Net profit in the quarter more than doubled by 112% to a record MYR125.6m ($37.6m) from MYR59.2m in the previous corresponding period.
Revenue also soared by 86% year-on-year to MYR595.1m during the quarter, largely contributed by the increase in order wins of 16 vessels compared to seven vessels in the third quarter of 2013.
“The momentum of our order wins remains robust, with Nam Cheong securing a record order of 25 vessels worth approximately $505m on a year-to-date basis,” said Tiong Su Kuok, executive chairman of Nam Cheong.
Last month, Nam Cheong secured letters of intent worth $186m for the sale and charter of 12 of its newly-designed AHTS vessels, including options for eight additional units.
Leong Seng Keat, group ceo of Nam Cheong, commented: “Moving ahead, we remain confident in benefiting from our strong reputation within the highly resilient shallow water segment as we continue to see strong demand for AHTS vessels and other OSVs especially from this segment.”
Recently, Nam Cheong entered into a partnership with Singapore’s Marco Polo Marine to form a joint venture with an investment in their indirect Indonesian subsidiary PT Pelayaran Nasional Bina Buana Raya tbk (BBR).
Nam Cheong believes that the partnership for investments in OSVs would allow it to strengthen its position in the cabotage-protected Indonesian market.
As at 30 September 2014, Nam Cheong’s orderbook for OSVs is worth about MYR1.9bn with deliveries up until 2016.
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