Cover Story: What went wrong at Sapura Energy

Umm, does that mean I won’t get those million dollar contracts this year? Hey, and 3 quarters of profits is 3 quarters more than me. Could I get some POs from you, dear reader?

Dateline 2021-11-11, The Edge:

SAPURA Energy Bhd is arguably the biggest Malaysian casualty of the meltdown in oil prices more than five years ago.

Despite oil prices having gained more than 60% year to date and Brent Crude breaching the US$85 per barrel band in late October, the company has not been faring well. In the last 10 quarters, it managed to muster only three quarters of profits, and for its second quarter ended July (2QFY2022), it suffered a net loss of RM1.52 billion from RM747.11 million in revenue. In the corresponding period a year ago, it chalked up net profits of RM23.74 million from RM1.22 billion in revenue.

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