SGX Catalist-listed Viking Offshore and Marine announced today net profit after tax of $12.7 million for the twelve months ended 31 December 2010 (FY2010) on first-time contributions from offshore & marine (O& M) business units acquired recently. In FY2009, Viking, formerly known as Novena Holdings, reported net profit of $1.0 million.

Viking says the sterling performance was achieved on the back of a 112% increase in revenue to $79.7 million from $37.6 million in FY2009, largely on full-year contributions from wholly owned Viking Airtech Pte Ltd (Viking Airtech), a Heating, Ventilation, Air-Conditioning & Refrigeration systems (HVAC& R) specialist, which was acquired in January 2010. Gross profit margin rose to 32% in FY2010 from 19% in FY2009.

The board of directors has proposed a first and final dividend of 0.3 cents per ordinary share, representing 13% of FY2010 net profits. The proposed dividend, subject to shareholder approval, will be paid out on 12 May 2011.