Icon records full-year revenue of RM301m

by TMR / pic credit: iconoffshore.com.my

ICON Offshore Bhd recorded a net profit of RM7.67 million and revenue of RM80.9 million driven by drilling segment and higher utilisation of vessels in offshore vessel service segment.

Its full-year revenue stood at RM301 million breaching the RM300 million mark, the company recorded in the financial year 2014 (FY14) at the height of crude oil prices.

In a separate statement, the company said with year-on-year growth of 42%, the strong top line underscores Icon’s diversification strategy on two fronts — geography and business portfolio.

“FY21 is a particularly significant milestone as Icon strengthened its presence in Brunei by securing three long-term contracts for its accommodation work boats with its Brunei portfolio, contributing a third (30%) of Icon’s revenue,” the company said.

In addition, the completion of acquisition of the drilling business and operationalisation of this segment further augmented Icon’s revenue, contributing to a third (30%) of Icon’s revenue and RM6.5 million to Icon’s overall profit for the year.

“Despite the ongoing economic challenges from the Covid-19 pandemic, this has set Icon on the right trajectory moving forward. Our diversification strategy came into fruition in FY21 with Icon having a strong presence in Brunei and a business portfolio that is geared to capture a larger share of wallet of the upstream spending.

“The new contract we recently secured for our drilling business as announced on Feb 11, 2022, is another testament to our ability to meet our client’s expectations as it continues to add positively to the coffers of the company. With the above new contract, Icon now has a combined orderbook and tender book of RM2.1 billion. With a diverse portfolio of assets, we are ready to take full advantage of the current positive industry outlook on the back of rising oil prices and increased industry activities to ensure sustainable longterm value for shareholders,” said Icon MD Datuk Seri Hadian Hashim.

He added that Icon is keen to venture into strategic merger and acquisition opportunities to propel it into the next growth phase.

“In FY22, the company will focus on sustainability by continuously weighing the impact of several environmental, social and governance (ESG) topics, primarily when it comes to addressing climate change-related matters, supply chain integrity, fair labour standards and health, safety, security and environment excellence in its business models and strategies,” he added.

The company have also established a strong sustainability governance structure within Icon to oversee, define, execute and maintain our sustainability ambitions and projects.

“With the supervision from Icon’s board of directors, our sustainability steering committee and ESG task force are adequately equipped with the right competencies, responsibilities and tools to propagate robust strategies and initiatives across the group,” added Hadian.