Nam Cheong’s Q1 net profit sinks 94% YoY

The decline was due to reduced income and increased finance costs.

Nam Cheong reported a 94% year-on-year (YoY) slump in net profit to $10.6m (RM35.2m) from $167.4m (RM554.5m) in Q1 2025.

Attributable profit dropped 95% YoY to $9.2m (RM30.4m) from $166.7m (RM552.2m).

The decline was mainly due to the absence of the debt waiver and interest waiver, which reduced other income and increased finance costs.

Meanwhile, core profit grew 20% year-on-year (YoY) to $9.44m (RM31.1m) in Q1 2025.

Revenue rose 5% YoY to $35.2m (RM116.6m), whilst gross profit rose 13% YoY to $17m (RM56.3m).

This growth was mainly driven by an expanded fleet and improved daily charter rates during the period.