ICON OFFSHORE ICON OFFSHORE BERHAD
(201201011310 (984830-D)) (Incorporated in Malaysia)
QUARTERLY REPORT
FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2021
ICON OFFSHORE BERHAD (201201011310 (984830-D))
(Incorporated in Malaysia)
QUARTERLY REPORT FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2021
The Board of Directors of Icon Offshore Berhad ("ICON" or "the Group") announce the following unaudited condensed consolidated financial statements for the fourth quarter and year ended 31 December 2021 which should be read in conjunction with the audited financial statements for the financial year ended 31 December 2020.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
INDIVIDUAL QUARTER | CUMULATIVE PERIOD | |||||||
CURRENT | CORRESPONDING | CURRENT | CORRESPONDING | |||||
QUARTER | QUARTER | YEAR | YEAR | |||||
ENDED | ENDED | ENDED | ENDED | |||||
(UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (AUDITED) | |||||
Note | 31.12.2021 | 31.12.2020 | 31.12.2021 | 31.12.2020 | ||||
RM | RM | RM | RM | |||||
Revenue | 15.1 (i) | 80,893,708 | 54,611,471 | 300,884,030 | 212,072,272 | |||
Cost of sales | (52,065,508) | (34,734,229) | (190,422,180) | (142,940,261) | ||||
Gross profit | 15.1 (ii) | 28,828,200 | 19,877,242 | 110,441,850 | 69,132,011 | |||
Other income | 724,813 | 967,421 | 4,984,719 | 29,869,000 | ||||
Administrative expenses | 15.1 (iii) | (10,425,258) | (10,320,108) | (34,235,471) | (32,548,806) | |||
Other expenses | - | (381,000) | - | (381,000) | ||||
Profit from operations | 19,127,755 | 10,143,555 | 81,191,098 | 66,071,205 | ||||
Finance costs | (8,926,535) | (3,825,196) | (37,207,863) | (21,391,455) | ||||
Profit before taxation | 10,201,220 | 6,318,359 | 43,983,235 | 44,679,750 | ||||
Taxation | 15.1 (iv) | (2,666,514) | (7,196,790) | (11,972,494) | (13,480,418) | |||
Profit/(Loss) for the | ||||||||
quarter/year | 15.1 (v) | 7,534,706 | (878,431) | 32,010,741 | 31,199,332 | |||
Other comprehensive | ||||||||
income/(expense): | ||||||||
Items that will be classified | ||||||||
subsequently to profit or | ||||||||
loss: | ||||||||
Currency translation | ||||||||
differences | 193,126 | (298,737) | 733,116 | (34,918) | ||||
Total comprehensive | ||||||||
income/(expense) for the | ||||||||
quarter/year | 7,727,832 | (1,177,168) | 32,743,857 | 31,164,414 |
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ICON OFFSHORE BERHAD (201201011310 (984830-D))
(Incorporated in Malaysia)
QUARTERLY REPORT FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (continued)
INDIVIDUAL QUARTER | CUMULATIVE PERIOD | |||||||
CURRENT | CORRESPONDING | CURRENT | CORRESPONDING | |||||
QUARTER | QUARTER | YEAR | YEAR | |||||
ENDED | ENDED | ENDED | ENDED | |||||
(UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (AUDITED) | |||||
Note | 31.12.2021 | 31.12.2020 | 31.12.2021 | 31.12.2020 | ||||
RM | RM | RM | RM | |||||
Profit/(Loss) attributable to: | ||||||||
-Equity holders of the | ||||||||
Company | 7,676,765 | 84,447 | 25,577,760 | 27,768,840 | ||||
-Non-controlling interests | (142,059) | (962,878) | 6,432,981 | 3,430,492 | ||||
7,534,706 | (878,431) | 32,010,741 | 31,199,332 | |||||
Total comprehensive | ||||||||
income/(expense) | ||||||||
attributable to: | ||||||||
-Equity holders of the | ||||||||
Company | 7,775,259 | (67,910) | 25,951,744 | 27,751,032 | ||||
-Non-controlling interests | (47,427) | (1,109,258) | 6,792,113 | 3,413,382 | ||||
7,727,832 | (1,177,168) | 32,743,857 | 31,164,414 | |||||
Profit per share for profit | ||||||||
attributable to the ordinary | ||||||||
equity holders of the | ||||||||
Company: | ||||||||
Basic/diluted earnings per | ||||||||
share (sen) | 23 | 0.28 | 0.00 | 0.95 | 1.17 | |||
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ICON OFFSHORE BERHAD (201201011310 (984830-D))
(Incorporated in Malaysia)
QUARTERLY REPORT FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2021
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited | Audited | |||
