KUALA LUMPUR: Keyfield International Bhd posted a weaker earnings in the third quarter, dragged by fewer chartered days for both own and third-party vessels as well as lower average daily charter rates.
Net profit fell 49 per cent to RM41.3 million for the quarter ended Sept 30, 2025, from RM81 million last year. Revenue also dropped 39 per cent to RM132.3 million from RM216.8 million.
The offshore support vessel (OSV) charterer declared a third interim dividend of two sen per share, or RM16.1 million in total, to be paid on Dec 11.
Keyfield said lower demand in the local OSV market, where most of its accommodation work boats (AWBs) operate, led to a decline in utilisation and charter activity.
The utilisation rate fell to 81.4 per cent from 99.2 per cent previously, as local offshore activities by petroleum arrangement contractors slowed amid uncertainties in the oil and gas sector and weaker global oil prices.
The softer demand also reduced average daily revenue for AWBs compared to last year, when robust offshore activities supported stronger rates.
Year-to-date utilisation of 67.5 per cent was partly affected by higher maintenance days in the first half of 2025, as four vessels underwent dry-docking for special surveys and two others were being prepared for operations.
All six vessels have since returned to service. Total charter days for third-party vessels also declined.
For the nine-month period, Keyfield’s net profit fell 29 per cent to RM128 million from RM181 million last year, while revenue dropped 32.8 per cent to RM351 million from RM522.15 million.
Keyfield said it continues to execute strategic initiatives to diversify its revenue base beyond the local oil and gas industry, ensuring sustainable long-term profitability.
“We have embarked on regional expansion by bringing vessels to other regions such as the Middle East and envisage that, moving forward, more vessels will be deployed outside Malaysia.
“Meanwhile, recent vessel disposals by industry players are expected to keep the AWB supply tight for the local market, thereby supporting future charter rates as well as utilisation rates, auguring well for the sector’s continued long-term outlook,” it added.
© New Straits Times Press (M) Bhd
