KUCHING: Shipbuilder TAS Offshore Bhd posted a strong performance in the first quarter ended Aug 31, 2026 (1Q2026), with net profit rising 58 per cent year-on-year to RM9.44 million on the back of higher vessel deliveries.
Revenue climbed to RM57.2 million, up from RM44.3 million in 1Q2025, while earnings per share improved to 5.28 sen from 3.34 sen a year earlier.
In the quarter under review, Indonesia contributed nearly all of the group’s revenue at RM56.85 million, with Malaysia accounting for RM306,000.
TAS attributed its stronger results to more new vessels being completed and delivered to clients, which also led to a sharp recovery compared to the preceding quarter.
In 4Q2025, the group’s pre-tax profit stood at RM3.05 million and revenue at RM26.68 million — versus RM12.5 million and RM57.2 million, respectively, in 1Q2026.
Commenting on prospects, TAS said Indonesia remains its core market, supported by steady demand for vessels.
“Strong fundamentals in the (Indonesian) mining sector with abundant natural resources, together with rising energy demand, population growth and continued government investments in maritime infrastructure, continue to drive the market demand for tugboats and barges,” it said.
“Our group will remain focused and capitalise on buoyant tugboat demand in Indonesia, which accounted for 100 per cent of our shipbuilding revenue during the current quarter.
The strong client base in Indonesia, (our) expertise in tugboat construction and a committed order book underscore our strength and position us well to capture market growth and deliver sustained revenue and profit expansion,” TAS said in explanatory notes to its financial results.
In FY2025, TAS secured 19 new shipbuilding contracts worth about RM232 million from Indonesia, with deliveries scheduled up to FY2027.
As at May 31, 2025, the group’s outstanding order book stood at RM278 million.
The board said it remains cautiously optimistic about sustaining growth despite global economic uncertainties.
