Nam Cheong profit leaps to $243.6 in FY2024

Its revenue growth was driven by its fleet expansion, amongst others.

Nam Cheong Limited recorded a net profit after tax of $243.6m (RM805.3m) in FY2024, up from $49.2m (RM162.9m) in the previous year.

The group recorded a total revenue of $208.6m (RM689.4m) solely from the vessel chartering division, up 45.1% year-on-year (YoY), driven by fleet expansion, improved daily charter rates, and higher vessel utilisation of larger vessels.

Gross profit surged by 117% year-on-year (YoY) to $110.7m (RM366.1m) in FY2024, mainly driven by strong revenue growth.

Accordingly, the gross margin stood at 53% for FY2024, up 18 percentage points (pp).

Basic earnings per share were at $0.61 (200.84 sen).

($1 = RM3.31)

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