For the financial year ended 31 December 2018 (FY2018), Group revenue of RM8,780.3 million was 12.8% lower than the financial year ended 31 December 2017 (FY2017)’s revenue of RM10,068.2 million. Suspension of charter contracts due to geopolitical situation, lower construction revenue as the Floating, Storage and Offloading (FSO) Vessel Benchamas 2 completed in the current year and the recognition of one time gain for Gumusut-Kakap Semi-Floating Production System (L) Limited (GKL) variation works arising from the favourable adjudication decisions in the corresponding year were the main factors for the decrease in the Group’s revenue.
Group operating profit of RM1,466.4 million was 46.4% lower than FY2017’s operating profit of RM2,733.6 million. The decrease was mainly due to lower revenue in current year combined with the recognition of compensation for early termination of a time charter contract and reversal of provision following early termination of in-chartered contracts in the corresponding year.
Group profit before tax of RM1,344.1 million was 32.9% lower than FY2017’s profit before tax of RM2,003.6 million. This contraction was largely due to the compressed operating profit in the current year.
Profit attributable to the equity holders of the Corporation amounting to RM1,311.5 million translates to earnings per share of 29.4 sen in FY2018 as opposed to 44.4 sen in FY2017.
In respect of FY2018, the Board had approved and declared on quarterly basis a total tax exempt dividend of 30.0 sen per share amounting to RM1,339.1 million. The aggregated tax exempt dividend of 30.0 sen per share or RM1,339.1 million for FY2018 was consistent with the dividend declared and paid in respect of FY2017.
Shareholders’ equity of RM35,351.1 million as at 31 December 2018 was 1.5% higher than RM34,844.2 million as at 31 December 2017. The increase in shareholders’ equity was mainly due to currency translation gain of RM682.9 million.
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