As at | As at | |||
31.12.2021 | 31.12.2020 | |||
RM | RM | |||
Non-current assets | ||||
Property, plant and equipment | 736,798,830 | 597,588,145 | ||
Intangible assets | 1,993,820 | - | ||
Prepayments | - | 11,323,005 | ||
Cash and bank balances | 15,638,089 | 4,785,617 | ||
Right-of-use assets | 1,311,360 | 571,172 | ||
Deferred tax assets | 32,060,109 | 36,839,696 | ||
788,802,208 | 651,107,635 | |||
Current assets | ||||
Trade and other receivables | 112,869,211 | 57,044,971 | ||
Inventories | 1,069,617 | 1,011,759 | ||
Tax recoverable | 2,021,159 | 1,188,027 | ||
Cash and bank balances | 67,641,267 | 70,182,144 | ||
183,601,254 | 129,426,901 | |||
Less: Current liabilities | ||||
Trade and other payables | 48,438,725 | 37,726,970 | ||
Amount due to immediate holding company | 174,200,000 | - | ||
Lease liabilities | 443,940 | 533,853 | ||
Borrowings | 48,108,034 | 41,173,332 | ||
Taxation | 1,276,450 | 918,581 | ||
272,467,149 | 80,352,736 | |||
Net current (liabilities)/assets | (88,865,895) | 49,074,165 | ||
Less: Non-current liabilities | ||||
Lease liabilities | 896,063 | 63,584 | ||
Borrowings | 271,692,756 | 313,103,008 | ||
Deferred tax liabilities | 15,122,408 | 12,927,356 | ||
287,711,227 | 326,093,948 | |||
411,225,086 | 374,087,852 | |||
Equity attributable to equity holders | ||||
of the Company | ||||
Share capital | 1,146,663,591 | 1,142,819,044 | ||
Warrants reserve | 32,725,839 | 32,725,839 | ||
Currency translation reserve | 786,529 | 412,545 | ||
Share based payment reserve | 493,773 | 352,857 | ||
Capital contribution reserve | 5,905,574 | 5,584,044 | ||
Accumulated losses | (809,288,052) | (834,865,812) | ||
Non-controlling interest | 33,937,832 | 27,059,335 | ||
Total equity | 411,225,086 | 374,087,852 | ||
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ICON OFFSHORE BERHAD (201201011310 (984830-D))
(Incorporated in Malaysia)
QUARTERLY REPORT FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2021
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Attributable to equity holders of the Company | |||||||||||||||||
Issued and | |||||||||||||||||
fully paid | |||||||||||||||||
ordinary shares | Non-distributable | Distributable | |||||||||||||||
Currency | Share based | Non- | |||||||||||||||
Share | Warrants | translation | payment | Capital | Accumulated | controlling | Total | ||||||||||
capital | reserve | reserve | reserve | contribution | losses | interest | equity | ||||||||||
RM | RM | RM | RM | RM | RM | RM | RM | ||||||||||
Group | |||||||||||||||||
At 1 January 2021 | 1,142,819,044 | 32,725,839 | 412,545 | 352,857 | 5,584,044 | (834,865,812) | 27,059,335 | 374,087,852 | |||||||||
Profit for the financial year | - | - | - | - | - | 25,577,760 | 6,432,981 | 32,010,741 | |||||||||
Currency translation differences, | |||||||||||||||||
representing total income and | |||||||||||||||||
expense recognised directly in equity | - | - | 373,984 | - | - | - | 359,132 | 733,116 | |||||||||
Total comprehensive income | |||||||||||||||||
for the financial year | - | - | 373,984 | - | - | 25,577,760 | 6,792,113 | 32,743,857 | |||||||||
Issuance of shares | 3,844,547 | - | - | - | - | - | 3,844,547 | ||||||||||
Non-controlling interests on acquisition | |||||||||||||||||
of subsidiary | - | - | - | - | - | - | 86,384 | 86,384 | |||||||||
Share based payment | - | - | - | 140,916 | - | - | - | 140,916 | |||||||||
Contribution of capital | - | - | - | - | 321,530 | - | - | 321,530 | |||||||||
─────────── | ─────────── | ─────────── | ─────────── | ─────────── | ─────────── | ───────── | ─────────── | ||||||||||
At 31 December 2021 | 1,146,663,591 | 32,725,839 | 786,529 | 493,773 | 5,905,574 | (809,288,052) | 33,937,832 | 411,225,086 | |||||||||
═══════════ | ═══════════ | ═══════════ | ═══════════ | ═══════════ | ═══════════ | ══════════ | ═══════════ |
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Icon Offshore Bhd published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2022 16:30:05 UTC.
