Topaz reports a 33% rise in profit

Dubai-based Topaz Energy and Marine yesterday announced a 33 per cent gain in its first-quarter profit.

The company’s revenues rose 6.7 per cent against the first quarter of lastyear, with earnings of US$89.4 million in the three months through March compared to $83.8m in the same period last year.

Revenue growth was strongest in the company’s global markets outside the Middle East and the Caspian Sea region. Earnings in the Mena region fell slightly, while earnings to global destinations grew 4.1 per cent.

Topaz’s earnings before income tax, depreciation and amortization rose 21 per cent over this period, from $35.1m last year to $42.8m this year.

The company spent $148.7m on the purchase of five new vessels, maintenance and upgrade expenditures.

The company had a net debt of $771m as of the end of March, against consolidated cash and cash equivalents of $24m for the quarter.

Topaz added four new vessels to its fleet in the first quarter of the year. The company provides offshore support vessels to energy companies.

Topaz has a fleet of more than 90 vessels and is owned by Renaissance Services, a publicly traded Omani company.

“We anticipate a more challenging second quarter as a result of project timings in West Africa and the Caspian,” the company said.

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