TAS Offshore Bhd has signed 12 shipbuilding contracts worth a total of RM 86.66M with clients from Indonesia and Singapore in the 12 months to May 31, 2024 (FY2024), according to its chairman Datuk Mohammed Sepuan Anu.
85% of the new contracts were from Indonesia where the group has a strong base.
He said the robust sales of tugboats to shipowners in Indonesia and Singapore had enabled TAS group to achieve remarkable revenue for the year under review to RM 72.39M, doubling that of RM 36.13M recorded in FY2023.
The group’s pre-tax profit, however, fell to RM 9.66M from RM 15.28M registered in FY2023, he added in the company’s newly released 2024 annual report.
The Sibu-based shipbuilder’s remaining shipbuilding contracts in hand amounted to RM 210M, which are expected to contribute positively to its bottom line in FY2025 and FY2026.
“The positive outlook of the mining industry in Indonesia is expected to spur demand for more tugboats, essential for transporting mining products, especially coal and nickel. Our group is well-positioned to benefit from the rising demand for vessels,” said Mohammed Sepuan.
He said Indonesia’s mining sector continues to show promising potential, and according to the International Energy Agency (IEA), revenues from nickel, copper, and tin production in Indonesia could reach USD 40bn by 2050.
