Latest news with #KeyfieldInternationalBhd
The Star
5 days ago
- Business
- The Star
Trading ideas: MMAG, Keyfield, KAB, Rimbunan Sawit, Jentayu, AYS, Country Heights, Metronic, Nestle, ViTrox, Oriental Interest, KIP REIT, Luxchem, Betamek
MMAG Holdings Bhd has entered into a conditional aircraft sale agreement to acquire a Boeing 737-800BCF freighter for US$25.9mn (RM109.9mn) cash. Keyfield International Bhd has secured 2 work orders from Petronas Carigali Sdn Bhd for the provision of accommodation work boats to support the national oil company's offshore operations. Kinergy Advancement Bhd has secured fee-in approvals for two hydropower projects with a total installed capacity of 8.04MW under the Sustainable Energy Development Authority's FiT 2.0 initiative. Rimbunan Sawit Bhd has announced the termination of its JV with LCDA Holdings Sdn Bhd to develop a parcel of native customary rights land in Ulu Selangau, Sibu into an oil palm plantation. Jentayu Sustainables Bhd said Sumitomo Corporation does not intend to extend a MoU the parties signed 2 years ago to collaborate on renewable energy projects. AYS Ventures Bhd said the voluntary takeover offer by its associate company 3HA Capital Pte Ltd for all shares in Singapore-listed CosmoSteel Holdings Ltd has become unconditional, after 3HA Capital's shareholding crossed the 50% threshold. Country Heights Holdings Bhd 's wholly-owned unit, Country Heights Commercial Development Sdn Bhd has been served with a winding-up petition by the Inland Revenue Board over RM312,560 in unpaid taxes. Metronic Global Bhd is ending its JV with Zhuhai SingYes New Materials Technology Co Ltd to develop and market smart city solutions across the country. Nestlé (Malaysia) Bhd's net profit rose 20.0% YoY to RM112.1mn in 2QFY25, thanks to a disciplined focus on operational efficiency and a prudent pricing strategy, which helped offset rising input costs. Vitrox Corporation Bhd reported a flat net profit of RM28.1mn in 2QFY25, despite a 33.4% YoY increase in revenue to RM 183.0mn due to a sharp rise in tax provision following the expiration of its pioneer status in mid-June. Oriental Interest Bhd reported its highest-ever quarterly net profit of RM45.5mn for 3QFY25, driven by record revenue of RM305.3mn from construction progress of ongoing projects and contribution from newly launched developments. KIP Real Estate Investment Trust 's FY25 net property income surged 24.4% YoY to RM96.8mn, mainly driven by the contribution from its 7 KIPMalls and its 4 industrial properties, as well as the newly bought D'pulze Shopping Centre and TF Value-Mart. Luxchem Corporation Bhd 's 2QFY25 net profit declined by 27.1% YoY to RM8.9mn amid lower sales from its business segments. Betamek Bhd 's 1QFY26 net profit rose 10.5% YoY to RM5.4mn due to consistent favourable performance of the ringgit against the USD and the CNY as well as the better expenses monitoring by each unit of the group.
New Straits Times
19-05-2025
- Business
- New Straits Times
Keyfield cautiously optimistic for FY2025 amid macroeconomic headwinds
KUALA LUMPUR: Keyfield International Bhd, an offshore support vessel (OSV) provider, is adopting a cautiously optimistic outlook for the financial year ending December 31, 2025 (FY2025), despite a slower-than-usual start to the year and broader macroeconomic uncertainties. Group chief executive officer and executive director Datuk Darren Kee Chit Huei said the company's performance would continue to hinge on fleet size, utilisation rates, and daily charter rates, which are the key metrics that drive both revenue and profitability. "These three factors will determine the revenue of the company as well as the bottom line of the company. For us to increase the revenue, we have to achieve, hopefully, all three of the above," he told Bernama in an interview recently. For the first quarter ended March 31, 2025 (1Q2025), Keyfield International posted a lower net profit of RM20.68 million compared with RM30.30 million in the same period last year, while revenue declined by 18.5 per cent to RM86.75 million from RM106.39 million, mainly due to reduced vessel revenue. The group said revenue from its 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). Kee noted that while FY2024 was a strong year, FY2025 started slowly due to monsoon season disruptions, which typically result in lower vessel utilisation during the first quarter. "We still have several vessels that are working during this period. But, during this first quarter, utilisation is typically low. Not just us. All the vessel companies would encounter this problem," he explained. Despite global uncertainties, including the ongoing tariff war and a slight decline in oil prices, Kee said business operations remained unaffected. "Business is still as usual for us. We do not have anything that is adversely affecting our vessel at the moment," he affirmed, adding that Keyfield International's exposure to overseas income was minimal. Addressing scheduled vessel dry docking in the first quarter, Kee said the company has intentionally chosen this off-peak period to minimise financial impact. However, he acknowledged that the bottleneck at Labuan Shipyard had caused some delays. On geographical deployment, Kee said at the moment 95 per cent were in Malaysia, and the company's vessels were active in Sabah, Sarawak, Kemaman, and