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The Sun
14-05-2025
- Business
- The Sun
Sapura Energy returns to profitability, bolstered by restructuring momentum
PETALING JAYA: Sapura Energy Bhd (SEB) staged a turnaround for the financial year ended Jan 31, 2025 (FY25) with profit after tax and minority interest of RM190 million, compared to loss after tax and minority interest of RM509 million in the previous year. Revenue in FY25 stood at RM4.7 billion, an increase of RM385 million, or 8.9% or year-on-year, while the group's earnings before interest, tax, depreciation, and amortisation was RM524 million, the group said in announcing its audited financial results today. SEB's external auditors, Messrs Ernst & Young PLT, accompanied the FY25 audited financial statements with an unqualified audit opinion. In their report, the auditors said SEB's annual financial statements were prepared based on the assumption that the group and the company will continue operating. However, they highlighted a significant uncertainty about this assumption, as the group's and company's current liabilities exceed their current assets, and the group is experiencing serious cash flow problems. Despite the challenges, the financial statements of the group and the company have been prepared based on the assumption that they will continue operating as a going concern. This assumption largely depends on the timely approval, execution and completion of the proposed regularisation plan by the long stop date of March 11, 2026. The plan is essential for carrying out the schemes of arrangement, the conditional funding agreement, and settling business issues related to finished engineering and construction projects on time.
BusinessToday
14-05-2025
- Business
- BusinessToday
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. Related
New Straits Times
21-04-2025
- New Straits Times
Online marijuana cookie ring crushed by KL cops
KUALA LUMPUR: Police crippled a drug syndicate selling cannabis-laced cookies online following the arrest of eight individuals, including two women. Kuala Lumpur police chief Datuk Rusdi Mohd Isa said in an operation on April 16, police raided two residences in Mont Kiara, detaining seven locals — five men and two women aged between 20 and 28. A search of one of the units uncovered 32 kilogrammes of cannabis and two kilogrammes of cannabis cookies hidden in bags. The next day, a follow-up raid in Jalan Duta led to the arrest of a 31-year-old man, with police finding seven more kilogrammes of cannabis cookies in his vehicle. Apart from the drugs, police also confiscated cash, a motorcycle, and three vehicles — a Honda City, Honda Civic and Proton X70 — with the total seizure in this operation alone valued at RM385,620. Six out of the eight suspects tested positive for cannabis," he told a press conference at the Kulal Lumpur Police Headquarters today (April 21). Rusdi said the group obtained drug supplies from a neighbouring country through online orders and distributed them locally via digital platforms. Two suspects had previous criminal records related to false police reports and vehicle theft. Separately, in a second operation on April 18, police raided an entertainment outlet in Kepong Baru and arrested a 49-year-old man. A search revealed 3.5 kilogrammes of MDMA powder, 112 cannabis cigarettes, Erimin 5, ketamine and ecstasy pills hidden in a locked cabinet. "A separate raid at the same premises later that day led to the arrest of two local men and four foreign women, aged 26 to 44. Police also found 350 grammes of MDMA powder in a paper bag. Five suspects tested positive for methamphetamine and ketamine, and one local male had a prior gambling-related offence," he added. All suspects have been remanded until April 23. Investigations are ongoing under Section 39B of the Dangerous Drugs Act 1952, with police working to identify other syndicate members and seize assets under the Dangerous Drugs (Forfeiture of Property) Act 1988. — BERNAMA
