The Singapore-listed shipbuilder posted a net profit of MYR205.65m ($62.67m) in the year ended 31 December 2013, an increase of 51% over the MYR136.59m profit in 2012.
Revenue also rose 43% year-on-year to MYR1.26bn due mainly to contributions from the shipbuilding business which delivered a total of 20 vessels, up from 13 vessels delivered in 2012.
“Our build-to-stock business model, which we have fine-tuned over the years, has culminated in yet another successful quarter,” said Tiong Su Kouk, executive chairman of Nam Cheong.
The shipbuilder's orderbook stood at MYR1.5bn and sales are expected to gain momentum this year, according to Leong Seng Keat, group ceo of Nam Cheong.
“With the current uptick in the OSV sector, we look to tap on the opportunities arising from the various regions of the world,” Leong said.
The global OSV fleet is ageing with over 30% of vessels being of traditional build and in operation for over 25 years. In order to cope with the present-day operational demands, operators and charterers are looking to replace older vessels with modern variants that are better equipped to do their jobs more efficiently.
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