MALAYSIA Marine and Heavy Engineering Holdings Bhd (MHB) saw a net profit of RM15.27 million for the third quarter ended Sept 30 2024 (3Q24), rebounding from a RM105.21 million loss in the same quarter last year, driven by a 42% revenue jump to RM906.46 million.

The revenue boost came from strong performances in both the heavy engineering and marine segments, it told the stock exchange today.

Its heavy engineering segment saw a revenue increase to RM799.9 million, supported by higher project contributions and project hedging gains, achieving an operating profit of RM19.5 million.

In the marine segment, revenue grew to RM106.5 million, with operating profit rising to RM11 million, largely due to increased dry-docking and repair services.

For the nine-month period, MHB posted a net profit of RM99.61 million, reversing a RM490.37 million loss a year ago, as revenue climbed to RM2.79 billion.

Looking ahead, MHB expects stable upstream capital expenditure, creating opportunities in both conventional and new energy sectors amid high energy demand.

The marine segment aims to expand its LNG fleet repair portfolio despite anticipated competition, especially from Chinese and regional shipyards. –TMR