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014
SapuraCrest Petroleum Berhad
Annual Report 2010
Chairman’s Statement (cont’d)
The scale and depth of the global turbulence
have affected the Group to some extent.
While the Installation of Pipelines and
Facilities (IPF) and the Drilling Divisions
were relatively unscathed with their long
term contracts in hand, the Marine Services
Division saw most work programmes
deferred due to lower oil prices.
Nonetheless, the Company’s underlying
fundamentals remained strong and as such,
we were able to turn in a very solid financial
performance for FY 2010.
For the year under review, the Group
recorded a profit before tax (PBT) of
RM364.0 million on the back of revenue
of RM3.3 billion. This represented a 29.3%
improvement in PBT from RM281.6 million
registered previously. Profit after tax and
minority interest was posted at RM172.0
million, a 48.5 % increase from RM115.8
million achieved the previous financial
year. The Group’s overseas operations
contributed about 30.0% to revenue during
the year, as compared to 25.0% the previous
year.
The Group’s improved profit performance
was attributed mainly to an improved
margin in the IPF division including a
significant turnaround of our joint-venture,
SapuraAcergy Sdn Bhd, and higher drilling
rates achieved for the year. This helped
offset the weaker performance from
Marine services, notably in the offshore
soil investigation, survey and maintenance
activities.
IPF and Drilling operations continued to
be the major contributors, accounting for
78.6% of Group revenue. Marine Services
and Operations and Maintenance Divisions
accounted for another 19.8 % and 1.6%
respectively.
On the strength of its sustained financial
performance, anchored by an expanding
order book, geographical expansion and
new strategic assets, the Group’s prospects
in moving forward continues to be
promising.