KUALA LUMPUR: Main Market-bound Keyfield International Bhd's net profit surged 115.8 per cent to RM105.5 million for the financial year ending on Dec 31, 2023 (FY23), driven by higher number of chartered days for own vessels, and higher use rate of 78.8 per cent in 2023.
The oil and gas company reported a net profit of RM48.9 million in the previous year.
The company's revenue grew 82.2 per cent to RM430.4 million compared with RM232.2 million in the previous financial year.
Keyfield and its subsidiaries are principally involved in the chartering of vessels, particularly accommodation work boats.
Keyfield Group owns 11 Malaysian-flagged vessels with capacities ranging from 50 to 500 persons. Keyfield is set to be listed on the Main market of Bursa Malaysia on April 22, 2024.
In FY23, Keyfield recorded a total of 2,624 chartered days for its own vessels, representing a utilisation rate of 78.8 per cent compared with 1,488 chartered days, representing a utilisation rate of 65.7 per cent in FY22.
Meanwhile, the number of chartered days for third party vessels increased to 1,772 in FY23 compared with 1,141 in FY22.
The increase in number of chartered days was underpinned by robust demand for its vessels from customers.
In the fourth quarter of 2023 (4Q23), Keyfield reported a 72.4 per cent jump in net profit to RM22.1 million, from RM12.8 million for the same quarter in FY22.
This was on 76.8 per cent jump in revenue to RM119.5 million for the quarter ended Dec 31, 2023.
Keyfield recorded a total of 665 chartered days for its own vessels, representing a utilisation rate of 72.3 per cent as compared to 447 days in the fourth quarter of 2022 (4Q22), representing a utilisation rate of 69.4 per cent as well as an increase in the average daily charter rate (DCR) of 16.6 per cent.
"The higher number of chartered days was mainly contributed by Keyfield Lestari, Blooming Wisdom, and Keyfield Helms 1," it said in a statement.
In 4Q23, the accommodation work boat provider reported that third-party chartered days totalled 540 days, up from 331 days in the fourth quarter of 2022.
"The DCR for third-party vessels increased by 6.2 per cent in the 4Q23 compared to the same period in 2022," it noted.
Based on Keyfield's enlarged share capital of 800 million ordinary shares post-initial public offering (IPO), the full-year 2023 profit after tax and minority interest (PATAMI) of RM105.5 milion values the company at an earnings per share (EPS) of 13.2 sen.
At the IPO price of 90 sen, this translates into a price-to-earnings ratio (PER) of 6.8 times.
