Icon Offshore turns black at 1QFY22 on higher gross profit


KUALA LUMPUR (May 26): Icon Offshore Bhd reported a net profit of RM2.96 million for the first quarter ended March 31, 2022 (1QFY22) compared to a net loss of RM11.15 million a year earlier, on a higher gross profit.

Quarterly revenue for the first quarter of FY22 increased by 31.35% from RM50.97 million to RM66.95 million, mainly due to the contribution from the drilling segment which began operating in April 2021, according to the group’s stock market filing.

“Cost of sales increased by RM1.8 million or 4% from RM42.6 million in the quarter ended March 31, 2021 to RM44.4 million in the quarter ended March 31, 2021. 2022, mainly due to the cost of sales related to the drilling element.

“Consequently, Group Gross Profit increased by RM14.2m or >100% from RM8.4m in the corresponding quarter to RM22.6m in the current quarter, primarily due to due to the contribution from the drilling segment,” said Icon Offshore. .

In a separate statement, Icon said it has a combined order book and tender book of RM2 billion.

Icon Chief Executive Datuk Seri Hadian Hashim said the company is optimistic that its diversified portfolio of assets will continue to take full advantage of the improving oil and gas outlook in the coming financial year. ending on December 31, 2022 (FY22), thanks to the strength of oil. prices and increased industrial activity in Malaysia and Brunei.

He said this was further underpinned by the lack of new assets entering the market, which increases the potential for improved charter rates.

“With sustainable OSV [offshore support vessel] and drilling and a strong order book supported by long-term contracts for our vessels, we are ready and eager to seize strategic opportunities in mergers and acquisitions to propel Icon into the next phase of growth, particularly in the sectors light assets and services. oriented companies.

“As part of our commitment to an effective long-term climate transition strategy, we have signed up as a member of Climate Governance Malaysia and are determined to minimize our carbon footprint by closely monitoring our CO2 emissions and fuel consumption. through fuel tracking monitoring. installed on our ships,” Hadian pointed out.

On Thursday, May 26, Icon shares closed unchanged at 10 sen, with a market capitalization of RM270.48 million.


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