KUALA LUMPUR (April 25): TAS Offshore Bhd’s net profit has leapt by nine-fold year-on-year for the financial quarter ended Feb 29, 2024 (3QFY2024) due to more vessels delivered.

Its net profit has surged by 826.9% year-on-year to RM6.06 million from RM654,000 a year earlier, while its revenue has jumped 522.6% year-on-year to RM34.55 million from RM5.55 million a year earlier.

The company has declared an interim dividend of one sen per share for the financial year ending May 31, 2024 (FY2024), payable on June 18.

Notably, the counter charted a new eight-year high of 70 sen during Thursday’s trading session, last breached on Jan 15, 2016. It settled lower at 67.5 sen at Thursday’s market close, still up nine sen or 15.4% from its previous close.

Year-to-date, the counter has gained 27 sen or 66.7%.

For the quarter under review, the Indonesian market contributed the largest portion of its revenue with RM27.65 million. The Singaporean market contributed RM6.64 million in revenue, while the Malaysian market accounted for RM257,000 of its total revenue.

Looking ahead, the group remains optimistic that it is well-positioned to benefit from the rising demands for tugboats and a strong client base in Indonesia.

“The strong momentum of the mining industry in Indonesia augurs well for the group as the demand for tugboats is expected to remain steady to support the transportation of bulk materials across the archipelago,” it said.

For 9MFY2024, the group reported a net profit of RM10.5 million, compared to a net loss of RM437,000. Its revenue climbed 280% to RM67.79 million from the previous year’s corresponding period of RM17.84 million.

At its current share price of 67.5 sen, the group has a market capitalisation of RM121.5 million.