KUALA LUMPUR (June 15): Vantris Energy Bhd (KL:VANTNRG), formerly known as Sapura Energy Bhd, remained in the black for a second consecutive quarter ahead of its application for upliftment as Practice Note 17 (PN17) status on Monday. 

The oil and gas services provider posted a net profit of RM145.79 million for the first quarter ended April 30, 2026 (1QFY2027), compared to a net loss of RM477.96 million a year earlier, according to its filing with Bursa Malaysia on Monday.

"The uplift was primarily attributed to lower loss recognised from a project in Angola as its near completion, recognition of favourable insurance claim and reduction in finance cost following the completion of the group's restructuring exercise," the filing read.  

The turnaround comes despite a decline in revenue, which fell nearly 20% to RM645.21 million from RM801.37 million a year earlier. 

This was largely attributed to lower contributions from its engineering and construction (E&C) division as it shift towards contracts across Southeast Asia and Australia.

Revenue from its operations and maintenance (O&M) segment was also affected by seasonal factors during the quarter. 

However, its drilling segment was stronger, supported by higher contract rates secured. 

No dividend was declared for the latest quarter.

Looking ahead, management expects the drilling and O&M divisions to deliver stronger performances on improved fleet utilisation, higher charter rates and ongoing contracts. 

The group also closely monitors developments in West Asia, where ongoing conflicts could potentially affect energy prices, supply chains, operating costs and project timelines.

"While the group's direct exposure to the affected region remains limited, potential headwinds may arise from energy price volatility, supply chain disruptions, cost pressures and potential project delays," it said.

As of end April 2026, Vantris had an order book of RM5.9 billion, with an additional RM2.9 billion under joint ventures and associates. 

It held cash, deposits and bank balance of RM1.96 billion against total borrowings of RM5.34 billion.

“With a healthier balance sheet and more structured operational approach, the group is now better positioned to focus on sustainable, operations-driven performance," its group chief executive officer Muhammad Zamri Jusoh said in a statement.

Shares of Vantris rose one sen or 3.3% to close at 31 sen on Monday, giving the group a market capitalisation of RM718.2 million. The stock remains down more than 18% year to date.