KUALA LUMPUR (Nov 28): Icon Offshore Bhd (KL:ICON), which has proposed a name change to Lianson Fleet Group Bhd, posted a threefold jump in net profit for the third quarter on higher daily charter rates.

Net profit for the quarter ended Sept 30, 2024 (3QFY2024) rose 212.87% to RM19.43 million from RM6.21 million in the same quarter last year, as revenue increased 20.66% to RM70.58 million from RM58.49 million, according to the offshore support vessel (OSV) firm’s bourse filing on Thursday.

The stronger earnings were driven by higher daily charter rates for its vessels, despite utiliastion dropping to 78% versus 86% in 3QFY2023 due to unplanned maintenance.

No dividend was declared for the quarter.

For the nine months ended Sept 30, net profit declined 59.04% to RM2.62 million as compared to RM6.39 million in the same period last year, as revenue stood largely flat with a 0.2% increase to RM157.93 million from RM157.62 million.

Looking ahead, Icon Offshore said the group foresees stronger financial performance for the remaining quarter, supported by sustainable crude oil prices and strong oil and gas activity.

Its orderbook stood at RM300.9 million for its OSV segment as end-September this year, with long-term contracts representing 92% of its orderbook.

Meanwhile, on its name change to Lianson Fleet Group, Icon Offshore said the proposal was approved by the Companies Commission Malaysia in June and is now subject to shareholders' approval at a general meeting to be convened at a date to be announced later.

Shares in Icon Offshore ended unchanged at RM1.03 on Thursday, valuing the group at RM645.97 million.