Sapura Energy Returns To Profit After Six Years, Records RM190 Million PAT In FY24
Sapura Energy Berhad announced its Audited Financial Statements for the financial year ended 31 January 2025 with the return to Group's first return to profitability in six years.
The Group's Profit After Tax and Minority Interest in FY2025 stood at RM190 million, an improvement from the Loss After Tax and Minority Interest ('LATAMI') of RM509 million it recorded in the previous year. FY2025 revenue stood at RM4.7 billion, increasing by 8.9 percent or RM385 million year-on-year, while the Group's Earnings Before Interest, Tax, Depreciation, and Amortisation ('EBITDA') stood at RM524 million.
The FY2025 Audited Financial Statements was accompanied by an unqualified audit opinion from its External Auditors, Messrs. Ernst & Young PLT ('EY'). In its report, the auditors stated that SEB's annual financial statements for the Group and the Company were prepared on a going concern basis; but noted the existence of a material uncertainty related to going concern as current liabilities of the Group and of the Company exceeded their current assets; and that the Group is facing severe liquidity constraints.
Despite the report, SEB said the financial statements of the Group and of the Company have been prepared on a going concern basis, the validity of which is highly dependent on the timely approvals, execution and completion of the Proposed Regularisation Plan on or before the Long Stop Date (i.e. 11 March 2026), which is necessary for the Schemes of Arrangement, the Conditional Funding Agreement and the commercial settlements related to terminated Engineering & Construction projects to take effect within the stipulated timeframe.
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