Sunday 01 Oct 2023
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KUALA LUMPUR (March 1): Icon Offshore Bhd dropped 25% in active trade on Wednesday (March 1) despite posting record quarterly and full-year net profits for the financial year ended Dec 31, 2022 (FY2022), boosted by a RM196.35 million net gain from the disposal of a sole jack-up rig.

The counter was Bursa Malaysia's most actively traded stock of the day, with 284.71 million shares traded, while its share price had fallen by three sen to close at nine sen.

At nine sen, the group was valued at RM243.59 million. Year to date, the stock has fallen 5.26%.

Carried by the net gain from the disposal of the jack-up rig, Icon Offshore’s net profit for 4QFY2022 leapt 32-fold to a record RM153.63 million, from RM4.8 million a year earlier, translating into higher earnings per share of 5.68 sen, versus 0.18 sen previously.

Meanwhile, quarterly revenue fell 28.67% to RM57.5 million, from RM80.61 million a year prior, due to lower revenue from its offshore supply vessel and drilling segments, as a result of lower utilisation.

Excluding the RM196.35 million net gain from the disposal of the jack-up rig, the group was in the red, with a net loss of RM42.93 million, for 4QFY2022.

For the full year, net profit jumped over seven times to RM171.56 million, from RM22.7 million the year prior. However, cumulative revenue slipped 6% to RM282.57 million, from RM300.6 million previously.

On Dec 28, 2022, Icon Offshore paid a special dividend of 6.7 sen per share, after completing the disposal of the jack-up oil rig to Saudi Arabia-based ADES Arabia Holding. It was the first-ever dividend the group paid out since its listing in June 2014.

Edited ByLam Jian Wyn
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