Malaysia's Nam Cheong, the specialist builder of offshore support vessels, is to see its net profit double during the next two years, DMG & Partners Research forecast.
Nam Cheong posted net profit of MYR93 million ($30 million) in 2011. DMG & Partners projected that the company will end this fiscal year with net profit of MYR147 million and 2013 with MYR182 million.
Nam Cheong has been based on the 'build-to-stock' business model, constructing its vessels ahead of firm orders, and sells the vessels at a premium thanks to the short time to delivery.
Nam Cheong builds between 12 to 21 vessels each year and is currently building anchor handling tug supply vessels (AHTS), platform supply vessels (PSV), and work accommodation work barges (AWBs).
Published : October 30, 2012