28 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M) SUCCESSFUL LISTING OF OUR GROUP (CONT’D) In February 2022, Keyfield had issued 570,000,000 Keyfield CRNCPS as consideration for the acquisition of Keyfield Resolute Sdn Bhd, the owner of Keyfield Compassion and Keyfield Commander and the acquisition of Keyfield Grace. By utilising RM61.5 million from our IPO proceeds to partially redeem the 246,000,000 Keyfield CRNCPS, this resulted in savings of approximately RM1.8 million per annum in dividends payable for such instruments. The balance 324,000,000 Keyfield CRNCPS were also fully redeemed upon our IPO. We had also utilised RM3.0 million to repay term loans from Alliance Islamic Bank Malaysia Berhad, which had been drawn down by our Group earlier to partially finance the acquisition of Keyfield Kindness. Subsequently in FYE 2024, we had also fully settled these term loans using other internally generated funds. In April 2023, as part of our further fleet expansion strategy, we acquired 2 vessels, namely Keyfield Wisdom (formerly known as Blooming Wisdom) and Keyfield Helms 1. The purchase considerations for these vessels were payable over monthly instalments and Keyfield had the option to settle these earlier. We had utilised a total of RM100.0 million of our IPO proceeds to fully settle of the balance purchase considerations, thereby reduce our finance charges. The remaining RM8.6 million and RM15.0 million from the IPO proceeds were utilised towards defraying the listing expenses and for our working capital respectively. FINANCIAL PERFORMANCE REVIEW FYE 2024 FYE 2023 Change RM’000 RM’000 RM’000 % Revenue 687,152 430,451 256,701 59.6 Gross profit (“GP”) 341,958 185,502 156,456 84.3 Profit before tax (“PBT”) 304,245 146,522 157,723 107.6 PAT 227,783 107,115 120,668 112.7 PATAMI 226,942 105,475 121,467 115.2 EBITDA 360,319 197,355 162,964 82.6 GP margin (%) 49.8 43.1 - 6.7 PBT margin (%) 44.3 34.0 - 10.3 PAT margin (%) 33.1 24.9 - 8.2 PATAMI margin (%) 33.0 24.5 - 8.5 EBITDA margin (%) 52.4 45.8 - 6.6 We marked our first year being a listed company by achieving record-high revenue and profits for FYE 2024, the best financial performance in our history. Our revenue increased significantly by RM256.7 million or 59.6%, from RM430.5 million in FYE 2023 to RM687.2 million in FYE 2024. The increase in our revenue was mainly driven by higher chartering and catering revenue from both our own vessels and third-party vessels, whereby our own vessels logged a utilisation rate of 80.4% in FYE 2024 compared with 78.8% in FYE 2023. Meanwhile, third-party vessels’ chartered days improved to 2,374 days in FYE 2024 compared to 1,772 days in FYE 2023. Our revenue is recognised based on time charter (i.e. for how many days our vessels are being chartered) and not based on project milestones. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d)
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