Kuala Lumpur: Keyfield International Bhd reported a decrease in net profit to RM20.68 million for the first quarter ended March 31, 2025 (1Q 2025), down from RM30.30 million in the same quarter the previous year.
According to BERNAMA News Agency, the company's revenue fell by 18.5 percent to RM86.75 million from RM106.39 million, primarily due to a decline in vessel revenue. Revenue from owned vessels decreased by 10.3 percent, or RM8.3 million, to RM72.6 million from RM80.9 million year-on-year, while revenue from third-party vessels fell by RM11.4 million (44.7 percent) to RM14.1 million, down from RM25.5 million in 1Q 2024.
The company explained in a filing with Bursa Malaysia that the reduction in revenue from its own vessels was largely due to a lower number of chartered days in 1Q 2025, with a utilisation rate of 44.1 percent compared to 67.1 percent in 1Q 2024. This was attributed to four of its vessels undergoing five-yearly special surveys during the period, rendering them unavailable for charter. Moreover, several chartering projects concluded in late 4Q 2024, and new projects only commenced later in 2025, further impacting the 1Q utilisation.
Looking ahead, the group remains cautiously optimistic about the financial year ending 2025 (FYE 2025) and beyond. The company has been expanding its fleet with additional owned vessels since 2022, which has been a significant driver of revenue and profit growth. In FYE 2025, Keyfield International has continued this fleet expansion while strategically recalibrating its fleet to ensure it meets customer needs and remains in demand.
Keyfield International also highlighted its strong balance sheet, with zero net gearing as of the end of 1Q 2025, which positions the company well to seize market opportunities as they arise. The group stated that it will continue seeking additional suitable vessels to support its business growth.
The company declared a first interim dividend of one sen per ordinary share for FYE 2025, amounting to approximately RM8.1 million. The dividend is scheduled for payment on June 13, 2025, to shareholders recorded as of May 30, 2025.