Keyfield’s FY23 revenue, earnings surge

Group poised to do well after going public on April 22

KUALA LUMPUR: For fourth quarter (Q4’23), Main Market-bound Keyfield International Bhd recorded a 72.7% surge in profit after tax and minority interests (Patami) to RM22.1 million on the back of a 76.8% 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% and 82.3% from the previous financial year (FY22). The increases in Patami and revenue in Q4’23 and FY23 were contributed by both own vessels as well as third party vessels.

For full year ended Dec 31, 2023 (FY23), Keyfield recorded a total of 2,624 chartered days for its own vessels, representing a utilisation rate of 78.8% compared with 1,488 chartered days, representing a utilisation rate of 65.7% 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 their vessels from customers.

In Q4’23, Keyfield recorded a total of 665 chartered days for its own vessels, representing a utilisation rate of 72.3% as compared to 447 days in Q4’22, representing a utilisation rate of 69.4% as well as an increase in average daily charter rate (DCR) of 16.6%. The higher number of chartered days was mainly contributed by Keyfield Lestari, Blooming Wisdom and Keyfield Helms 1.

Meanwhile, third party chartered days in Q4’23 was 540 days compared to 331 in Q4’22. Average DCR for third party vessels also increased by 6.2% in Q4’23 as compared to Q4’22.

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 Securities Bhd on April 22.