Nevertheless, our performance was cushioned by the strategic disposal of Keyfield Lestari, which generated a gain on disposal of RM25.7 million as part of our ongoing fleet optimisation and capital recycling strategy. At the same time, we continued to strengthen our fleet through the acquisition of 3 vessels, namely Keyfield Gratitude, Keyfield Blessing and Keyfield Harmony. These additions position us to capture opportunities in both the local and international markets as demand recovers. Beyond fleet expansion, FYE 2025 marked our inaugural expansion beyond Malaysia, with our customer base now extending to Singapore, China and the Middle East. This strategic expansion contributed RM33.0 million or 7.7% of total revenue for FYE 2025, representing a meaningful first step in reducing our concentration risk and positioning us for a more diversified business model for the future. Despite the headwinds experienced during FYE 2025, the Group continued to demonstrate financial resilience and discipline. We maintained a strong balance sheet, with total assets of approximately RM1.2 billion, cash and cash equivalents of RM234.9 million and a minimal net gearing of 0.004x as at 31 December 2025, as well as positive operating cash flows during the financial year, enabling us to navigate current market conditions while positioning ourselves for future opportunities. REWARDING OUR SHAREHOLDERS Notwithstanding the softer operating environment, the Board remained committed to delivering meaningful returns to shareholders. For FYE 2025, we declared a total dividend of 9.0 sen per ordinary share, amounting to RM72.6 million in total dividends. While the dividend per share was lower than the 11.0 sen declared in FYE 2024, reflecting the moderation in our earnings, the payout ratio increased to 51.0% of our PATAMI, compared to 38.9% in FYE 2024 and well surpassing our target dividend payout ratio of at least 20.0%. This underscores the Board’s commitment to rewarding shareholders even in a more challenging operating environment. In addition to the above, the Board also declared a special single-tier dividend of 2.0 sen per ordinary share on 25 February 2026, arising from the successful disposal of Keyfield Compassion, amounting to a total dividend payout of RM16.1 million payable on 27 March 2026. This special dividend reflects our commitment to sharing the proceeds from capital recycling with our shareholders. Looking ahead, it is the Board’s intention to maintain a healthy dividend payout ratio, balancing the need to conserve cash to support business expansion and future growth while continuing to reward shareholders with dividends, subject to the Group’s financial performance, operational requirements and growth plans. UPHOLDING STRONG GOVERNANCE Strong governance remains a cornerstone of how we operate. The Board is firmly committed to maintaining high standards of corporate governance, transparency and accountability in accordance with the Malaysian Code on Corporate Governance (“MCCG”). During FYE 2025, the Board undertook a comprehensive review and update of our key governance documents, including the Anti-Bribery and Corruption Policy, Whistleblowing Policy and Remuneration Policy, to ensure their continued relevance and alignment with evolving industry standards and corporate governance best practices. 15 Annual Report 2025
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