Latest news with #NAGA8
The Star
27-05-2025
- Business
- The Star
Velesto's 1Q net profit jumps to RM52.61mil on higher charter rates
KUALA LUMPUR: Off the back of an improved bottomline in the first quarter of 2025 (1QFY25), Velesto Energy Bhd says increasing offshore activities in Southeast Asia signal strong market momentum, as reflected in recent contract wins in Vietnam and Indonesia. "We are strategically focused on maximising rig utilisation, maintaining cost efficiency to sustain healthy margins, and driving shareholder returns. "Our priority remains clear—delivering long- term, sustainable value to all stakeholders," said Velesto president Megat Zariman Abdul Rahim in a statement. In 1QFY25, Velesto recorded a higher net profit of RM52.61mil compared to RM46.81mil in the year-ago quarter. Earnings per share rose to 0.64 sen from 0.57 sen previously. According to the group, the improved profitability was owing to an increase in average daily charter rate to US$127,000 a day, which helped offset the lower rig utilisation rate. The rig utilisation rate had slipped to 67% from 94% in 1QFY24, primarily due to idle periods for NAGA 3 and NAGA 5. The group's revenue during the quarter under review, however, fell to RM224.65mil from RM338.58mil. Moving forward, Velesto said the Special Periodical Surveys (SPS) for NAGA 8 and NAGA 3 are on track for completion in the second quarter of 2025. Following the completion of SPS, NAGA 8 is scheduled to commence operations in Indonesia in the third quarter of 2025. As at April 2025, Velesto's order book has doubled to RM1.4bil, providing earnings visibility until 2028.
The Star
26-05-2025
- Business
- The Star
Trading ideas: FGV, Mitrajaya, IJM, Velesto, Advancecon, DLMI, Paramount, Allianz, PetDag, Gas, TIME, Oriental Kopi, Hibiscus
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. FGV Holdings Bhd plans to take greater control of eight subsidiaries from Koperasi Permodalan Felda Malaysia Bhd in deals worth RM229.8mn combined. Mitrajaya Holdings Bhd 's wholly-owned subsidiary, Pembinaan Mitrajaya Sdn Bhd, has secured a RM70mn contract for the construction of the main building and associated works for an eight-storey serviced apartment in Langkawi, Kedah IJM Corp Bhd has received approval from the Ministry of Works for the New Pantai Highway Extension that will cost RM1.4bn for the 15km and toll restructuring for the existing highway. Velesto Energy Bhd secured a new drilling contract from PC Ketapang II Ltd, PC North Madura II Ltd, and PETRONAS North Ketapang Sdn Bhd for its NAGA 8 jack-up rig in Indonesia. Advancecon Holdings Bhd 's unit Advancecon Infra Sdn Bhd secured a RM68.5mn contract from Sime Darby Property (Lagong) Sdn Bhd for earthworks and ancillary works in Stage 1 of the Lagong Mas development in Gombak, Selangor. Dutch Lady Milk Industries Bhd remains cautiously optimistic about growth in 2025, despite input cost pressures and evolving regulatory challenges. Paramount Corp Bhd posted a net profit of RM14.4mn, up from RM7.7mn in the same quarter last year as revenue jumped 26.2% YoY to RM217.8mn, driven by improvement in its property segment. Allianz Malaysia Bhd 's net profit rose 11.5% to RM211.7mn in 1QFY25 from RM189.8mn a year earlier, supported by higher profit from both insurance segments. Petronas Dagangan Bhd 's net profit rose 29.8% to RM293.5mn in 1QFY25 from RM226mn a year ago, driven by lower expenditure and higher other income. Gas Malaysia Bhd saw a 2.4% drop in net profit to RM100.1mn in 1QFY25 from RM102.6mn, due to lower average gas contribution margin, higher admin and finance costs. TIME Dotcom Bhd recorded a higher net profit of RM113mn in 1QFY25, up from RM110.7mn a year earlier as revenue rose 2.6% to RM428.6mn from RM417.8mn, supported by sustained demand for data and connectivity solutions. Oriental Kopi Holdings Bhd posted RM13.8mn net profit in 2QFY25 with revenue of RM103.2mn, mainly from its café operations with 93.5% of total, followed by packaged goods of 6.2%. Hibiscus Petroleum Bhd posted a net loss of RM116mn or loss of 15.4 sen per share in 3QFY25 due to a one-off, non-cash deferred tax liability of RM167.3mn related to the UK's Energy Profits Levy.
The Star
23-05-2025
- Business
- The Star
Velesto secures new drilling contract in Indonesia
KUALA LUMPUR: Velesto Energy Bhd has secured a new drilling contract from PC Ketapang II Ltd, PC North Madura II Ltd, and PETRONAS North Ketapang Sdn Bhd for its NAGA 8 jack-up rig in Indonesia. In a statement, Velesto said the contract covers 12 firm well and three optional wells. The contract, which is expected to support Velesto's rig utilisation and earnings visibility from 2025 to 2028, is set to commence in July 2025 over a firm period of four years. A suspension period is scheduled from February to July 2026, during which Velesto retains the right to market NAGA 8 for other opportunities. Operations are anticipated to resume in July 2026, with any changes to the suspension timeline to be communicated by the client. "This contract award reflects our ongoing efforts to expand Velesto's footprint in Southeast Asia. As the second contract secured in the region, it solidifies our commitment to this strategic growth," said Velesto president Megat Zariman Abdul Rahim. "Our focus remains on building a healthy portfolio of contracts that strengthen the outlook and create long-term value for our stakeholders.
