KUALA LUMPUR (March 21): Marine & General Bhd reported a net profit of RM13.28 million for its third quarter ended Jan 31, 2024 (3QFY2024), compared with a net loss of RM905,000 a year earlier, due to higher fleet utilisation and charter rates for offshore vessels. 

Quarterly revenue rose 19.32% to RM88.40 million from RM73.69 million in 3QFY2023, according to the group's exchange filing. 

The group said its upstream division continued to be the main revenue contributor, generating 77% of total revenue at RM68.25 million in the current quarter, while its downstream division contributed RM20.16 million, representing around 23% of its revenue.

For the nine-month period, Marine & General’s net profit almost doubled to RM28.91 million, compared to RM14.81 million in the preceding year’s corresponding period. Nine-month revenue gained 14.6% to RM264.86 million from RM231.12 million previously.

On its outlook, the group expects its vessel utilisation and charter rate to increase, which will continue driving profit in the current financial year, although at a slower rate than the preceding financial year.

“The group continues to be cautious about the potential economic disruption brought about by the geo-political instability in Europe and Middle East that could affect the regional and domestic economic climate,” it added.

Marine & General’s shares closed half a sen or 1.92% lower at 25.5 sen on Thursday, valuing the group at RM184.59 million.