KUALA LUMPUR: Bumi Armada Bhd ’s net profit soared to RM574.07 million for the financial year ended Dec 31, 2021 (FY2021) from RM125.57 million in FY2020 on higher operating income, a higher share of results from joint ventures and associates, lower impairment losses on vessels and lower finance costs.

       The company said that the stellar performance was its highest full-year net profit since its listing on the Main Market of Bursa Malaysia a decade ago in FY2011.

       However, its revenue slipped to RM2.16 billion versus RM2.23 billion the year before while its basic earnings per share (EPS) rose to 9.74 sen compared with the 2.14 sen recorded previously.

       For the fourth quarter, it registered a lower net profit of RM118 million against RM144.14 million while revenue was lower at RM513.05 million from RM592.15 million.

       Its EPS fell to two sen versus 2.45 sen.

       There were no dividends paid in the financial year ended Dec 31, 2021.

       Chief executive officer Gary Christenson said that the company’s floating production and operation fleet continued to deliver stable operations in 2021 as the company's focus on operational excellence and cost efficiencies enabled it to achieve a record year for Bumi Armada.

       "Coupled with the monetisation of our offshore service vessels business, this has enabled us to continue to reduce our debt and improve our balance sheet,” he said in a statement. "We will continue to focus on safety, sustainability, operational excellence, and financial discipline as we explore new opportunities in targeted markets.”

       At lunch break, shares of Bumi Armada fell 2.88 per cent to 50.5 sen with 30.74 million shares traded. - Bernama