KUALA LUMPUR: Carimin Petroleum Bhd’s net profit for the second quarter (Q2) ended December 31, 2019 jumped 53 per cent to RM8.05 million from RM5.26 million earlier, mainly due to the high offshore activities and utilisation of marine vessels.
In an exchange with Bursa Malaysia today, Carimin said revenue for the quarter increased 11 per cent to RM107.13 million from RM96.26 million in the previous quarter.
Carimin declared a first interim dividend of 1.2 sen per ordinary share amounting to RM2.8 million for the financial year ended 30 June 2020.
The dividend is to be paid on April 3.
Earnings per share was 3.44 sen versus 2.25 sen previously, the filing said.
For the six months ended December 31, Carimin’s net profit rose 18.7 per cent to RM20.16 million from RM16.98 million, mainly due to the revenue of RM259.37 million versus RM180.34 million.
On its prospects, the company said project work activities are expected to continue with corresponding utilisation of marine support vessels driven by steady work order flows from the maintenance, construction and modification (MCM) contract.
Meanwhile, Carimin's collaboration with DOF Sub Sea recently has further strengthen its core capabilities and competencies in the area of inspection, repair and maintenance (IRM) services.
"The prospect and sustainability of the company is enhanced with the recent award of the four years integrated hook up and commissioning (i-HUC) contract for Petronas Carigali Sarawak (SKG) package,” it said.