Perdana Petroleum Bhd Posts Highest Profit in 18 Years, Eyes Fleet Renewal

Perdana Petroleum Bhd (KL:PERDANA) reported a net profit of RM146.03 million for FY2024, marking a 228.79% increase from RM44.415 million in FY2023, making it the company’s best performance since 2007. Revenue rose 40.2% to RM440.12 million, driven by higher vessel utilisation (70% vs. 58%) and increased charter rates.

Managing director Jamalludin Obeng stated that Perdana is seriously considering fleet renewal in response to an optimistic upstream oil and gas (O&G) outlook and concerns over ageing OSVs. The company also benefited from higher net impairment reversals (RM25.9 million) and foreign exchange gains (RM10.5 million).

Perdana improved its financial position by lowering debt to RM16.26 million while increasing cash reserves to RM118.62 million, achieving a net cash position of RM102.36 million.

Perdana Petroleum

For 4QFY2024, net profit grew 38% to RM29.46 million, but revenue declined 9.8% to RM89.05 million due to lower vessel utilisation and reduced third-party chartering contributions.

Despite strong earnings, Perdana remains cautious due to geopolitical uncertainties, currency volatility, and tariff tensions. Shares closed at 24 sen, with a market cap of RM534.5 million, down 4% year-to-date.