Dhaanieyaa Lekham
KUALA LUMPUR: Keyfield Group Bhd’s earnings per share declined to 14.9 sen as of end September 2026, compared with 15.93 sen in the corresponding period, as its net profits declined 6.0 per cent year on year to RM120.6 million.
At the same time, the number of ordinary shares of Keyfield increased to 809.5 million units during the period ended Sept 30, 2026 (9M FY26), from 805.9 million a year ago.
The lower net profits for the 9M FY26 was in line with a 5.1 per cent decline in revenue during the period, to RM333.2 million, from RM351.1 million in the corresponding period last year.
In the third quarter ended Sept 30, 2026, Keyfield’s net profits stayed at RM41.4 million, just a tad higher than the RM41.34 million recorded a year ago, despite registering 30.4 per cent higher revenue of RM172.5 million.
Nevertheless, Keyfield’s group chief executive officer and executive director Datuk Darren Kee Chit Huei said the business’ prospects were improving following a challenging first half of 2026.
He said demand for its vessels remained robust in Malaysia and international markets, particularly the Middle East and Thailand, with utilisation rates expected to improve in the coming quarters.
Utilisation of its own vessels increased to 89 per cent in Q3 FY26 from 81.4 per cent a year earlier, reflecting stronger chartering activities and efforts to meet customer requirements.
International operations contributed 18.2 per cent of quarterly revenue, compared with 6.8 per cent in Q3 FY25.
Kee said the stronger revenue growth did not translate into a similar increase in earnings due to moderated charter rates for its own accommodation workboats and a higher contribution from third-party vessels, which carry lower gross profit margins.
The group expects stronger offshore activity in 2027 and 2028 to provide further growth opportunities.
In October 2026, Keyfield took delivery of Inai Kenanga, which will be renamed Keyfield Karuna, a mega trailing suction hopper dredger, marking its entry into the dredging industry.
The vessel is undergoing refurbishment and reactivation works, with commercial operations expected to begin in 2027.
Together with its cable-laying barge, Keyfield Blessing, the acquisition forms part of the group’s strategy to expand beyond oil and gas offshore vessel services into a broader marine solutions provider.
The group declared an interim dividend of two sen per share, unchanged from the corresponding quarter a year ago.