Keyfield International Berhad ("Keyfield") has announced impressive financial results for the second quarter ended 30 June 2024 ("2Q2024"). The company recorded a profit after tax and minority interests (PATAMI) of RM70.0 million for 2Q2024, marking a significant increase of 131.8% compared to the same period last year. For the year-to-date ending 30 June 2024, PATAMI surged by 166.8% to RM100.3 million. This performance has seen Keyfield achieve 95.1% of its full-year 2023 PATAMI in just six months.
Keyfield's strong performance is attributed to a rise in revenue from both its own vessels and third-party vessels segments. The company's utilisation rate for its own vessels reached 96.9% in 2Q2024, up from 93.8% in 2Q2023. Average daily charter rates also increased during this period, reflecting robust demand and tight supply conditions.
To meet excess demand, Keyfield significantly increased its use of third-party vessels, with the number of chartered days rising to 733 in 2Q2024 from 285 days in the previous year. Notably, the number of chartered days for third-party Anchor Handling Tug Supply (AHTS) vessels rose to 400 days in 2Q2024 from 146 days in 2Q2023. This growth follows Keyfield's acquisition of the PETRONAS SWEC Code for AHTS in December 2022 and its appointment as a Panel Contractor for AHTS in April 2024.
Dato' Darren Kee Chit Huei, Group Chief Executive Officer and Executive Director of Keyfield, commented, "Our solid financial results for 2Q2024 reflect the success of our strategic fleet expansion and our commitment to operational excellence. With recent additions to our fleet, including Keyfield Itqan and Aulia, we are well-positioned to continue delivering value to our stakeholders."
Keyfield's remaining order book as of 30 June 2024 stands at RM619.1 million, with RM337.5 million allocated for the remaining six months of financial year 2024. The company remains cautiously optimistic about capitalising on the industry upcycle, given the scarcity of suitable vessels for offshore operations.
The company has declared a second interim dividend of 3.0 sen per ordinary share, amounting to RM24.0 million, to be paid on 13 September 2024. This represents a payout ratio of 34.3% for 2Q2024, surpassing the Group's target payout ratio of 20%. To date, Keyfield has declared a total dividend of 4.0 sen per share for the financial year ending 31 December 2024, amounting to RM32.0 million.
