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Nam Cheong reports earnings of RM790.1 mil for FY2024, more than quadruple than year before

Nicole Lim
Nicole Lim • 2 min read
Nam Cheong reports earnings of RM790.1 mil for FY2024, more than quadruple than year before
The offshore support vessel provider says growth was from the vessel chartering division, driven by fleet expansion, improved daily charter rates and higher vessel utilisation of larger vessels. Photo: Nam Cheong
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Nam Cheong has reported earnings of RM790.1 million ($223.69 million) for FY2024, ended Dec 31, 2024, more than quadruple its profit for the year before of RM157.3 million. 

For the 2HFY2024, the offshore support vessel (OSV) provider saw earnings of RM163.5 million, up 30% y-o-y. 

Revenue for FY2024 was RM689.4 million, up 45% y-o-y. Meanwhile, revenue for 2HFY2024 saw a 37% y-o-y increase to RM377.4 million. 

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