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Home News

Velesto Energy Fourth Quarter Profit Surge

by Administrator Forexezy
February 28, 2024
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Velesto Energy, a Malaysian energy-services provider, has reported a significant turnaround in its latest financial results, leading to a surge in its stock price.

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Positive Fourth Quarter Results

The company announced that it achieved a net profit of MYR66.68 million ($14 million) in the fourth quarter, a stark improvement from a net loss of MYR26 million during the same period last year. This impressive performance was attributed to enhanced asset utilization, increased charter rates, and improved work progress, resulting in a 48% rise in quarterly revenue to MYR358.88 million.

Bright Future Prospects

Analysts are optimistic about Velesto’s future growth potential, foreseeing higher daily charter rates through securing new contracts or renewing existing ones in the upcoming quarters. With the possibility of elevated crude oil prices leading to a continued scarcity of jack-up rigs until 2024 and 2025, both Maybank Investment Bank and Kenanga Investment Bank have revised their earnings forecasts upwards.

Analyst Ratings and Market Outlook

Maybank Investment Bank analysts anticipate a positive outlook for the Malaysian jack-up rig market, supported by robust demand amidst high crude oil prices. They suggest that Velesto’s rigs, due for contract renewal in 2024, are likely to command higher charter rates, signaling promising times ahead for the company.

Following the impressive fourth-quarter results and optimistic market outlook, Kenanga Investment Bank has upgraded its rating on Velesto Energy stock from market perform to outperform. This decision is fueled by the company’s strong position in the market and the potential for continued growth in the sector.

In conclusion, Velesto Energy’s recent financial success and favorable market conditions indicate a bright future for the company as it aims to capitalize on opportunities in the energy sector.

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Tags: Energy SectorFinancial Resultsmarket outlookstock marketVelesto Energy
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