PETRA Energy Bhd posted a RM62.5 mil net profit for the financial year 2019 (FY19), according to the group’s latest unaudited figures.
This marks the oil & gas services provider’s return to the black after posting a loss of RM20.91 mil for FY18.
Further, Petra recorded a RM21.76 mil net profit for the fourth quarter ended Dec 31 (4Q19), marginally higher than the RM20.95 mil for the same period last year.
But sales slumped 43% to RM124.4 mil in 4Q19 from RM191.83 mil, “as a result of lower activities executed for existing services contracts,” Petra said in a Feb 17 filing with Bursa Malaysia.
The group had also declared a two sen dividend to be paid on May 15.
Moving forward, Petra said it remained “cautiously optimistic” and “would explore new opportunities within the energy sector while continuing its cost management and improving its execution efficiency.”
The stock closed 3.29% higher at RM1.29. – Feb 17, 2020
