31 ANNUAL REPORT 2024 FINANCIAL POSITION AND LIQUIDITY REVIEW (CONT’D) Statement of Cash Flows (Cont’d) Our Group’s net cash used in investing activities was higher at RM148.4 million in FYE 2024, mainly due to the acquisition of property, plant and equipment, which mainly consists of vessels, vessel equipment and dry docking as well as progress payment towards shipbuilding of a new DP2 AWB. Details of our capital expenditure in FYE 2024 is included in the following section below. In FYE 2024, Keyfield undertook 2 major capital fund-raising exercises which is reflected in our financing activities. In April 2024, we undertook our IPO and were listed on the Main Market of Bursa Securities, where we had issued a total of 208,960,000 Keyfield shares and obtained net cash proceeds of RM182.7 million. From these net proceeds, we had made repayments to third-party vendors of Keyfield Wisdom and Keyfield Helms 1 totalling RM100.0 million, cash redemption of Keyfield CRNCPS of RM61.5 million and RM3.0 million to repay bank borrowings. Other than this, we had also fully repaid all bank borrowings and full repayments to the above vendors as well as lease liabilities repayments, using internally generated funds. Meanwhile, in December 2024, Keyfield had issued a total of RM200.0 million nominal value Sukuk Wakalah, consisting of two tranches of RM100.0 million each, with maturities of 3 and 5 years from the date of issuance respectively. The total net proceeds raised from this issuance was RM196.7 million and such proceeds remained in our cash and cash equivalents as at end of FYE 2024. Apart from the above fund-raising exercises, the other major component of cash flows generated from financing activities was dividends paid amounting to RM79.3 million. In FYE 2024, Keyfield had paid RM15.0 million in dividends for FYE 2023 and another RM64.2 million in dividends for FYE 2024. The balance dividend of 3 sen per share for FYE 2024 amounting to RM24.1 million, which was declared on 25 February 2025, was paid in March 2025 and will be accounted for in the statement of cash flows for financial year ending 31 December 2025 (“FYE 2025”). Our cash and cash equivalents position is very healthy and holds us in good stead for our future expansion plans. CAPITAL STRUCTURE, RESOURCES AND EXPENDITURE As at 31 December 2024, the total equity attributable to our shareholders stood at RM710.6 million, which was almost 2.5 times of the previous year’s figure of RM288.4 million. This translated into a NA per share of RM0.89 compared to previous year’s NA per share of RM0.59. Our share capital had increased to RM393.2 million comprising 803,147,900 ordinary shares from RM125.3 million comprising 501,040,000 ordinary shares as at the end of 2023, mainly due to our IPO during the year where we had issued 208,960,000 ordinary shares to the public at RM0.90 each and another 90,000,000 ordinary shares at the same price to partially redeem their Keyfield CRNCPS. Other share capital increases during the year were due to the exercise of employee share options pursuant to Keyfield’s Employee Share Option Scheme (“ESOS”), which was established on 22 April 2024 together with our IPO. Our retained profits increased to RM310.8 million as at 31 December 2024 from RM163.1 million as at 31 December 2023 due to the PAT recorded for FYE 2024, less dividends paid. Meanwhile, the fair value of share options which have been granted to employees are recognised as staff costs over the vesting period and such fair value is accounted for as Employee Share Option Reserve. As and when the share options are exercised, the fair value of such options are then adjusted to share capital. Apart from equity share capital and internally generated funds, we currently finance our operations through a combination of long and short term debt as well as credit facilities extended by our suppliers. In October 2024, Keyfield had established our 30-year Sukuk Wakalah Programme of up to RM1.0 billion, which has been assigned a credit rating of AA3 by RAM Rating Services Berhad and which we had made the first issuance of RM200.0 million nominal value in December 2024, with RM800.0 million available to be issued in the future. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d)
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