KUALA LUMPUR (May 30): Bumi Armada Bhd’s (KL:ARMADA) net profit for the first quarter ended March 31, 2024 (1QFY2024) rose 19.7% to RM240.54 million, versus RM201.01 million a year earlier, from higher vessel operations revenue.

According to the offshore production and support services provider’s bourse filing on Thursday, quarterly revenue increased 16.8% to RM635.54 million, from RM543.99 million a year ago (1QFY2023), on higher contribution from Armada Olombendo floating production storage offloading (FPSO) and Armada Kraken FPSO.

Earnings per share rose to 4.06 sen, from 3.40 sen. No dividend was declared for 1QFY2024.

Bumi Armada chief executive officer Gary Christenson dubbed the performance as a solid start to the financial year, and noted that the group will remain vigilant in ensuring the stable operation of its vessels.

“We continue to seek new projects and opportunities, while maintaining our focus on safety; environmental, social, and governance (ESG), operational excellence and financial discipline,” it added.

As at end-March 2024, future firm orderbook stood at RM9.7 billion, with additional optional extensions of up to RM10.3 billion.

Shares in Bumi Armada ended two sen or 3.54% higher at 58.5 sen on Thursday, giving the group a market capitalisation of RM3.47 billion.