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bullrun168

bullrun168 | Joined since 2023-09-05

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Stock: [ALAM]: ALAM MARITIM RESOURCES BHD

6 days ago | Report Abuse

Superb good news for Alam !

Alam will obtain approval for its plan to exit its Practice Note 17 (PN17) status by the first quarter of 2025 !

Like that today Alam will limit up to closed at => 0.635 (+0.60) (+1,715 %) already liao lah !

Heng ah, Ong ah, Huat ah !

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Stock: [ALAM]: ALAM MARITIM RESOURCES BHD

6 days ago | Report Abuse

Alam Maritim aims to get approval for PN17 exit plan by 1Q2025, seeks to expand subsea business
https://theedgemalaysia.com/node/737699

By Anis Hazim / theedgemalaysia.com
13 Dec 2024, 06:24 pm Updated - 05:10 pm

KUALA LUMPUR (Dec 13): Alam Maritim Resources Bhd (KL:ALAM) is expecting to obtain approval for its plan to exit its Practice Note 17 (PN17) status by the first quarter of 2025, after having been classified as a PN17 company for over two years, according to group managing director and group chief executive officer Datuk Azmi Ahmad.
The integrated oil and gas services company has, in August this year, submitted a plan to regularise its PN17 status — typically a classification for financially-distressed companies — to the exchange regulator.
The plan includes a share capital reduction of RM440 million, a 10-to-one share consolidation, an issuance of renounceable rights shares with warrants and a scheme of arrangement with its creditors.

While awaiting approval from the regulator, the Main Market-listed company has been actively growing its subsea services business in Malaysia and other countries.
“We have not gone to the international [market] yet [for subsea business], because our resources and capacity for now only allow us to operate within the country. I think everything will come in place after the structuring. We have to make sure that we are financially strong to stand outside Malaysia,” Azmi told The Edge after hosting the company’s virtual annual general meeting (AGM) on Friday.
The subsea services market is a high-barrier-to-entry sector requiring significant capital investment, specialised skills, and years of operational experience — and Alam Maritim has positioned itself to capture opportunities in this market, said Azmi.
“There are not many players [in Malaysia], and it's quite difficult for newcomers. So, this business is a very niche market,” Azmi said.
Other local companies that also provide subsea oil and gas services are Sapura Energy Bhd (KL:SAPNRG), Barakah Offshore Petroleum Bhd (KL:BARAKAH), Uzma Bhd (KL:UZMA) and Carimin Petroleum Bhd (KL:CARIMIN).
The subsea segment made up 66% of Alam Maritim’s revenue for the financial year ended June 30, 2024 (FY2024), while the remaining was contributed by offshore service vessel (OSV) and other rental and shipping-related segments.
Margins in the OSV segment, however, has become increasingly thin, said Azmi, with many well-capitalised new entrants, said Azmi.
“There are a lot of new entrants and new investors who come to this business as long as you have money to buy the ships. It is very competitive,” he said.
The group’s order book has been standing at around RM1.52 billion for both FY2023 and FY2024. It expects to maintain its order book size at around this level for the upcoming years.
“With the contracts and expertise that we have, I think, Insha-Allah (God willing), post-restructuring, we can put the company in a strong financial position and develop more businesses for the company,” he added.
Alam Maritim, whose share price has risen by over 16% year-to-date, had been loss making for several years from FY2018, before it returned to the black in FY2023 with a net profit of RM18.45 million following a change in financial year end to June 30, and remained profitable in FY2024 with a net profit of RM26.28 million.
In its first quarter ended Sept 30, 2024 (1QFY2025), the group's net profit more than doubled to RM7.68 million from RM2.7 million in the same quarter a year earlier, as revenue surged over sixfold to RM194.22 million from RM29.66 million, largely due to higher contribution from one of its subsea services contract.
The earnings improvement was driven by higher contributions from the OSV segment, thanks to higher daily charter and vessel utilisation rates.
Alam Maritim slipped into PN17 status in 2022 after its external auditor Baker Tilly Monteiro Heng PLT expressed a disclaimer of opinion on the group's audited accounts for the financial period from Jan 1, 2021 to June 30, 2022 in October 2022.
Shares of Alam Maritim were traded unchanged at 3.5 sen on Friday, valuing the group at RM46.91 million.

Edited ByTan Choe Choe

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Stock: [ALAM]: ALAM MARITIM RESOURCES BHD

3 weeks ago | Report Abuse

Alam was making six consecutives quarter profits since 31-8-2023
1)31-8-2023 QR for 30Jun2023(2ndQR2023) Positive QR Profits of +17.5 million ringgit
2)30-11-2023 QR for 30Sep2023(3rdQR2023) Positive QR Profits of +2.7 million ringgit
3)28-2-2024 QR for 31Dec2023(4thQR2023) Positive QR Profits of +2.6 million ringgit
4)31-5-2024 QR for 31Mar2024(1stQR2024) Positive QR Profits of +18.5 million ringgit
5)29-8-2024 QR for 30Jun2024(2ndQR2024) Positive QR Profits of +4.9 million ringgit
6)28-11-2024 QR for 30Sep2024(3rdQR2024) Positive QR Profits of +10.7 million ringgit

Well done Alam & Keep it up your good job !

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Stock: [ALAM]: ALAM MARITIM RESOURCES BHD

3 weeks ago | Report Abuse

Wow, Superb good news for Alam !
Finally, the 3rd QR just released yesterday !
Alam's revenue increased from to 134,154,000(Previous QR) to 194,223,000 (+60,069,000) (+44.8 %)
it's Profit/(loss) for the period was increased from 4,855,000(Previous QR) to 10,740,000(+5,885,000) (+121.2 %)

Well done Alam !

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Stock: [WASCO]: WASCO BERHAD

2 months ago | Report Abuse