In the results filing on May 15, the company says that despite a smaller fleet size, revenue increased slightly due to improved vessel utilisation as more long-term charter contracts commenced and began contributing to earnings. Vessel utilisation rose to 58% in 1Q2026 from 48% in 1Q2025, reflecting a higher mix of vessels operating under long-term charters, says the firm.
Mainboard-listed Nam Cheong has reported patmi of RM78.9 ($25.5) million, a y-o-y gain of around 160% for 1QFY2026 ended March 31. The increase was mainly due to a one-off gain from a vessel sale worth RM60.5 million.
The offshore service vessel (OSV) provider earned nearly RM118 million in revenue from core operations, a y-o-y increase of 1.1%. Due to higher operating costs for a vessel deployed in the Middle East, gross profit declined by 12% y-o-y to RM49.6 million, with gross margin dropping to 42% from the prior 48%. The vessel was chartered to the region prior to escalation of geopolitical tensions.
