,Icon Offshore Bhd managing director Datuk Seri Hadian Hashim
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PETALING JAYA: Icon Offshore Bhd’s diversification into the offshore oil and gas (O&G) drilling business earlier this year is paying off after it posted RM14.68mil net profit in the second quarter of 2021, more than double from a year earlier.
Revenue for the quarter jumped 46% to RM81.74mil from RM56.0mil previously.
Its managing director Datuk Seri Hadian Hashim attributed the growth to the group’s drilling business that it acquired in February this year,
“As seen in the second-quarter results, this segment will provide a substantial contribution to our revenue and bottomline moving forward.
“Our plan is to increase this segment’s contribution through integrated well services offering,” he said in a statement yesterday.
Cumulatively, for the first half of 2021, Icon Offshore posted an 87% dropped in net profit to RM3.53mil compared to RM27.26mil a year earlier due to income from the gain on debt restructuring of RM19.1mil and waiver of interest payables amounted to RM8.8mil in 2020.
Revenue for the period was higher by 27% to RM132.7mil from RM104.88mil previously.
Moving forward, Hadian said the group will continue to explore merger and acquisition opportunities, which are services-oriented and asset-light businesses in the O&G industry.
“To support our growing needs, we have repositioned our human capital and continue to realign the systems and processes.
“We are confident of maintaining the momentum as we are equipped to maintain our operational excellence and performance," he said.
“The board believes Icon Offshore is on a stronger footing now and poised to capture more opportunities to create value for its loyal shareholders on the back of increased oil and gas activities in Malaysia and the region,” he added.