Keyfield's 1Q25 net profit drops to RM20.7mil on lower vessel revenue
KUALA LUMPUR: Keyfield International Bhd posted a lower net profit of RM20.68 million for the first quarter ended March 31, 2025 (1Q 2025), compared with RM30.30 million in the same period last year.
Revenue declined by 18.5 per cent to RM86.75 million from RM106.39 million, mainly due to reduced vessel revenue.
"Revenue from own vessels fell by 10.3 per cent, or RM8.3 million, to RM72.6 million from RM80.9 million year-on-year, while revenue from third-party vessels declined by RM11.4 million (44.7 per cent) to RM14.1 million (1Q2024: RM25.5 million).
"The decrease in revenue from our own vessels was mainly due to a lower number of chartered days in 1Q 2025, representing a 44.1 per cent utilisation rate, compared with 67.1 per cent in 1Q 2024,' the company said in a filing with Bursa Malaysia today.
It added that the lower utilisation rate in 1Q 2025 was mainly due to four of its vessels undergoing five-yearly special surveys during this period, making them unavailable for charter. Additionally, several chartering projects concluded in late 4Q 2024, and some new projects only began later in 2025, further affecting 1Q utilisation.
On prospects, the group remains cautiously optimistic about the outlook for the financial year ending 2025 (FYE 2025) and beyond.
"We have been expanding our fleet with additional owned vessels since 2022, which has been a key driver of our revenue and profit growth.
"In FYE 2025, we have continued this fleet expansion path while strategically recalibrating our fleet to ensure that it remains relevant to customer needs and in good demand,' it said.
Keyfield International also noted that its strong balance sheet, with zero net gearing as of the end of 1Q 2025, position the company well to capitalise on market opportunities as they arise.
"We will continue to be on the lookout for additional suitable vessels to support our business growth,' it added.
The group declared a first interim dividend of one sen per ordinary share in respect of FYE 2025, amounting to approximately RM8.1 million. The dividend will be paid on June 13, 2025, to shareholders whose names appear in the record of depositors as at May 30, 2025. - Bernama
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