KUALA LUMPUR: E.A Technique (M) Bhd (EATech), a marine transportation and offshore storage specialist, has secured its shareholders approval at its extraordinary general meeting to be rebranded as Avangaad Bhd.
EATech executive director Datuk Mubarak Hussain Akhtar Husin said the move is part of the company’s strategic transformation.
"What makes this moment even more remarkable is the company’s strong financials, strategic contract wins, and operational excellence, all of which position us to confidently navigate new frontiers and create lasting value,” he said in a statement today.
The company’s net profit had jumped by close to an eightfold to RM25.17 million in the fourth quarter ended Dec 31, 2024 (4Q 2024) from RM3.28 million in 4Q 2023, supported by its disciplined cost management, improved operational efficiency, and strategic business development and expansion.
However, revenue during the quarter slid to RM29.30 million compared to RM33.13 million previously.
For the full financial year ended Dec 31, 2024 (FY2024), EATech’s net profit rose to RM154.3 million from RM23.69 million in FY2023, primarily driven by one-off income related to the creditor scheme and PN17 regularisation plan.
Meanwhile, revenue decreased to RM122.66 million in FY2024 from RM133.08 million previously.
The company’s robust profitability and cash flow resilience were supported by its strong order book of RM181.3 million, and additional optional contracts worth RM227.1 million, securing stable revenue streams for the years ahead.
"With the release of its 4Q 2024 results, EATech has completed the final quarter required to proceed with its official application to Bursa Malaysia for the removal of its PN17 status.
"Following the submission, the company will work closely with regulatory authorities to ensure the successful completion of the resolution process,” it said. - Bernama
