to March 31, 2024 (1Q2024), the oil & gas company cut its group net loss to RM2.36 million from RM5.89 million in 1Q2023 as group revenue grew to RM118.8 million from RM81.5 million.
Losses per share were reduced to 0.74 sen from 1.84 sen.
The services segment posted a strong growth in revenue to RM82.5 million (1Q2023: RM60.6 million), pushing its pre-tax profit to RM7.1 million (RM3.9 million). This segment provides services for the oil & gas industry, such as hook-up and commissioning (HuC), maintenance, construction and modifications (MCM), marine vessel support for HuC and MCM works as well as fabrication yards, trading and engineering.
The marine assets segment’s revenue climbed to RM59.4 million (RM42.1 million) boosted by higher vessel utilisation. This helped the segment to reduce its pre-tax loss to RM2.7 million (-RM5.2 million).
Petra Energy owns and operates four accommodation workboats, two accommodation workbarges, one anchor handling tug supply vessel (AHTS) and one mobile offshore production unit.
The production and development segment did not record any revenue as its associate has ceased operations and is currently under the Member’s Voluntary Liquidation.
As compared to the immediate preceding quarter (4Q2023), Petra Energy’s current quarter results were weaker as group revenue of RM118.8 million was lower by RM19.4 million or 14 per cent as compared to RM138.2 million previously.
“This is mainly due to lower activities executed in the existing contract during the current quarter. As a result, the group recorded loss before taxation of RM0.3 million as compared to profit before taxation of RM24.5 million in 4Q2023,” the company said in its financials.
Commenting on prospects, Petra Energy said:” The outlook on the oil & gas industry remains positive evidenced by the favourable oil price level. Major oil producers continue to increase their capex (capital expenditure) in response to prolonged lack of investment in the past. This positive outlook augurs well for the group’s financial performance.
“The group remains guarded and will continue to pursue other opportunities capitalising on its financial strength. Barring any unforeseen circumstances, the group is optimistic that it will continue to deliver for the financial year 2024.”
Meanwhile, Media Chinese International Limited (MCIL) has issued a profit warning to its shareholders and potential investors that the group will incur much higher losses for financial year ended March 31, 2024.
“Based on the information currently available which is subject to further review, the group is expecting to record a loss attributable to owners of the company for the year ended March 31 2024 in the range of approximately US$11.0 million to US$13.0 million as compared to the loss attributable to owners of the company of US$0.2 million for the year ended March 31 2023.
“It was mainly due to (i) the decrease in turnover from the publishing and printing segment for the year ended March 31 2024 when compared to the last financial year; (ii) the write-off and provisions for impairment loss of not less than US$6.0 million on the group’s certain property, plant and equipment and intangible assets for the year ended March 31 2024, and (iii) the decrease in government grant and subsidies of approximately US$2.0 million when compared to the last financial year,” the company said in a filing with Bursa Malaysia.
MCIL group is the publisher of Sin Chew daily, and several other Chinese newspapers in Malaysia. The group has overseas business operations including Hong Kong and Taiwan. It is also into travel business.
