KUALA LUMPUR (Feb 19): Petra Energy Bhd's (KL:PENERGY) achieved a record high annual net profit of RM71.12 million for the financial year ended Dec 31, 2024 (FY2024), although its fourth quarter earnings declined by 49%.
The group's FY2024 net profit was nearly 35% higher than in the preceding financial year, despite registering lower full-year revenue of RM500.57 million, compared with RM553.53 million in the corresponding period.
The FY2024 net profit translates into an EPS of 22.16 sen, compared with 16.43 sen in FY2023.
For the individual fourth quarter (4QFY2024), the company recorded a net profit of RM13.17 million, down from RM25.90 million in the same quarter of the previous year.
Petra Energy’s earnings per share (EPS) for the quarter stood at 4.1 sen, almost halved from the corresponding quarter in 2023, when it registered 8.07 sen.
The company declared an interim dividend of four sen per ordinary share for FY2024, payable on March 27.
According to its bourse filing on Wednesday, Petra Energy's services segment experienced a decline in revenue, falling to RM38.7 million from RM86.3 million a year ago.
Additionally, the marine assets segment also saw reduced revenue, primarily attributed to lower vessel utilisation during the quarter.
Petra Energy’s overall revenue for the quarter decreased by 38% to RM85.53 million, from RM138.19 million in the previous year’s corresponding quarter.
Despite the better FY2024 performance, Petra Energy is cautious moving forward, stating that it will continue to explore new opportunities to leverage its financial strength.
“The outlook on the oil and gas industry remains positive, evidenced by the favourable oil price level. Major oil producers continue to increase their capital expenditure in response to prolonged lack of investment in the past.
“The group remains guarded and will continue to pursue other opportunities capitalising on its financial strength,” it said.
Petra Energy closed two sen or 1.5% lower at RM1.36 on Wednesday, valuing the company at RM437.6 million.