KUALA LUMPUR (Feb 25): Offshore vessel chartering firm Keyfield International Bhd’s (KL:KEYFIELD) net profit doubled in the final quarter of 2024 from a year earlier, thanks to higher charter rates and fleet expansion.

Net profit for the three months ended Dec 31, 2024 (4QFY2024) was RM45.49 million, against RM22.12 million in the same quarter a year earlier, the company said in a filing on Tuesday. Earnings per share rose to 5.66 sen from 4.42 sen last year.

Revenue for the quarter rose 38% to RM165 million, compared with RM119.53 million a year earlier, as both own vessels and third-party vessels saw increased chartering activities.

The company declared a fourth interim dividend of three sen per share, to be paid on March 28, bringing its total dividend payout for FY2024 to 11 sen per share. This represents a dividend payout ratio of 38.9%, almost double the company’s initial target of a 20% payout ratio.

For the full financial year ended Dec 31, 2024 (FY2024), Keyfield’s net profit jumped 115.1% to RM226.94 million, compared with RM105.48 million in FY2023. Revenue increased 59.6% to RM687.15 million from RM430.45 million in the previous year.

Compared to the preceding quarter in 3QFY2024, Keyfield’s net profit fell 43.9% from RM81.12 million, while revenue declined 23.89% from RM216.79 million. The quarter-on-quarter decline was mainly due to seasonal factors, as offshore oil and gas (O&G) activities in Malaysia typically slowed down in the fourth quarter due to the monsoon season.

Meanwhile, the group anticipates a temporary impact on chartered days in 1QFY2025, as several of its vessels undergo scheduled dry-docking and maintenance.

“Furthermore, due to several chartering projects being completed later in 4Q2024, we expect some of our four-point mooring vessels to be deployed later in 2025 for new chartering projects as compared to 2024,” it said.

Shares of Keyfield closed up one sen or 0.48% to RM2.11 on Tuesday, giving the group a market capitalisation of RM1.7 billion.