the joint development area between Malaysia and Thailand. The company also has vessels operating in India and the Middle East. Recently, Keyfield International's wholly-owned subsidiary Keyfield Offshore Sdn Bhd has also entered into a memorandum of understanding with PT Elnusa Trans Samudera (ETSA) to explore and pursue marine services opportunities, primarily in the oil and gas as well as related industries across Indonesia. Kee revealed that the company has acquired a cable-laying barge set to begin work in Saudi Arabia soon as part of plans to increase international presence. "We should try to aim to increase our presence in the Middle East," he said, naming Saudi Arabia, Kuwait and Qatar as priority markets. On the local offshore support vessel (OSV) sector, Kee pointed to an ageing fleet in the market and Petronas' reported concern over a potential shortage of vessels. "We are lucky. We have several young vessels which will continue to give us the edge," he said, highlighting that many other players have not been investing in new OSVs. Keyfield currently owns 15 vessels, with an average utilisation rate last year of 80.4 per cent. However, for FY2025, Kee anticipates a slightly lower utilisation due to a slow start and dry-docking schedules. "Our contract in hand is about RM420 million as of today," he added. Kee also touched on the company's capital strategy. Keyfield raised RM200 million through a sukuk issuance in December last year, part of a RM1 billion AA3-rated sukuk programme. "We have not fully used up the bond proceeds. At the moment, there is no immediate need to issue another round of sukuk bonds," he said, adding that the company maintains a clean balance sheet with healthy internal cash flow. Kee noted that Keyfield International targets to pay out 20 per cent of its net profit as dividends, as stated in its prospectus. "But last year, our overall payout was around 39 per cent," he added. For the financial year ended Dec 31, 2024 (FY2024), the group declared a fourth interim dividend of three sen per share, bringing its total dividend payout for FY2024 to 11 sen per share. This represents a dividend payout ratio of 38.9 per cent, almost double the company's initial target of a 20 per cent payout ratio. Kee said the group aims to maintain a strong dividend yield, currently close to 6.0 per cent, while also being viewed as a growth stock. Keyfield International is also gradually diversifying into non-oil and gas segments, with a goal for such activities to contribute around 20 per cent of total revenue in the medium term. The newly acquired cable-laying barge in Saudi Arabia marks a move in that direction. "We hope to be able to diversify our income base so that at least 20 per cent of our income base is derived from the non-oil and gas sector," he said. Kee reiterated a "cautiously optimistic" stance on the OSV market, noting that demand for accommodation vessels remains stable due to their critical role in offshore maintenance. "Maintenance work needs to be carried out every year, even when oil prices are down. We are still bullish and optimistic that the demand will continue to be there," he emphasised.
The Star
16-05-2025
- Business
- The Star
Modest 1Q25 for Keyfield
The company's revenue declined by 18% y-o-y to RM86.7mil. PETALING JAYA: Keyfield International Bhd's net profit for the first quarter ended March 31, 2025 (1Q25), fell by 32% year-on-year (y-o-y) to RM20.7mil. This translates to an earnings per share of 2.57 sen. Revenue on the other hand, declined by 18% y-o-y to RM86.7mil. In a statement, the group said traditionally, its first quarter is the weakest quarter due to the seasonal monsoon where majority of offshore activities, especially maintenance work, are not being carried out. Keyfield said 1Q25 was relatively quiet whereby its fleet utilisation was at 44.1%, with one of the reasons being many charter projects for 2025 were delayed and had started later in the year, as customers extended charter projects to complete offshore work before the end of 2024. The group declared an interim dividend of one sen per ordinary share, with the entitlement date on May 30, 2025, to be paid on June 13, 2025. Trading ideas: Aneka, Fibromat, Aemulus, Bintai, BTM, LBS, Velesto, PJBumi, Dialog, 99 Speed, Samchem, Keyfield, Swift, PBA
The Star
15-05-2025
- Business
- The Star
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
The Star
14-05-2025
- Business
- The Star
Keyfield bags PETRONAS Carigali contract
Keyfield noted that the work order is expected to enhance its financial performance for the financial year ending Dec 31, 2025. KUALA LUMPUR: Keyfield International Bhd has secured a work order from PETRONAS Carigali Sdn Bhd to provide an accommodation work boat for offshore operations, as part of a panel contractor contract for offshore support vessel services. The contract, awarded to its wholly-owned subsidiary Keyfield Offshore Sdn Bhd on April 11, runs for seven months with an option for a two-month extension. No contract value was disclosed but Keyfield noted that the work order is expected to enhance its financial performance for the financial year ending Dec 31, 2025. Shares of Keyfield rose 17 sen or almost 10%, to RM1.95 yesterday. The company last month acquired a new 98-metre cable-laying barge from Taizhou Sanfu Enginering Co Ltd for RM90.8mil.
