Correspondingly, gross profit grew by 67% yoy to RM168.6 million, with gross profit margin increasing by 8 percentage points to 35.5%.
Nam Cheong has more than doubled its net profit for FY2023 to RM147.4 million ($41.69 million), compared to FY2022’s RM67.9 million.
This follows 30% higher revenue y-o-y of RM475.3 million from its vessel chartering business, which was driven by improved daily charter rates.
