BUSINESS › NEWS
Nam Cheong Made Record RM206.2 Million Net Profit In FY2013
SINGAPORE, Feb 26 (Bernama) -- Nam Cheong, a leading global offshore marine player listed on the Main Board of the Singapore Exchange Securities Trading Ltd and Malaysia's largest Offshore Support Vessel (OSV) builder, achieved a record revenue of RM406.1 million for the fourth quarter of the financial year ended Dec 31, 2013.
In a statement, it said the amount was 7 per cent higher than the RM379.2 million achieved in the corresponding period last year (4Q 2012).
In line with its topline performance, the Group achieved another record-breaking net profit of RM70.2 million for 4Q 2013.
Nam Cheong executive chairman Datuk Tiong Su Kouk said: "Our build-to-stock business model, which we have fine-tuned over the years, has culminated in yet another successful quarter.
"Amid favourable industry prospects, this has allowed us to break our net profit record for the second successive quarter, contributing strongly to our full-year results."
Having hit new highs in FY2013, he said, "we hope to do better next year as we seek to grow our market position and capitalise on further opportunities."
The Group's stronger topline performance for 4Q 2013 was attributable to its two business segments of shipbuilding and vessel chartering.
For the full year ended Dec 31, 2013 (FY2013), revenue grew by 43 per cent year-on-year to about RM1.3 billion from RM876.6 million in the previous corresponding period (FY2012).
With consistent topline gains made in four successive quarters, the Group's shipbuilding and vessel chartering segments recorded revenue gains of 42 per cent and 73 per cent respectively.
The shipbuilding segment contributed 95 per cent of the Group's FY2013 revenue while the vessel chartering segment accounted for the remaining 5 per cent.
As a result, FY2013 net profit registered a strong double-digit growth of 51 per cent to RM206.2 million from RM136.6 million in FY2012.
This marks another year of record earnings for the Group.
The Group continued to maintain a healthy balance sheet in FY2013 with total assets growing by RM873.4 million.
Total liabilities increased by a comparably lower RM527.0 million for FY2013. Net gearing ratio as at Dec 31, 2013 was 0.52 times, up from 0.38 times as at Dec 31, 2012.
In view of this record financial performance, the Board has recommended a first and final dividend of 0.5 Singapore cent plus a special dividend of 0.5 Singapore cent.
Total dividends payable amount to S$21.0 million, representing a payout ratio of 27 per cent of profit attributable to shareholders in FY2013.
news coverage in our Newswire service.
Previous Top Stories
Other News Headlines
- Zaid Ibrahim Withdraws From Kajang By-election- politic
- Malaysia Furniture Makers Urged To Win More Furniture Market Share As China Costs Rise- business
- TSG Need To Improve Further To Compete Against Best Teams In The World - Fazin- sports
- Handicraft Maker Immortalises Sarawak's Perahu Tambang- features
- China - Lawmakers, Political Advisers cross Fingers For Missing China-bound Plane- world
Most Read News
Pertubuhan Berita Nasional Malaysia,
Wisma BERNAMA,No 28, Jalan 1/65A,
Off Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia.
Tel : 603-2693 9933 ( General Line )
E-mel : email@example.com
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution