KUALA LUMPUR (Dec 11): Vantris Energy Bhd (KL:VANTNRG), formerly Sapura Energy Bhd, posted a third-quarter net profit of RM4.27 billion, as opposed to a net loss of RM293.06 million a year ago, as it recorded a one-off RM4.47 billion gain from debt forgiveness following its financial restructuring.

The restructuring, under which the group issued new shares and securities to settle outstanding liabilities — reducing its total borrowings to RM5.7 billion from RM10.76 billion — was completed on Sept 26 this year. It resulted in the emergence of Malayan Banking Bhd (KL:MAYBANK), CIMB Group Holdings Bhd (KL:CIMB) and RHB Bank Bhd (KL:RHBBANK) as the group's first, second and third largest shareholders, with equity stakes of 20.27% , 12.13% and 7.21%, respectively.

Nevertheless, the group still recorded an operating loss of RM97.07 million for the third quarter ended Oct 31, 2025 (3QFY2026), compared with an operating profit of RM215.11 million a year earlier, as operating expenses rose 14.9% to RM1.08 billion, its Thursday bourse filing showed. No dividend was declared for the quarter.

Revenue for 3QFY2026 dropped 14.8% to RM982.79 million from RM1.15 billion due to weaker contributions from its engineering and construction (E&C) division, which saw topline dropping 30.5% to RM486.86 million on lower completion of ongoing projects while others were completed.

The E&C segment posted a loss before taxation (LBT) of RM125.51 million, compared with a profit before taxation (PBT) of RM193.49 million previously, mainly due to higher costs incurred for an ongoing project in Angola.

Its drilling segment recorded a PBT of RM6.52 million, as opposed to an LBT of RM39.43 million previously, supported by higher charter rates and lower finance costs; its operations and maintenance (O&M) segment delivered a PBT of RM38.93 million, comparable to RM39.28 million a year earlier.

For the nine-month period ended Oct 31, 2025 (9MFY2026), Vantris Energy reported a net profit of RM3.56 billion versus a net loss of RM216.16 million in 9MFY2025, while revenue dropped 19.5% to RM2.85 billion.

Excluding the non-recurring accounting gains arising from the restructuring exercise, the group recorded an operating loss of RM72.76 million for 9MFY2026, versus an operating profit of RM762.29 million in 9MFY2025. 

Vantris Energy chief executive officer Muhammad Zamri Jusoh said the quarter marked a “turning point” for the group on completion of its financial restructuring, significantly reducing the group's financial overhang that has long challenged its progress.

"While the benefits are becoming evident, we recognise there is still work ahead, particularly in strengthening our operational performance," he said in a separate statement. 

Muhammad Zamri said the company's immediate priority is to exit its Practice Note 17 status by delivering two consecutive quarters of profitability, sustain operational momentum and reinforce stakeholder confidence.

As of Oct 31, 2025, Vantris Energy’s order book stood at RM6.3 billion, with another RM3.9 billion from joint ventures and associates.

Vantris Energy’s shares closed 1.5 sen or 4.35% higher at 36 sen, on Thursday giving it a market capitalisation of RM823.45 million. The stock has declined 40% year to date.