KUALA LUMPUR (Dec 4): Orkim Bhd, an oil and gas shipping operator owned by Ekuiti Nasional Bhd (Ekuinas), reported on Thursday a net profit of RM13.30 million on revenue of RM72.93 million for the third quarter, ahead of its debut on Main Market of Bursa Malaysia on Dec 9.
Revenue for the quarter ended Sept 30, 2025 was primarily driven by the clean petroleum products (CPP) segment, which contributed about 92% of total turnover, said the company in a filing with Bursa Malaysia.
There are no comparative financial figures for the preceding corresponding period, as no interim report was prepared then.
Orkim said vessel utilisation during the quarter was partially affected by planned dry-docking for the installation of the Ballast Water Treatment System (BWTS), a retrofitting programme undertaken to comply with updated environmental standards set by the International Maritime Organization. Two vessels were successfully fitted with the BWTS during the period.
Pre-tax profit came in at RM13.80 million, although the figure was weighed down by one-off expenses related to the IPO amounting to RM3.3 million, as well as higher depreciation and amortisation charges arising from the BWTS installations.
Orkim did not declare any dividend for the quarter.
Looking ahead, the company said it expects vessel utilisation and operational efficiency to improve with the completion of dry-docking and the full installation of the BWTS across its fleet. The programme, now concluded, enables the company to optimise fleet availability while meeting environmental compliance requirements demanded by charterers.
Orkim recently took delivery of an additional medium range vessel, the Orkim Citrine. The new vessel enhances its operating capacity and strengthens its ability to serve both existing and new customers in the domestic and regional CPP and chemical transportation markets, the company said.
The oil and gas firm also added that growth for the coming quarters will be supported by steady demand for petroleum and chemical transportation in Malaysia and the region. The fleet renewal and expansion opportunities will also provide support with the group targeting stable financial performance and sustainable long-term growth.
For the cumulative nine-month period ended Sept 30, 2025, Orkim posted revenue of RM225.6 million, with the CPP fleet accounting for roughly 92% of the total. Pre-tax profit stood at RM58.3 million, which included RM4.9 million in one-off IPO-related expenses and RM800,000 in sukuk wakalah expenses.
The IPO has attracted strong investor interest, with the retail portion oversubscribed by 11.84 times. Through the public offering, Orkim aims to raise RM92 million to expand its fleet.
CIMB Investment Bank Bhd is the principal adviser, joint bookrunner, managing underwriter and joint underwriter for the IPO. RHB Investment Bank Bhd serves as a joint bookrunner and joint underwriter, while Affin Hwang Investment Bank Bhd acts as a joint underwriter.