Nam Cheong’s profit skyrockets to $189.2m in H1 2024

Thanks to improved daily charter rates and higher utilisation of larger vessels.

Mainly as a result of the waiver of debts, Nam Cheong Limited delivered a net profit after tax of $190.74m (RM635.8m) as compared to $9.51m (RM31.7m) in the preceding year.

Similarly, profit attributable to shareholders surged to $186.5m (RM626.6m), previously $9.3m (RM31.2m).

The group registered a revenue of $92.8m (RM311.9m), expanding 56% YoY. The group attributed this growth to improved daily charter rates and higher utilisation of larger vessels.

The group declared its basic earnings per share of $0.05 (159 sen) compared to last year’s $0.01 (38 sen).

Nam Cheong is eyeing to capitalise on the expanding offshore oil and gas market.

(RM1 = $0.29)