KUALA LUMPUR: Dayang Enterprise Holdings Bhd saw its net profit rose twofold to RM131.4 million in the second quarter of financial year 2024 (2Q 2024) from RM64.69 million a year ago.
Its revenue surged 49 per cent to RM455.8 million from RM305.7 million previously, driven by higher vessel utilisation rates that improved to 71 per cent grom 49 per cent last year, it said in a filing with Bursa Malaysia.
Culmulatively, Dayang Enterprise's net profit surged threefold to RM159 million in the first half of 2024 (1H 2024) versus RM48.7 million in the previous year, while revenue was higher at RM702.95 million from RM418 million previously.
"The shortage of offshore support vessels for offshore production and operations activities continued to be the main reason for higher demand and improved daily charter rates for the vessels.
"In addition, more work orders/contracts from oil majors received under topside maintenance contracts also contributed to the higher revenue," it said.
The company added that the impact of foreign exchange also contributed to a higher pre-tax profit for the current quarter.
Dayang Enterprise is confident that it can sustain its performance in the third quarter, given the overall industry optimism supported by stable crude oil prices.
"For financial year 2024, the earnings visibility will remain fairly strong with outstanding estimated call-out contracts of about RM1.39 billion.
"Moving forward, we continue to wait for the results of the new umbrella contracts for maintenance, construction and modification and hook-up and commissioning projects," it said.