PETALING JAYA: Avangaad Bhd’s net profit jumped 73.9% to RM10.48 million in the second quarter ended June 30, 2026 (Q2’26), from RM6.03 million a year earlier, mainly due to a RM21.4 million gain from the disposal of a vessel previously classified as an asset held for sale.
Revenue rose 1.5% to RM32.77 million from RM32.27 million, driven by newly secured fast crew boat contracts, according to a filing with Bursa Malaysia yesterday.
For the first half of 2026 (H1’26), net profit increased 45.6% to RM15.56 million from RM10.68 million, while revenue grew 2.9% to RM64.03 million from RM62.25 million. The improvement in earnings was primarily attributable to the disposal of FOIS Nautica Tembikai.
On a quarter-on-quarter basis, revenue rose 4.8% from RM31.26 million in Q1’26, supported by the commencement of new fast crew boat contracts, while net profit more than doubled from RM5.08 million.
As at June 30, the group’s cash and cash equivalents stood at RM80.69 million, up 74% from RM46.34 million at the end of December 2025, while total borrowings fell to RM68.78 million from RM75.02 million.
Looking ahead, Avangaad said its order book stood at RM153.7 million, with a further RM262.1 million in extension periods, giving it total revenue visibility of RM415.8 million. During Q2’26, the group also secured a RM2.4 million spot charter contract for a fast crew boat.
The group said it will continue to focus on improving operational efficiency, maximising vessel utilisation, securing contract renewals and extensions, and maintaining effective cash management. It is also pursuing new business opportunities to strengthen earnings visibility and cash flow stability.
Avangaad said its stronger cash position and continued deleveraging had improved its financial flexibility, with cash rising to RM80.7 million and net gearing turning negative at -0.03 times.
