The Kuala Lumpur-listed company posted annual net profit of MYR41.81m ($13.19m) for its oil and gas division, up 11.6% from MYR37.46m recorded in the previous financial year.
Full year revenue for the oil and gas division also rose 9.4% to MYR318.37m, making it the main source of revenue and operating profit for the group, apart from its business in highway infrastructure.
“Although recording lower fleet utilisation due to the scheduled vessel dockings and repairs, the (oil and gas) division managed to maintain its revenue level on the back of the strengthening charter rates,” Silk said.
It added that its fleet expansion programme saw the progressive deployment of four new vessels in the preceding year and two new vessels in the current year.
Silk owns 70% stake in Jasa Merin, a provider of offshore support vessels (OSVs) mainly to oil majors Petronas Carigali and ExxonMobil Exploration and Production Malaysia Inc.
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