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Carimin Oil's second-quarter net profit soars

Carimin Oil's second-quarter net profit soars

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  Carimin Petroleum's net profit increased by 53% from RM5.26 million in the same period last year to RM8.05 million in the second quarter ended December 31, 2019, due to increased offshore operations and the use of sea vessels.
During the quarter under review, revenues for technology and engineering support providers in the oil and gas industry increased by 11.3% from 96.26 million ringgit in the previous quarter to 107.3 million ringgit, with earnings per share (EPS) rising to 3.44 cents from 2.25 cents
Carimin announced a first interim dividend of 1.20 cents per share.
During the six-month cumulative period, the group's net profit increased by 18.7% from RM16.98 million to RM2016 million, increasing EPS per share from the previous 7.26 sen to 8.62 sen. Its cumulative revenue increased by 43.8% to RM25937 million from RM18034 million.
Looking ahead, it stated in a document submitted to Bursa Malaysia that the project work is expected to continue, driven by stable work orders generated by maintenance, construction and conversion contracts, and the use of offshore support vessels accordingly.
与 此 At the same time, the cooperation with DOF Sub Sea has recently further strengthened our core competence and competitiveness in the field of inspection, repair and maintenance services, "Carimin said.
It added that the recent four-year comprehensive connection and commissioning of the Petronas Carigali Sarawak SKG complete plant has strengthened the group's prospects.
Carimin said in another document that it will be extended for another 18 months until August 21, 2021, a time frame that uses the remaining RM10.12 million in public offering proceeds, which was allocated for the development of small manufacturing plants .