Steek Hawk's 1H24 net profit up 55% to RM6.23mil

KUALA LUMPUR: ACE Market-bound Steel Hawk Bhd has reiterated a positive outlook as it announced a strong first-half performance in FY24.

The oil and gas services and equipment provider recorded a net profit of RM6.23mil in the first six month of 2024, up from RM4.02mil in the year-ago period.

Deputy chairman and executive director Datuk Sharman K Michael said the adjusted net profit for the period was RM7.41mil, which after excluding the one-off transfer of listing expenses, surpassed the full-year net profit of RM7.22mil recorded in FY23.

“With the proceeds to be raised from the IPO, the group will have the financial strength to undertake larger projects and participate in more tenders.

"We will enhance our capabilities to increase our competitiveness and expand our market share within the local oil and gas services and equipment sector,” he said in a statement.

Revenue during the six-month period was RM39.03mil against RM32.18mil in 1HFY23.

In 2QFY24, the company posted a net profit of RM3mil, down from RM3.11mil in 2QFY23, for a basic earnings per share of 0.61 sen against 0.63 sen previously.

Revenue during the quarter under review was RM19.29mil, compared to RM18.73mil in 2QFY23.

Steel Hawk is scheduled to be listed on the ACE Market of Bursa Securities on Thursday, Sept 5, 2024.

Upon the transfer of listing, Steel Hawk will have a market capitalisation of approximately RM73.5mil based on an issue price of 15 sen per share and the enlarged share capital of 490 million shares.