Keyfield's net profit falls 5.2pct to RM66.36mil in 2Q

New Straits Times

15 hours ago

KUALA LUMPUR: Keyfield International Bhd posted a net profit of RM66.36 million in the second quarter ended June 30, 2025 (2Q FY2025), down 5.2 per cent from RM70.04 million in the same period last year, mainly to the lower number of chartered days in 2025 for both its own and third-party vessels.
The provider of accommodation vessels and related onboard services said revenue also fell by 33.7 per cent to RM131.97 million from RM198.98 million previously.
"The decrease in revenue for our vessels was mainly due to the lower number of chartered days in 2Q FY2025, representing a 74.6 per cent utilisation rate for our vessels during this period compared to 96.9 per cent in 2Q FY2024.
"The total number of chartered days for own vessels decreased by 6.0 per cent in 2Q FY2025 to 912 days (2Q FY2024: 970)," it said in a filing with Bursa Malaysia today.
Meanwhile, Keyfield said that in 2Q FY2025, the group began chartering projects for Keyfield Gratitude and Keyfield Blessing, its two own vessels acquired in January 2025 and April 2025, respectively.
"Contributions from our newly acquired vessels lessened the impact of the lower utilisation rate of existing vessels, some of which needed to undergo maintenance after working almost non-stop in previous quarters," the company said.
For the first six months of the year, Keyfield reported a lower net profit of RM87.04 million compared with RM100.34 million a year earlier, while revenue decreased to RM218.72 million against RM305.37 million previously.
Moving forward, Keyfield said it plans to diversify its fleet of vessels to be able to serve different industries although the primary focus will remain the oil and gas industry for the short to medium term.
"We will continue to build expertise in various maritime sectors, leveraging our strong balance sheet to be on the lookout for additional suitable vessels to support our business growth.
"We intend to achieve fleet renewal, focusing on vessels with higher capabilities and deployable to a wider range of customers. We will balance our pursuit of long-term growth with the necessary actions to address near-term business and operational risk factors," it said.
Its remaining order book is RM377.4 million, of which RM179.1 million is in respect of FY2025 and the balance in future financial years, consisting of the balance revenue yet to be recognised in respect of secured chartering contracts.
Keyfield also declared a second interim dividend of 3.0 sen per share today, bringing the cumulative dividend for the year to date to 4.0 sen per share. The dividend is payable on Sept 22, 2025.