Latest news with #RM509
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
14-05-2025
- Business
- New Straits Times
Sapura Energy posts RM190mil profit in FY25, but going concern risks remain
KUALA LUMPUR: Sapura Energy Bhd has returned to profitability for the first time in six years, posting a net profit of RM190 million for the financial year ended January 31, 2025 (FY25), compared to a net loss of RM509 million in FY24. The group's revenue rose 8.9 per cent year-on-year (YoY) to RM4.7 billion, driven by improved performance across its core business segments. The audited financial statements for FY25 were accompanied by an unqualified audit opinion from external auditors Messrs. Ernst & Young PLT (EY). However, EY highlighted a material uncertainty regarding the company's ability to continue as a going concern. In its report, EY noted that the group's current liabilities still exceed its current assets and that Sapura Energy continues to face severe liquidity challenges. Despite this, the financial statements were prepared on a going concern basis, which EY stated is contingent upon the timely approval, execution, and completion of the Proposed Regularisation Plan by the Long Stop Date of March 11, 2026. The plan is crucial for activating the group's schemes of arrangement (SOA), conditional funding agreements, and settlements tied to previously terminated engineering and construction (E&C) projects. Similar going concern uncertainties were flagged in FY2022, FY2023, and FY2024. These concerns included the need for extensions of restraining orders, favourable legal outcomes related to E&C claims, and at least 75 per cent approval from scheme creditors at court-convened meetings for the SOA. Over the past few years, Sapura Energy has met several critical milestones, enabling progress on finalising its regularisation plan. The group is targeting a formal submission to Bursa Malaysia by May 2025. In a filing with Bursa, the board expressed confidence in the group's future, stating that the successful execution of key restructuring initiatives has laid a strong foundation for the completion of the regularisation plan.
The Star
09-05-2025
- The Star
Three arrested trying to smuggle over RM500,000 in beer
PASIR GUDANG: Three local men were apprehended while attempting to smuggle 491 cases of beer with unpaid duties worth RM509,214.20. Seri Alam OCPD Asst Comm Mohd Sohaimi Ishak said the suspects, aged between 44 and 56 years, were detained at Jalan Kempas, Taman Megah Ria, Masai near here on Thursday (May 8) at about 5.40am. 'They were transporting the goods in a lorry and three cars when we caught them in the act,'' he said in a statement. ACP Sohaimi said police also seized the lorry and the three cars worth RM170,000, bringing the total value of the seized items to RM679,214.20. 'Initial investigation found that two of the three suspects have previous criminal records,'' he said, adding the case is being investigated under Section 135(1)(e) of the Customs Act 1967.
New Straits Times
09-05-2025
- New Straits Times
Beer worth RM500,000 seized in Masai, ex-convicts among 3 held
MASAI: Three men, including two former convicts, were arrested after police intercepted a lorry and three cars allegedly transporting untaxed beer here yesterday morning. Seri Alam police chief Assistant Commissioner Mohd Sohaimi Ishak said two suspects, aged 44 and 56, had criminal and drug records. In the 5.30am operation, Marine Police Region 2 officers stopped a lorry and three cars in Kempas, Taman Megah Ria, here. The officers searched the vehicles and found 491 boxes of various brands of beer, suspected to be untaxed, estimated to be worth RM509,214.20. "The seized alcohol is worth more than RM509,000. The confiscated vehicles is estimated to be worth RM170,000, bringing the total value of the seizure to RM679,214.20," Sohaimi said today. The case is being investigated under Section 135(1)(e) of the Customs Act 1967, which carries a fine of at least 10 times the value of the contraband or RM100,000, whichever is higher, up to 20 times the value of the contraband or RM500,000, or imprisonment of six months to five years or both. Sohaimi said police would continue to crack down on smuggling.
