Nam Cheong has reported earnings of RM790.1 million ($223.69 million) for FY2024, ended Dec 31, 2024, more than quadruple its profit for the year before of RM157.3 million.
For the 2HFY2024, the offshore support vessel (OSV) provider saw earnings of RM163.5 million, up 30% y-o-y.
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: Jardine Matheson posts loss of US$468 mil, but underlying net profit stood at US$1.47 bil
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 Cheong closed 2.5 cents lower or 4.504% down at 53 cents on Feb 28.
