Keyfield International Bhd posted a sharp 171% jump in profit after tax and minority interest (PATAMI) for the first quarter ended March 31, 2026 (1Q26), boosted by gains from vessel disposals despite weaker operational revenue during the seasonally softer quarter.
The group’s PATAMI surged to RM56.1 million from RM20.7 million a year earlier, while earnings per share climbed to 6.94 sen from 2.57 sen previously.
Revenue, however, fell 45.6% year-on-year to RM47.2 million as vessel utilisation declined to 36.1% from 44.1% previously due to monsoon-related disruptions in the South China Sea and delayed commencement of several local chartering projects.
Despite lower operational activity, EBITDA rose 88% to RM81.8 million, largely driven by an approximately RM78 million gain from the disposal of accommodation workboat Keyfield Compassion, which was completed in February.
Group Chief Executive Officer Darren Kee said overseas operations contributed around 50% of quarterly revenue following the company’s strategic move to redeploy vessels into overseas markets, particularly the Middle East and Thailand.
He noted that four of the group’s five vessels currently deployed in the Middle East remain on hire, while another is expected to commence operations after completing preparatory works and inspections.
Looking ahead, Kee said local offshore activities are expected to improve in the coming quarters, while overseas revenue is projected to grow steadily. He added that the group remains optimistic about medium-term prospects as fleet renewal and expansion initiatives position the company to benefit from anticipated offshore activity growth in Malaysia and the Middle East in 2027 and 2028.
Kee shared that part of the disposal proceeds will be used to fund the construction of three new vessels, including one Dynamic Positioning 2 Accommodation Workboat and two 90-metric-ton Anchor Handling Tug Supply vessels.
In line with the higher PATAMI, the group declared a first interim dividend of one sen per share, payable on June 16.
