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New Straits Times
22-05-2025
- Business
- New Straits Times
Bumi Armada Q1 net profit falls 24pct to RM183mil on lower FPSO contributions
KUALA LUMPUR: Bumi Armada Bhd's net profit fell 24 per cent to RM182.77 million in the first quarter ended March 31, 2025 (1Q25) from RM240.54 million a year ago, mainly due to lower contribution from Armada Olombendo production storage and offloading (FSPO) and Armada Kraken FPSO. Revenue for the quarter also declined 25.4 per cent to RM473.97 million from RM635.54 million previously, the group's filing to Bursa Malaysia showed. This translated to lower earnings per share of 3.08 sen, compared to 4.06 sen in 1Q24. No dividend was declared or recommended for the current financial period. In a separate statement, Bumi Armada said it maintained a strong cash balance despite a decline in operating cash flow to RM184.4 million in 1Q25. The lower cash flow was attributed to reduced operating profit and unfavourable working capital movements compared to the previous quarter (4Q24). The future firm vessel order book at the end of 1Q25 amounted to RM10.1 billion, with additional optional extensions of up to RM9.7 billion. Chief executive officer Gary Christenson said Bumi Armada had an excellent quarter operationally with all our active vessels performing well with zero LTI's. He noted that the company retained a significant cash balance while continuing to reduce its debt. "Going forward, the Armada Kraken FPSO has entered its first annual option period extension commencing on April 1 with a 70 per cent reduction in charter rate which will lead to a significant reduction in group revenue for the year. "In these uncertain times, we are looking to take advantage of our improved operational and financial strength by pursuing appropriate new project opportunities," he added. On prospects, Bumi Armada said it is pursuing new opportunities in targeted markets. The group noted that it will continue to prioritise the safety and health of all employees, partners, and assets, enhance the operational performance of its vessels, and maintain as well as strengthen effective relationships with clients and partners. This includes securing new projects in core regions with preferred partners and advancing its energy transition pathway to achieve the net zero goal by 2050 or earlier, focusing on carbon emission reduction and carbon capture technologies and solutions.
Business Times
28-04-2025
- Business
- Business Times
Bursa Malaysia's Q1 net profit falls 8.8% on lower trading revenue
[KUALA LUMPUR] Bursa Malaysia's net profit declined 8.8 per cent year on year to RM68.4 million (S$20.6 million) for the first quarter of 2025, the exchange operator said on Monday (Apr 28). Revenue fell 1.5 per cent to RM184.4 million from a year earlier, as lower trading revenue and higher expenses weighed on performance, Bursa Malaysia chief executive officer Fad'l Mohamed said in a statement. The average daily trading value on the securities market dropped nearly 12 per cent to RM2.8 billion, compared to RM3.2 billion in the first quarter of 2024. Fewer trading days – 58 versus 60 a year earlier – also contributed to the revenue decline, he said. Trading velocity slipped to 33 per cent from 39 per cent over the same period. 'The first quarter of 2025 proved to be a challenging period for global markets, weighed down by external factors affecting equity market performance,' Fad'l said. Bursa Malaysia chief executive officer Fad'l Mohamed notes that Malaysia's capital market remains resilient, supported by strong economic fundamentals and government policy direction. PHOTO: BURSA MALAYSIA Still, he stressed that Malaysia's capital market remains resilient, supported by strong economic fundamentals and government policy direction, including national roadmaps for key growth sectors. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Despite softer trading activity, Bursa Malaysia has recorded 16 initial public offerings (IPOs) so far this year, keeping it on track to meet its full-year target of 60 listings, Fad'l said. As at Mar 31, Bursa Malaysia's market capitalisation stood at RM1.9 trillion, down 1.9 per cent from a year earlier. Last year, Bursa hosted 55 listings that raised RM7.4 billion, making it the most active exchange by deal count in South-east Asia. This year, market sentiment has been hit by global uncertainties. Cuckoo International and SPB Development deferred their IPO plans, citing unstable conditions. Bloomberg also reported that advisers for South Korea's OCI Holdings have paused work on the IPO of its Malaysian polysilicon unit due to market volatility. On Monday, the benchmark FBM KLCI closed at 1,521.59 points, 0.8 per cent higher from the previous trading day, with 2.6 billion shares traded. Year-to-date, the index has fallen nearly 7 per cent from 1,632.87 points at the start of the year. Robust activities in derivatives market The derivatives market provided some support, with revenue up 13.7 per cent to RM28.9 million, driven by higher trading activity in crude palm oil futures and FTSE Bursa Malaysia KLCI Futures contracts. Revenue from the Islamic capital market rose 23 per cent year on year to RM5.5 million. Non-trading revenue, which includes listing and issuer services as well as depository services, grew 4.9 per cent to RM66.5 million. Bursa Malaysia's financial results note indicated that securities market activity remains sensitive to global and local factors – including US policy uncertainties, risks of escalating trade tensions, monetary policy shifts, geopolitical risks and corporate earnings performance. 'The derivatives market's activity was influenced by volatility in commodity prices, delays in Indonesia's biodiesel policy implementation, production levels in palm oil-producing nations, and movements in the broader equity markets,' said the exchange. For Islamic markets, Bursa Malaysia noted that it remains focused on improving investor accessibility through its Islamic investing platform, and aims to attract a broader range of investors amid growing demand for ethical and syariah-compliant investments.
New Straits Times
28-04-2025
- Business
- New Straits Times
Bursa Malaysia Q1 earnings fall 9pct on higher costs, weaker trading
KUALA LUMPUR: Bursa Malaysia Bhd's net profit dropped 8.8 per cent to RM68.4 million for the first quarter ended 31 March 2025, from RM75.0 million a year earlier, due to higher overall operating expenses. Revenue for the quarter stood at RM184.4 million, a 1.5 per cent decrease from RM187.2 million previously, dragged by lower operating revenue and weaker securities trading activity. Operating revenue fell 1.7 per cent to RM177.7 million, while total operating expenses rose 6.7 per cent to RM92.9 million due to higher technology and subscription costs. The weaker operating revenue was mainly attributed to a decline in securities market activity, with the average daily trading value for on-market and direct business trades falling 11.9 per cent to RM2.8 billion. Trading velocity dropped to 33 per cent from 39 per cent a year earlier. However, Bursa Malaysia reported stronger contributions from its derivatives and Islamic markets. Revenue from the derivatives market rose 13.7 per cent year-on-year to RM28.9 million, driven by higher trading volume in crude palm oil futures contracts. The Islamic market posted a 23 per cent increase in revenue to RM5.5 million, supported by stronger Bursa Suq Al-Sila' trading. Revenue from conference fees and exhibitions climbed 12.1 per cent to RM7.1 million, while the data business segment grew 2.1 per cent to RM19.4 million. Chief executive officer Datuk Fad'l Mohamed said despite external challenges, Malaysia's capital market remains resilient, backed by strong economic fundamentals and government policy support. "Bursa Malaysia remains focused on strengthening market resilience through ongoing outreach efforts and enhanced product offerings, to broaden investor participation. "We expect these initiatives will help cushion against external headwinds and sustain healthy trading activity across our markets," Fad'l said in a statement following the group's results announcement today. He noted that Bursa Malaysia has recorded 16 IPOs to date, keeping it on track to achieve its 2025 target of 60 IPOs.
