Keyfield Q2 net profit plunges 65pct on lower vessel utilisation
KUALA LUMPUR: Keyfield International Bhd's net profit plunged 65 per cent year-on-year to RM23 million in the second quarter ended June 30, 2026, due to a lower vessel utilisation rate, while revenue slipped 14 per cent to RM113.5 million.
The net profit of Keyfield International Bhd fell sharply 65% year-on-year to RM23 million in the second quarter of 2026, as lower vessel utilisation impacted the company's performance, according to a filing with the stock exchange. The revenue also decreased by 14% to RM113.5 million for the period. Despite these challenges, the company declared a second interim dividend of 1.5 sen per share, payable on September 21.
In the first half of the year, the net profit dropped 9% to RM79 million from RM87 million a year ago, while revenue declined 27% to RM160.7 million from RM218.7 million. Keyfield's Chief Executive Officer and Executive Director, Datuk Darren Kee Chit Huei, expressed optimism about the second half of the year, citing new local and international contracts that are expected to commence fully in the third quarter.
The company plans to continue renewing and upgrading its fleet, including the construction of three new vessels, to prepare for increased offshore activity in 2027 and 2028. Kee Chit Huei also mentioned that the company is exploring strategic expansion opportunities beyond the oil and gas sector.
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