Friday 29 Mar 2024
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KUALA LUMPUR (May 26): Icon Offshore Bhd posted a net profit of RM2.96 million for the first quarter ended March 31, 2022 (1QFY22) compared with a net loss of RM11.15 million a year earlier, on higher gross profit. 

Quarterly revenue in 1QFY22 grew 31.35% to RM66.95 million from RM50.97 million, mainly due to contribution from drilling segment commencing its operation in April 2021, according to the group’s bourse filing. 

“The cost of sales increased by RM1.8 million or 4% from RM42.6 million in the quarter ended March 31, 2021 to RM44.4 million in the quarter ended March 31, 2022, mainly due to cost of sales relating to the drilling aegment.

“Consequently, the group’s gross profit increased by RM14.2 million or >100%, from RM8.4 million in the corresponding quarter to RM22.6 million in the current quarter, primarily due to contribution from the drilling segment,” said Icon Offshore. 

In a separate statement, Icon said it has a combined order book and tender book of RM2 billion. 

Icon’s managing director Datuk Seri Hadian Hashim said the company is optimistic that its diverse portfolio of assets will continue to take full advantage of the improved oil and gas outlook in the financial year ending Dec 31, 2022 (FY22), on the back of strong oil prices and increased industry activities in Malaysia and Brunei. 

He said this is further underpinned by the lack of new assets coming into the market, which raises the potential for improved charter rates. 

“With sustainable OSV [offshore support vessel] and drilling business segments and a solid order book backed by long-term contracts for our vessels, we are ready and eager to pursue strategic opportunities in mergers and acquisitions to propel Icon into the next growth phase, especially in the asset-light and service-oriented businesses. 

“As part of our commitment towards an effective long-term climate transition strategy, we have signed up as a member of Climate Governance Malaysia and are determined to minimize our carbon footprints by closely monitoring our CO2 emissions and fuel consumption through the fuel-tracking monitoring system installed on our vessels,” Hadian emphasised.

On Thursday (May 26), Icon shares closed unchanged at 10 sen, with a market capitalisation of RM270.48 million.

Edited ByKamarul Azhar
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