Velesto Energy Berhad reported a 99% drop in net profit to RM531,000 for the second quarter ended June 30, 2026. Earnings fell from RM50.44 million in the same period last year. Quarterly revenue decreased 23% to RM154.03 million.
Lower average daily charter rates drove the decline, falling to US$103,000 from US$123,000. Reduced rig utilization further impacted the bottom line.
Despite the earnings drop, the company declared a second interim dividend of 0.25 sen per share. Management maintains a healthy order book of RM1.3 billion. Five of the company's six rigs remain contracted until the end of 2026. Velesto anticipates continued demand for jack-up drilling services across Southeast Asia.