Bumi Armada Berhad reported a net profit of RM266.0 million for the second quarter (Q2) of 2024. The company’s revenue for the quarter was RM578.9 million, down from RM635.5 million in Q1 2024, primarily due to the absence of a one-off revenue benefit from the previous quarter.
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Butmi Armada cash flow
Despite the lower revenue, net profit after tax remained stable compared to Q1 2024. The company generated strong cash flow from operations at RM619.3 million, contributing to a robust cash balance of RM1,214.3 million after repaying US$59 million in debt.
As of June 30, 2024, Bumi Armada had net current liabilities of RM787.3 million, mainly due to the classification of RM1.5 billion in Sukuk Murabahah as current liabilities. These will be refinanced with a new 6-year financing facility of USD400.0 million.
Firm order book
The company’s future firm order book stood at RM12.1 billion, with additional optional extensions up to RM10.9 billion, boosted by the Armada Sterling V FPSO achieving final acceptance and the extension of the Armada Kraken FPSO contract.
CEO Gary Christenson emphasized that the company’s strong cash generation has improved its balance sheet and that Bumi Armada is exploring new projects to enhance shareholder value.
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