Keyfield's Net Profit Lower At RM23.09 Mln In 2Q 2026
KUALA LUMPUR, Aug 13 (Bernama) -- Keyfield International Bhd’s net profit for the second quarter ended June 30, 2026 (2Q 2026) eased to RM23.09 million compared to RM66.36 million in the same period a year ago.
In a Bursa Malaysia filing today, it said revenue also declined to RM113.52 million from RM131.97 million previously, with revenue from its own vessels decreasing by RM30.6 million (26.2 per cent) to RM86.1 million while revenue from third-party vessels increased by RM12.1 million (79.1 per cent) to RM27.4 million.
The offshore vessel provider said the decrease in revenue for own vessels was mainly due to lower utilisation.
“We recorded 879 chartered days representing 69 per cent utilisation rate for own vessels in 2Q 2026, comprising vessels deployed locally, in the Middle East and in Thailand compared to 912 chartered days representing 74.6 per cent utilisation rate in 2Q 2025.
“The lower utilisation rate is mainly attributable to the majority of our accommodation work boat (AWB) commencing their charters later in the year in 2026 compared to the previous year, in line with customers’ vessel scheduling requirements,” it said.
In addition, it said its own vessels revenue outpaced the decline in utilisation rate as a higher proportion of chartered days in 2Q 2026 were contributed by smaller vessels such as anchor handling tug and supply (AHTS) which earn comparatively lower daily revenue compared to AWBs.
For the first half year, Keyfield recorded a lower net profit of RM79.22 million from RM87.04 million previously while revenue also weakened to RM160.70 million from RM218.72 million previously.
On prospects, it said that with adverse weather conditions in the South China Sea abating by the second half of 2026, its own vessels deployed in the region have progressively been on-hired for the 2026 chartering cycle.
“All but one, Keyfield Joyful which we just took delivery in July 2026, have already commenced their chartering contracts. Keyfield Joyful is expected to commence its maiden charter as our own vessel in 3Q 2026,” it said.
Meanwhile, it said all of its vessels deployed to the Middle East have already commenced their charters -- of two of its vessels which were deployed there in 2026, one commenced its charter in 1Q 2026 while the other commenced at the end of 2Q 2026.
“This is in addition to the continued charter of three (two own and one third-party) vessels deployed there since 2025. With these, all five vessels deployed to the Middle East are currently on-hired,” it said.
Keyfield said that while the current West Asia conflict had delayed the commencement of one of its vessel’s charter in 2026, its revenue stream from the geographical segment remains intact and is not affected by whether the Strait of Hormuz is open or closed.
Group chief executive officer and executive director Datuk Darren Kee Chit Huei said that entering the second half (2H) of 2026, the group sees increasing momentum in chartering business, reinforced by the new global and local contracts announced in June which will fully commence by 3Q 2026.
“As a result, we anticipate an improved financial performance in 2H 2026.
“Looking ahead, we will continue our fleet renewal and recalibration strategy, seeking to enhance our fleet with higher capabilities and the ability to serve a wider range of customers.
“This includes the Keyfield Joyful acquisition and the ongoing construction of three new-build vessels comprising one new dynamic positioning class 2 (DP2) AWB vessel and two 90-tonne dynamic positioning class 2 AHTS vessels,” he said.
He said through the initiatives, the group has positioned for an anticipated upswing in offshore activities in 2027 and 2028.
“Beyond oil and gas, we are actively exploring strategic expansion opportunities across the maritime industry,” he added.
Keyfield also declared a second interim single tier dividend of 1.5 sen per share amounting to RM12.1 million in total.
-- BERNAMA