Latest news with #VelestoEnergyBhd
The Star
27-05-2025
- Business
- The Star
Velesto Energy profit up despite dip in revenue
The group reported first-quarter net profit growth of 12.4% year-on-year to RM52.6mil. PETALING JAYA: Velesto Energy Bhd (VEB) maintains cautious optimism about its outlook for 2025, confident that with Naga 2, Naga 4 and Naga 6 contracted until the first quarter of 2026 (1Q26), this ensures ongoing operations and stability in rig utilisation. Releasing its results for 1Q25 ended March 31, 2025, yesterday, the group reported a net profit growth of 12.4% year-on-year (y-o-y) to RM52.6mil, despite revenue sinking 33.6% to RM224.6mil. This translates to an earnings per share of 0.64 sen. VEB attributed the lower turnover to completion of the i-RDC project and lower rig utilisation in 1Q25, while pointing to lower finance costs and depreciation during the quarter as factors behind the improved profitability. Compared to the preceding quarter ended Dec 31, 2024, net profit edged lower by 4.6% from RM55.2mil. This is as turnover decreased 18.6% from RM276.1mil.
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.
New Straits Times
23-05-2025
- Business
- New Straits Times
Velesto secures US$90mil drilling contract in Indonesia
KUALA LUMPUR: Velesto Energy Bhd has secured a new drilling contract valued at US$90 million (RM423 million) from three Indonesian oil and gas companies for the deployment of its Naga 8 jack-up rig in Indonesia. The contract was awarded by PC Ketapang II Ltd , PC North Madura II Ltd and Petronas North Ketapang Sdn Bhd, the group said in a filing with Bursa Malaysia. Scheduled to commence in July 2025, the project covers a firm period of four years covering 12 firm wells and three optional wells. A suspension period is planned 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 three firms. The contract is expected to contribute positively towards the company's earnings and net assets from 2025 to 2028. Velesto president Megat Zariman Abdul Rahim said in a statement that the contract reflects the company's ongoing efforts to expand footprint in Southeast Asia. "As the second contract secured in the region, it solidifies our commitment to this strategic growth. "Our focus remains on building a healthy portfolio of contracts that strengthen the outlook and create long-term value for our stakeholders," he added. Velesto said the contract strengthens its position as a key player in Southeast Asia's oil and gas sector, in line with its long-term strategy to broaden its regional presence while maintaining high operational standards. Naga 8 is a premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
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.
The Star
21-05-2025
- Business
- The Star
Trading ideas: Maybank, Velesto, Duopharma, IHH, Malakoff, EcoWorld, SCable, MBSB, Kimlun, Sapura Industral, Eversendai, SunCon, PetChem, Aeon, TSH, MyEG
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Malayan Banking Bhd said its wealth management arm, Maybank Premier, will offer a range of solutions tailored to successful MM2H applicants, supporting national efforts to attract global talent and long-term foreign residents. Velesto Energy Bhd has secured a drilling contract from Phu Quoc Petroleum Operating Company in Vietnam involving more than 40 wells, with operations expected to begin in the first half of 2026. Duopharma Biotech Bhd 's wholly-owned subsidiary Duopharma Marketing Sdn Bhd and India Biocon Ltd's local unit Biocon Sdn Bhd have secured a six-month contract extension from the Ministry of Health for the supply of insulin to public hospitals. IHH Healthcare Bhd 's indirect subsidiary, Northern TK Venture Pte Ltd, has increased the damages it is seeking from Daiichi Sankyo Co Ltd to about JPY200bn (RM5.7bn). Malakoff Corporation Bhd 's subsidiary, Malakoff Radiance Sdn Bhd, has signed a second solar power purchase agreement (4.22 MWp) with HICOM Automotive Manufacturers (Malaysia) Sdn Bhd to expand its renewable energy footprint. Eco World Development Group Bhd , SD Guthrie Bhd (previously Sime Darby Plantation Bhd , and NS Corporation Sdn Bhd have formalised a shareholders agreement yesterday to launch the development of Eco Business Park 7 in Negeri Sembilan. Sarawak Cable Bhd will be de-listed from Bursa Malaysia on May 30, unless it files an appeal by May 27. MBSB Bhd has announced a RM1bn financing facility to accelerate the growth of Malaysia's aerospace sector. Astaka Holdings Limited, together with its JV partner Kimlun Corp Bhd has commenced construction of Arden, a premium serviced residence under Phase 3 of One Bukit Senyum, the group's flagship development in Johor Bahru. Sapura Industrial Bhd has teamed up with a China-based firm to establish a precision component manufacturing plant in Malaysia with an initial investment of RM18mn. Eversendai Corporation Bhd has clinched three significant new contracts in the United Arab Emirates, India, and Singapore worth a combined RM1.3bn, pushing its total outstanding order book to RM6.6bn. Sunway Construction Group Bhd 's net profit for 1QFY25 surged to RM75.7mn, up from RM32.4mn in the same period last year as revenue climbed 132% YoY to RM1.4bn. Petronas Chemicals Group Bhd reported a net loss of RM18mn for 1QFY25 on lower sales margins, supply problems at Pengerang Petrochemicals Company Sdn Bhd, foreign exchange losses and rising costs. Aeon Co (M) Bhd's net profit for 1QFY25 rose 18% to RM68.1mn from RM57.4mn a year earlier, supported by seasonal spending uplift from the double festive celebrations within the quarter. TSH Resources Bhd 's 1QFY25 net profit surged 140% YoY to RM48.2mn, thanks to higher palm product prices and improved segmental contribution, coupled with lower finance costs. MyEG Services Bhd net profit for 1QFY25 rose to RM181.6mn from RM155.9mn in the previous corresponding quarter, due to contributions from web3 application service fees on the Zetrix blockchain platform and contributions from the sale of Zetrix tokens.
