by DayakDaily Team
KUCHING, Feb 21: Dayang Enterprise Holdings Bhd’s full-year 2024 net profit surged 42 per cent to RM311.085 million, up from RM218.98 million the previous year, fuelled by higher daily charter rates, increased third-party vessel charters, and more work orders from oil majors.
According to its filing on Bursa Malaysia, Dayang Enterprise reported that for the financial year ended Dec 31, 2024 (FY24), the group recorded a revenue of RM1,468.1 million, which was 32 per cent higher than the revenue of RM1,113.0 million in FY23.
The group also recorded a higher profit before tax of RM503.1 million as compared to a profit before tax of RM337.4 million in FY23.
“The higher revenue in the current year is mainly due to improved daily charter rates with better margin from vessels chartering, increase in the chartering of third-party vessels and also more work orders/contracts being awarded from oil majors during the financial year.
“In addition, vessels utilisation rates in current year has improved to 68 per cent as compared to 58 per cent in corresponding year-to-date,” it said.
In addition to the better margin from the revenue stream, the group said, the higher profit before tax was also due to lower finance costs incurred as the group accepted a new secured term loan to fully redeem the Sukuk Murabahah on Nov 14, 2023.
“For FY25, we anticipate robust activity across the oil and gas industry encompassing the upstream, midstream and downstream segments. This optimism is primarily driven by expectations of global and domestic economic growth and hence able to support stable crude oil prices,” it said.
The group is already working on three new MCM contracts at the start of this year.
“With estimated call-out contract value about RM5.2 billion in the next five years, the group will continue to enhance productivity and improve efficiency in the execution of the contracts while actively participating in new tender opportunities,” the group stated, noting that it would remain prudent in managing business affairs while continuing to deliver outstanding performance.
The group also announced that based on a single tier final dividend in the aggregate amount of RM81 million, a final dividend of RM0.070 per ordinary share has been declared and shall be paid on March 17, 2025. – DayakDaily
