Keyfield International’s 2Q Net Profit Surges 132 Pct To RM70 Mln

KUALA LUMPUR, Aug 15 (Bernama) -- Keyfield International Bhd’s net profit for the second quarter ended June 30, 2024 (2Q 2024) surged 131.8 per cent to RM70.04 million from RM30.16 million a year ago, driven by revenue growth contributed by its own vessels and third-party vessel segments. 

Revenue for the quarter under review jumped 86.7 per cent to RM198.98 million from RM106.56 million previously.

In a filing with Bursa Malaysia today, Keyfield said revenue from its own vessels increased by RM56.3 million to RM140.0 million (2Q 2023: RM83.7 million), while revenue from third-party vessels grew by RM36.1 million to RM59.0 million (2Q 2023: RM22.9 million).

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"The revenue increase from our own vessels was mainly due to the higher average daily charter rate in 2Q 2024 compared to 2Q 2023, reflecting improved market conditions for our vessel chartering business," it noted.

Keyfield achieved a 96.9 per cent utilisation rate for its own vessels in 2Q 2024, up from 93.8 per cent in 2Q 2023, with average daily charter rates also rose during this period, underscoring the continued robust demand and tight supply conditions, it shared.

Meanwhile, net profit for the first half of the financial year 2024 (1H 2024) advanced to RM100.34 million from RM37.57 million, while the revenue for the period under review soared to RM305.37 million from RM161.97 million a year ago. 

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Group chief executive officer and executive director Datuk Darren Kee Chit Huei attributed the strong 2Q 2024 financial results to the company’s strategic fleet expansion over recent years.

"The high utilisation rate of our own vessels reflects our commitment to operational excellence. With the recent addition of Keyfield Itqan and Aulia to our fleet, we are well positioned to continue delivering value to our stakeholders," he said.

Looking ahead, Keyfield anticipates its business activities will be closely tied to the level of offshore activities in Malaysia for the current FY2024 and beyond.

“With a steady outlook, we expect offshore oil and gas activities such as exploration, production, maintenance, and decommissioning to be maintained or increased, which should positively impact demand in our operating markets.

“However, we expect supply conditions for offshore vessels, particularly accommodation workboats, which we specialise in, to remain tight in 2024 due to the shortage of suitable vessels to support offshore activities,” it added.

As of June 30, 2024, the remaining order book consisting of contracted charters to date amounted to RM619.1 million, of which RM337.5 million is in respect of the remaining six months of FY2024.

The company has declared a second interim dividend of three sen per share amounting to RM24 million, to be paid to entitled shareholders on Sept 13, 2024.

To date, Keyfield has declared a total of four sen dividend per share, totalling RM32 million for the financial year ending Dec 31, 2024.

— BERNAMA