Nam Cheong Achieves Revenue Growth of 53%
OREANDA-NEWS. Nam Cheong Limited ("Nam Cheong"), or together with its subsidiaries, ("the Group"), a leading global offshore marine player listed on the Main Board of the Singapore Exchange Securities Trading Limited (the "SGX-ST") and Malaysia's largest Offshore Support Vessel ("OSV") builder, today reported its results for the full year ended December 31, 2014 ("FY2014"). Nam Cheong achieved revenue of RM1.9 billion, an increase of 53% compared to RM1.3 billion in the previous corresponding year ("FY2013"). In line with the growth in revenue, the Group registered a 47% rise in net profit in FY2014 to reach RM302.2 million.
Datuk Tiong Su Kouk, Executive Chairman of Nam Cheong, said, "Repeat customers form a strong pillar of Nam Cheong's business and our FY2014 results reflect the robust demand for our vessels by customers and their continued confidence in Nam Cheong as a reputable OSV builder. Most recently in December 2014, notwithstanding an uncertain macro environment, we secured two vessel orders collectively worth USD 45 million from our Netherlands-based and West Africa-based repeat customers. Being a specialist in the resilient shallow water segment, we were also less affected by the current low oil prices compared to our deepwater counterparts.
"During the year, we achieved several milestones, one of which was the launch of our proprietary design Anchor Handling Tug Supply vessel, the fuel efficient NCA80E. We also strengthened our ship chartering presence in the cabotage-protected market of Indonesia by investing USD 30.7 million in PT Pelayaran Nasional Bina Buana Raya Tbk, an indirect subsidiary of SGX-ST Main Board listed integrated marine logistic company, Marco Polo Marine Limited. This will also lay the groundwork for potential future vessel purchases by BBR from our Group."