Last updated on August 23, 2025
KUALA LUMPUR, Aug 22 – Velesto Energy Berhad reported a profit after tax (PAT) of RM50 million for the second quarter ended June 30, 2025 (2Q2025), sustaining strong margins despite lower revenue.
The group posted revenue of RM200 million, compared with RM225 million in the preceding quarter. Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at RM116 million, up from RM113 million in 1Q2025. Profitability improved, with PAT margin rising to 25% from 24% previously, while EBITDA margin strengthened to 58% from 50%.
Rig utilisation averaged 57% during the quarter, down from 67% in 1Q2025, with daily charter rates easing slightly to USD123,000 per day from USD127,000.
Velesto declared an interim dividend of 0.75 sen per share for the financial year ending 2025, payable on November 18. The group also completed a capital reduction exercise on August 14, further strengthening its balance sheet and supporting shareholder returns.
“Velesto continues to deliver strongly every quarter, supported by our current order book and disciplined cost management,” said President Megat Zariman Abdul Rahim. “Our portfolio remains resilient, and we are focused on performance through cost optimisation, operational efficiency and maintaining a strong financial position to create sustainable long-term value.”
As of July 2025, Velesto’s order book stood at RM1.2 billion, providing earnings visibility through 2028. Its tender book reached RM4.3 billion.
The company also highlighted operational achievements, including above 99% operating efficiency with zero Lost Time Injury. Milestones in the quarter included the completion of the Special Periodic Survey for rig NAGA 8 and the installation of a robotic arm on NAGA 6. Currently, five of Velesto’s six rigs are under charter.
