Nam Cheong profit leaps to $243.6 in FY2024

Its revenue growth was driven by its fleet expansion, amongst others.

Nam Cheong Limited recorded a net profit after tax of $243.6m (RM805.3m) in FY2024, up from $49.2m (RM162.9m) in the previous year.

The group recorded a total revenue of $208.6m (RM689.4m) solely from the vessel chartering division, up 45.1% year-on-year (YoY), driven by fleet expansion, improved daily charter rates, and higher vessel utilisation of larger vessels.

Gross profit surged by 117% year-on-year (YoY) to $110.7m (RM366.1m) in FY2024, mainly driven by strong revenue growth.

Accordingly, the gross margin stood at 53% for FY2024, up 18 percentage points (pp).

Basic earnings per share were at $0.61 (200.84 sen).

($1 = RM3.31)

Follow the link for more news on

Financial Statements

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia