E.A. Technique (M) Bhd (EATech), a Main Market-listed marine transportation and offshore storage outfit, has secured resounding shareholder approval at its extraordinary general meeting (EGM) for its transformation into Avangaad Bhd.
In tandem with its re-branding exercise, the group reported a 10th consecutive quarter of earnings growth in its 4Q FY2024 ended Dec 31 as a testament to its sustained performance and long-term sustainability.
This transformation reflects the group’s firm motive to driving progress and expanding through innovation, resilience and sustainability.
This milestone serves as a catalyst for ushering in a new chapter in its corporate evolution. The name Avangaad is a fusion of “Avante” meaning “moving forward” and “Vanguard” which reflects the group’s capabilities as a vanguard in maritime innovation.
“This re-branding is not just an update of our image; it signifies a strategic transformation and a defining milestone in our ambition to become a forward-thinking marine and offshore solutions provider,” commented EATech’s executive director Datuk Wira Mubarak Hussain Akhtar Husin.
“What makes this moment even more remarkable is the group’s strong financials, strategic contract win and operational excellence, all of which position us to confidently navigate new frontiers and create lasting value.”
For its 4Q FY2024, EATech posted a net profit of RM25.17 mil or nearly an eight-fold rise from RM3.3 mil in the same quarter last year. This strong performance is attributed to disciplined cost management, improved operational efficiency and strategic business development and expansion.
EATech recorded a net profit of RM154.3 mil or an increase of more than six times from RM23.7 mil in FY2023 for its full financial year ended Dec 31, 2024.
This growth was primarily driven by one-off income related to the creditor scheme and Practice Note 17 (PN17) regularisation plan.
Excluding these exceptional items, the group’s core earnings remained solid at RM25.2 mil, driven by high fleet utilisation rates and new contract wins.
Its robust profitability and cash flow resilience continue to build momentum, supported by a strong order book of RM181.3 mil along with additional optional contracts worth RM227.1 mil which reflects stable revenue streams for the years ahead.
Among EATech’s latest contract awards are:
- A one-year contract with Northport (Malaysia) Bhd worth RM6.35 mil.
- A three-year Fast Crew Boat (FCB) contract worth RM39.4 mil.
- A two-year contract extension with PETRONAS Floating LNG 1 (L) Ltd (PFLNG1) for tugboat services valued at RM40.95 mil.
- A two-year contract extension with PFLNG1 for Emergency Standby Vessel (ESV) Services valued at RM22.9 mil.
At the close of today’s (Feb 14) mid-day trading, EATech was down 0.5 sen or 1.61% to 30.5 sen with 3.1 million shares traded, thus valuing the company at RM405 mil. – Feb 14, 2025
