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SapuraKencana FY15 profit up 31% on contributions from energy division

SapuraKencana FY15 profit up 31% on contributions from energy division
SapuraKencana Petroleum (SapKen) saw FY2015 net profit rise 31% to MYR1.43bn ($390.7m) from MYR1.09bn in the previous year as revenue grew 19% to MYR9.94bn, from MYR8.38bn previously, the company said in a stock market announcement.

SapKen said the growth in profit and revenue was mainly due to the inclusion of the SapuraKencana Energy Inc (SKEI) business, after its acquisition in February last year.

This division produced 5.1m barrels of oil equivalent from Peninsula Malaysia fields while also positioning for future growth with two new exploration blocks in Sabah and the acquisition of three production sharing contracts with Petronas Carigali in Vietnam. "We had a 100% exploration success rate with five significant gas discoveries in the SK408 project in offshore Sarawak, totaling more than 3trn cubic feet of gas," said president and group ceo Shahril Shamsuddin.

Fourth quarter results were poor however with a 62% plunge in profits to MYR129.1m from MYR337.2m previously even though revenue rose to MYR2.39bn from MYR1.88bn previously.

On the upside however, SapKen announced it has secured 14 deals that will boost the orderbook by approximately MYR5.1bn  These comprised five new contracts and nine contract extensions, said Shahril.Going forward, Shahril said he expected the market to remain challenging due to volatility in oil prices but was confident with the group's continued focus on operational effectiveness, cost optimisation and its aggressive drive to win new business in the global market.