Keyfield records PATAMI of RM105.5 mln for FY23, increase of 115.7 per cent
KUALA LUMPUR: Main Marketbound Keyfield International Berhad (Keyfield), announced its financial results for the fourth quarter (4Q23) and full year ended December 31, 2023 (FY23).
For 4Q23, Keyfield recorded a 72.7 per cent surge in profit after tax and minority interests (PATAMI) to RM22.1 million on the back of a 76.8 per cent increase in revenue to RM119.5 million.
These brings the total PATAMI and revenue for FY23 to RM105.5 million and RM430.5 million respectively, which were increases of 115.7 per cent and 82.3 per cent from the previous financial year (FY22).
The increases in PATAMI and revenue in 4Q23 and FY23 were contributed by both own vessels as well as third party vessels.
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 our vessels from customers.
In 4Q23, 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 4Q22, representing a utilisation rate of 69.4 per cent as well as an increase in 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. Meanwhile, third party chartered days in 4Q2023 was 540 days compared to 331 in 4Q22. Average DCR for third party vessels also increased by 6.2 per cent in 4Q23 as compared to 4Q22.
Based on Keyfield’s enlarged share capital of 800 million ordinary shares post IPO, the full year 2023 PATAMI gives an earnings per share (EPS) of 13.2 sen.
At the IPO price of RM0.90, this translates into a price to earnings ratio (PER) of 6.8 times.
Keyfield and its subsidiaries (Keyfield Group) are principally involved in the chartering of vessels, particularly accommodation work boats.
Presently, Keyfield Group owns 11 Malaysian-flagged vessels with capacities ranging from 50 to 500 persons. Keyfield is scheduled to be listed on the Main Market of Bursa Malaysia on April 22, 2024.