PETALING JAYA: Velesto Energy Bhd
recorded a lower net profit of RM202.17mil for the financial year ended Dec 31, 2025 (FY25) from RM207.70mil the preceding year.
The lower profit was primarily due to reduced rig utilisation, partly offset by cost provisions recognised in the corresponding period last year, the locally based multinational provider of upstream oil and gas drilling services said in a filing with Bursa Malaysia yesterday.
Revenue was also lower at RM898.56mil compared to RM1.36bil previously, primarily due to the completion of the i-RDC project and lower rig utilisation during the year.
On a full-year basis, the utilisation rate was 72% and the average daily charter rate was recorded at US$118,000 per day (2024: US$122,000 per day), said Velesto Energy.
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