KUALA LUMPUR: EA Technique (M) Bhd (EATech) posted a net profit of RM25.17 million for the fourth quarter (Q4) ended December 31, 2024 (FY24), reflecting nearly an eightfold increase from RM3.3 million in the same quarter last year.
This strong performance is attributed to disciplined cost management, improved operational efficiency, and strategic business development and expansion.
For FY24), EATech recorded a net profit of RM154.3 million, an increase of more than six times from RM23.7 million in FY23.
This growth was primarily driven by one-off income related to the creditor scheme and PN17 regularisation plan.
Further, the group’s core earnings remained solid at RM25.2 million, driven by high fleet utilisation rates and new contract wins.
This highlights EATech’s operational resilience and strategic execution, driving long-term profitability and financial stability.
The company’s robust profitability and cash flow resilience continue to build momentum.
This is supported by a strong order book of RM181.3 million and additional optional contracts worth RM227.1 million, which secure stable revenue streams for the years ahead.
This reflects the market confidence in EATech’s operational capabilities and its proven ability to secure high-value contracts.
EATech recently secured several contract awards, including a one-year contract with Northport (Malaysia) Bhd worth RM6.35 million and a three-year Fast Crew Boat (FCB) contract valued at RM39.4 million.
The company also secured a two contract extension with Petronas Floating LNG 1 (L) Ltd (PFLNG1) – a two-year tugboat services contract worth RM40.95 million and a two-year Emergency Standby Vessel (ESV) services contract valued at approximately RM22.9 million.
These contracts enhance EATech’s recurring revenue streams and support its long-term financial sustainability.
With the Q4 FY24 results, EATech has completed the final quarter required to proceed with its official application to Bursa Malaysia to remove its PN17 status, marking a decisive step forward.
Following the submission, the company will work closely with regulatory authorities to ensure the successful completion of the resolution process.
This progress marks the beginning of a transformative phase, which will drive growth, solidify stability, and reinstate our position with renewed market confidence.
The company said the turnaround achieved in FY24 reaffirms EATech’s ability to adapt and thrive in an evolving industry landscape.
Strong financial performance coupled with key contract wins, positions the company for sustained growth and successful expansion.
EATech is confident that, with the right strategies in place, the company is poised for an upward growth trajectory.
Significant opportunities are ahead in securing larger, high-value projects that align with its strengthened financial and operational capabilities.
Executive director Datuk Wira Mubarak Hussain Akhtar Husin said EATech’s rebranding to Avangaad is not just an image update but signifies a strategic transformation and a defining milestone in its ambition to become a forward-thinking marine and offshore solutions provider.
“What makes this moment even more remarkable is the company’s strong financials, strategic contract wins, and operational excellence, all of which position us to confidently navigate new frontiers and create lasting value,” he said.
Wira Mubarak said EATech’s strong financials, strategic contract wins will position the group to confidently navigate new frontiers and create lasting value.
