Revenue for FY2024 was RM689.4 million, up 45% y-o-y. Meanwhile, revenue for 2HFY2024 saw a 37% y-o-y increase to RM377.4 million.
Gross profit more than doubled to RM366.1 million for FY2024, and RM220.1 million for the 2HFY2024.
Nam Cheong says that the growth in revenue was solely from the vessel chartering division, up 45.1% y-o-y. The increase was mainly driven by fleet expansion, improved daily charter rates and higher vessel utilisation of larger vessels.
Other income increased to RM564.0 million in FY2024 mainly attributable to the waiver of debts pursuant to the 2024 Scheme and the DRMA which have become fully effective and unconditional on March 30, 2024.
See also: GuocoLand posts lower FY2025 on allowances in China; plans to pay a higher dividend
The group’s financial cost decreased by 30.7% y-o-y to RM19.0 million for FY2024 after the conclusion of the debt restructuring.
Shares of profit of associates increased to RM27.8 million in FY2024, mainly due to the realisation of assets by one of the associates during the reporting period.
The group has not declared any dividends for the reporting period.
Shares in Nam Cheongclosed 2.5 cents lower or 4.504% down at 53 cents on Feb 28.
