Nam Cheong net profit climbs 49% to $16m in Q3

Revenue edged up 5% to $44.0m, from $41.8m a year earlier.

Nam Cheong’s net profit rose 49% year-on-year (YoY) to $16m (RM65.2m) in the third quarter, from $10.7m (RM43.8m), supported by higher revenue, gross profit, and insurance recoveries, according to its financial report.

Gross profit grew 4.7% YoY to $22.4m (RM91.6m), whilst other income rose to $5m (RM20.6m), from $127,000 (RM520,000), mainly due to insurance recoveries for vessel repair costs incurred in previous years.

Selling and administrative expenses increased to $5.8m (RM23.6m), from $3.8m (RM15.4m), largely due to higher staff costs arising from non-cash share-based payment expenses under the group’s management incentive plan.

Vessel utilisation improved to 85%, from 70% a year earlier.

For the first nine months of 2026, revenue rose 17.5% YoY to $129.3m (RM527.8m), including $22.5m (RM91.7m) from shipbuilding.

Net profit attributable to shareholders over the same period increased 77.2% to $54.4m (RM222.3m), supported by $24.2m (RM99m) in vessel disposal gains and $5.4m (RM21.9m) in insurance recoveries.

$1 = RM6.7 as at 13 November