Icon Offshore Berhad for the quarter under review recorded a 35.2% leap, year on year, in profit before tax to RM10.1 million and a 53.0% growth in profit after tax and minority interest to RM6.8 million on the back of an RM56.8 million revenue. The overall growth was predominantly driven by higher charter rates backed by increases in other income coupled with lower financing and depreciation costs.
In comparison with the preceding quarter, the Q2FYE2024 revenue was 86.0% higher which enabled ICON to turn around and record profits, a huge contrast to the losses incurred in Q1FYE2024. The commendable growth was attributed to the upward revision of daily charter rates along with higher vessel utilisation rates.
The group has also issued term sheets for the preliminary key terms and conditions in relation to the Proposed Acquisitions to expand its existing fleet for its OSV operations and marine transportation services along with the new strategic venture into transportation infrastructure, with ICON indirectly acquiring the equity interest in 2 Vietnamese incorporated companies that own and operate 2 deep water ports, [namely Phu My Port and Thi Vai General Port] in the Vung Tau region in South Vietnam and 2 warehouses which are located vicinity of the Phu My Port , respectively. The aggregated purchase consideration for the Proposed Acquisitions of RM437.5 million will be wholly satisfied via the issuance of 497.2 million new ordinary shares in ICON at an issue price of RM0.88 per Consideration Share.
ICON’s Managing Director, Dato’ Sri Hadian Bin Hashim said, “Spurred by the gradual recovery and promising prospects of the industry, we are pleased that our overall operational efficiencies are showing the desired results through improved asset utilisation rates and daily charter rates. Our strong foothold in Malaysia and Brunei positions us advantageously to capitalise on the OSV industry, which is fuelled by the favourable outlook of the oil and gas sector.
