The short-term industry outlook remains uncertain, although there are early indications that the oil price is heading towards a path of stability in the medium term, SapuraKencana Petroleum Berhad President Tan Sri Dato’ Seri Shahril Shamsuddin said.
“In the short term, competition for work will remain intense and margin pressures will likely to continue through into the next year,” Shamsuddin stated.
SapuraKencana generated revenues of $496 million (RM2.2 billion), and a profit before tax of $44 million (RM199) million, in the third quarter. The company has a current cash and bank balance of $631 million (RM2.8 billion) and a current order book worth $3.8 billion (RM17.2 billion).
“The group recorded a positive third quarter for the financial year, leveraging on our ability to secure work through existing client relationships and our track record to deliver work safely, on budget and on time,” Shamsuddin said.
“We continue efforts to further enhance our competitiveness in the market, and remain committed to our initiatives towards increasing productivity and efficiency. The measures we take now are to maintain our agility in this challenging environment and ensure long-term sustainability for the group,” Shamsuddin added.
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