KUALA LUMPUR (May 25): Lianson Fleet Group Bhd's (KL:LFG) first-quarter net profit surged 87.7% to RM21.33 million from RM11.37 million a year earlier, driven by higher fleet utilisation and contributions from its expanding vessel portfolio.

Revenue for the three months ended March 31, 2026 rose 20.9% to RM69.22 million from RM57.25 million, according to the group in a filing with Bursa Malaysia.

The offshore support vessel operator said the stronger performance was underpinned by the continued expansion of its fleet and diversification into new asset classes, including marine transportation, port operations and warehouse infrastructure.

The expansion has broadened the group’s operating footprint and enhanced its ability to secure new charter opportunities, it added. As of end-March, LFG owned and operated 15 offshore support vessels and 38 marine transportation assets.

Fleet utilisation improved significantly to 78% from 51% a year ago despite the seasonal monsoon period, supported by stronger charter activities and the integration of newly acquired vessels into operations.

In line with the stronger earnings, LFG declared a first interim dividend of one sen per share, amounting to about RM11.8 million.

Managing director Lim Chern Wooi said the group continues to see growth opportunities across its business segments despite evolving conditions in the offshore oil and gas industry.

“We remain focused on strengthening our operational capabilities and expanding our regional footprint, particularly within the Southeast Asian marine and offshore industry. Our recent entry into the medium-range chemical tanker segment marks another step in diversifying our fleet portfolio,” he said.

Shares of LFG closed unchanged at RM1.68 on Monday, valuing the group at RM1.99 billion. The stock has rallied 123.1% over the past year.