KUALA LUMPUR (Feb 27): Bumi Armada Bhd’s (KL:ARMADA) financial year ended Dec 31, 2025 (FY2025) net profit fell 31% to RM439.05 million, down from RM634 million in FY2024, mainly due to lower contributions from the Armada Kraken and Armada Olombendo FPSOs. Revenue dropped to RM1.59 billion from RM2.3 billion.

This was despite a RM145.97 million impairment reversal in the fourth quarter that helped turn a profit of RM81.2 million in the quarter, compared to a net loss of RM76.19 million the year before, according to a filing with Bursa Malaysia.

The group declared an interim single-tier dividend of one sen per share, payable on April 10.

Finance costs for the year fell by RM66.7 million, reflecting ongoing deleveraging and lower interest rates.

The weakening of the US dollar against the ringgit reduced the group’s balances, as most are USD-denominated.

As of Dec 31, 2025, the group’s total assets were RM8.76 billion, down 16% from 2024, mainly due to the foreign exchange impact, depreciation of property, plant and equipment, lower finance lease receivables, dividends received from joint ventures, and customer collections.

Total liabilities fell 35% to RM2.89 billion, mainly from the foreign exchange impact, repayment of customer advances, and borrowings.

CEO Gary Christenson said the stronger financial position allows Bumi Armada to bid for new projects.

Looking ahead to 2026, the group plans to pursue charter extensions and new project bids. It also plans to maintain operational performance across its fleet; strengthen client and partner relationships and continue carbon reduction initiatives towards its net-zero goals.