Posted by liyam > 1 month ago | Report Abuse

Look at the 6 consecutively qtrs profits,it means alam is on the right track to recovery.Althought it will takes time to get rid of PN17,but chances are bright.

Posted by Robert Waters > 1 month ago | Report Abuse

Well, as I told you, PN17 has not much to do with 6 consecutive reports of good earnings. It is about the two disclaimers from auditors, equity loss and default on debt payment. All of them have to be resolved. For example: if auditors issue disclaimer about poor records at Alam, good earnings are NOT supported by records and cannot be used to exit PN17. Issue of records must be addressed.

Posted by ShaunGenius > 1 month ago | Report Abuse

https://theedgemalaysia.com/node/737699

Posted by bullrun168 > 1 month ago | Report Abuse

Alam Maritim aims to get approval for PN17 exit plan by 1Q2025, seeks to expand subsea business
https://theedgemalaysia.com/node/737699

By Anis Hazim / theedgemalaysia.com
13 Dec 2024, 06:24 pm Updated - 05:10 pm

KUALA LUMPUR (Dec 13): Alam Maritim Resources Bhd (KL:ALAM) is expecting to obtain approval for its plan to exit its Practice Note 17 (PN17) status by the first quarter of 2025, after having been classified as a PN17 company for over two years, according to group managing director and group chief executive officer Datuk Azmi Ahmad.
The integrated oil and gas services company has, in August this year, submitted a plan to regularise its PN17 status — typically a classification for financially-distressed companies — to the exchange regulator.
The plan includes a share capital reduction of RM440 million, a 10-to-one share consolidation, an issuance of renounceable rights shares with warrants and a scheme of arrangement with its creditors.

While awaiting approval from the regulator, the Main Market-listed company has been actively growing its subsea services business in Malaysia and other countries.
“We have not gone to the international [market] yet [for subsea business], because our resources and capacity for now only allow us to operate within the country. I think everything will come in place after the structuring. We have to make sure that we are financially strong to stand outside Malaysia,” Azmi told The Edge after hosting the company’s virtual annual general meeting (AGM) on Friday.
The subsea services market is a high-barrier-to-entry sector requiring significant capital investment, specialised skills, and years of operational experience — and Alam Maritim has positioned itself to capture opportunities in this market, said Azmi.
“There are not many players [in Malaysia], and it's quite difficult for newcomers. So, this business is a very niche market,” Azmi said.
Other local companies that also provide subsea oil and gas services are Sapura Energy Bhd (KL:SAPNRG), Barakah Offshore Petroleum Bhd (KL:BARAKAH), Uzma Bhd (KL:UZMA) and Carimin Petroleum Bhd (KL:CARIMIN).
The subsea segment made up 66% of Alam Maritim’s revenue for the financial year ended June 30, 2024 (FY2024), while the remaining was contributed by offshore service vessel (OSV) and other rental and shipping-related segments.
Margins in the OSV segment, however, has become increasingly thin, said Azmi, with many well-capitalised new entrants, said Azmi.
“There are a lot of new entrants and new investors who come to this business as long as you have money to buy the ships. It is very competitive,” he said.
The group’s order book has been standing at around RM1.52 billion for both FY2023 and FY2024. It expects to maintain its order book size at around this level for the upcoming years.
“With the contracts and expertise that we have, I think, Insha-Allah (God willing), post-restructuring, we can put the company in a strong financial position and develop more businesses for the company,” he added.
Alam Maritim, whose share price has risen by over 16% year-to-date, had been loss making for several years from FY2018, before it returned to the black in FY2023 with a net profit of RM18.45 million following a change in financial year end to June 30, and remained profitable in FY2024 with a net profit of RM26.28 million.
In its first quarter ended Sept 30, 2024 (1QFY2025), the group's net profit more than doubled to RM7.68 million from RM2.7 million in the same quarter a year earlier, as revenue surged over sixfold to RM194.22 million from RM29.66 million, largely due to higher contribution from one of its subsea services contract.
The earnings improvement was driven by higher contributions from the OSV segment, thanks to higher daily charter and vessel utilisation rates.
Alam Maritim slipped into PN17 status in 2022 after its external auditor Baker Tilly Monteiro Heng PLT expressed a disclaimer of opinion on the group's audited accounts for the financial period from Jan 1, 2021 to June 30, 2022 in October 2022.
Shares of Alam Maritim were traded unchanged at 3.5 sen on Friday, valuing the group at RM46.91 million.
 
Edited ByTan Choe Choe

Posted by bullrun168 > 1 month ago | Report Abuse

Superb good news for Alam !

Alam will obtain approval for its plan to exit its Practice Note 17 (PN17) status by the first quarter of 2025 !

Like that today Alam will limit up to closed at => 0.635 (+0.60) (+1,715 %) already liao lah !

Heng ah, Ong ah, Huat ah !

Posted by chinaman > 1 month ago | Report Abuse

The cheapest.subsea.o&g operator now...light at the end of tunnel ...

Posted by Robert Waters > 4 weeks ago | Report Abuse

Hope it is NOT the freight train that will run over all of us. Like an Amtrack train with a huge whale with a BIGGGG load of shares to dump.