KUALA LUMPUR (Oct 23): TAS Offshore Bhd (KL:TAS) has secured shipbuilding contracts for eight units of tugboats worth about RM49.1 million.

The vessels, which are set to be delivered in the second quarter of 2025, were awarded by “new customers from Indonesia”, the company said, without disclosing the names of the customers.

Nonetheless, the contracts are expected to contribute positively to the group’s earnings and net assets for the financial year ending May 31, 2025 (FY2025), it said in a stock exchange filing.

TAS Offshore’s major customers are from Indonesia, with the Indonesian market accounting for 84.3% of its total revenue in FY2024. Singapore accounted for 14.3%, while Malaysia represented 1.4%.

For the fourth quarter ended May 31, 2024 (4QFY2024), the shipbuilder recorded a net loss of RM889,000, compared to a net profit of RM15.71 million in the same period a year earlier, as revenue dropped 75% to RM4.54 million from RM18.29 million.

The higher earnings recorded in 4QFY2023 were due to the delivery of more vessels and a one-off gain from the striking off of a subsidiary.

For the full FY2024, TAS Offshore posted a net profit of RM9.61 million on revenue of RM72.33 million.

At Wednesday’s closing bell, shares of Main Market-listed TAS Offshore rose half a sen or 0.76% to 66 sen, valuing the group at RM117.2 million.