KUALA LUMPUR (Nov 12): Keyfield International Bhd (KL:KEYFIELD) posted a flat net profit in the third quarter as lower charter rates offset improved vessel utilisation.

Net profit for the three months ended Sept 30, 2026 (3QFY2026) stood at RM41.4 million, up 0.13% from RM41.34 million a year ago, according to the offshore support vessel provider’s bourse filing on Thursday.

The group declared a third interim dividend of two sen per share, to be paid on Jan 8.

The flat earnings were despite a 30.3% increase in revenue to RM172.47 million from RM132.35 million, on the back of vessel utilisation rising to 89% compared with 81.4% previously, as demand conditions improved.

Keyfield said lower margins were due to a higher proportion of revenue contributed by anchor handling tug supply (AHTS) vessels, which earn lower gross profit per chartered-day, as well as the group’s internal strategy to moderate charter rates to increase utilisation and gain bigger market share.

Higher vessel depreciation of RM17.6 million, compared with RM12.4 million in 3QFY2025, also weighed on bottomline.

For the first nine months of FY2026, Keyfield’s net profit dropped 6% to RM120.61 million from RM128.38 million in the same period a year earlier, while revenue dropped 5.1% to RM333.17 million from RM351.07 million.

Keyfield group CEO and executive director Datuk Darren Kee Chit Huei said brighter prospects are ahead as demand conditions remain robust.

“Overall, we are on track to achieve better operational and financial metrics in the second half of 2026 as compared to 2025. Business momentum continues to perk up while the anticipated upswing in offshore activities in 2027 and 2028 is expected to present further opportunities for the group,” he said.

Shares of Keyfield ended four sen or 2.86% lower at RM1.36, valuing the group at RM1.1 billion.