Nam Cheong sees profit decline by 87% YoY in H1 2025

Revenue also went down by 11% YoY in the same period.

Nam Cheong Limited, an offshore vessel provider, has reported an attributable profit (PATMI) of $29.2m (RM79.6m) in the first half of 2025, down 87% year-on-year (YoY).

The group’s revenue also declined by 11% YoY to $84.6m (RM278.2m) in H1 2025.

According to the group, the decline was due to lower vessel utilisation rates as the fleet underwent preparations for the commencement of the secured long-term charters in the second half of 2025.

The group’s gross profit dipped by 3% YoY to $42.95m (RM141.3m) while gross margin expanded by 4 percentage points to 51%, largely driven by lower vessel maintenance expenditures.

Nam Cheong said its core profit remains stable at $24.44m (RM80.4m) in H1 2025.

$1 = RM3.29

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