MANAGEMENT DISCUSSION AND ANALYSIS (CONT’D) FINANCIAL PERFORMANCE REVIEW FYE 2025 FYE 2024 Variance RM’000 RM’000 RM’000 % Revenue 430,524 687,152 (256,628) (37.3) Gross profit (“GP”) 184,871 341,958 (157,087) (45.9) Profit before tax (“PBT”) 183,748 304,245 (120,497) (39.6) PAT 143,599 227,783 (84,184) (37.0) PATAMI 142,920 226,942 (84,022) (37.0) EBITDA 256,702 360,319 (103,617) (28.8) GP margin (%) 42.9 49.8 - (6.9) PBT margin (%) 42.7 44.3 - (1.6) PAT margin (%) 33.4 33.1 - 0.3 PATAMI margin (%) 33.2 33.0 - 0.2 EBITDA margin (%) 59.6 52.4 - 7.2 Due to various external factors, our FYE 2025 business and financial performance were affected by softer demand conditions in the local offshore oil and gas industry, which the majority of our vessels were serving. Notwithstanding this, our Group still recorded a healthy set of financial results for the financial year, as shown in the table above. Revenue decreased by RM256.6 million or 37.3%, from RM687.2 million in FYE 2024 to RM430.5 million in FYE 2025. The reduction was mainly attributable to lower chartering and catering revenue from our own and third-party vessels. Our own vessels recorded 2,966 chartered days, representing a utilisation rate of 63.1% in FYE 2025 compared with 3,381 days or 80.4% in FYE 2024. Revenue from third-party vessels decreased from RM207.6 million in FYE 2024 to RM64.0 million in FYE 2025, reflecting our commitment to prioritising our own vessels. Our revenue is recognised based on time (i.e., the number of days our vessels are chartered) and not on project milestones. Revenue by Category of Vessels Own vessels, RM366.5 mil, 85.1% Own vessels, RM479.6 mil, 69.8% Third-party vessels, RM64.0 mil, 14.9% Third-party vessels, RM207.6 mil, 30.2% FYE 2025 FYE 2024 BUSINESS OVERVIEW (CONT’D) Meanwhile, in terms of customer geographical profile, in 2025, we also successfully deployed our vessels to customers outside Malaysia, i.e., to the Middle East region as well as India. Our customer base now includes PCSB, PACs, and oil and gas contractors in Malaysia, the Middle East, China (for our vessels deployed to the Middle East), Singapore (for our vessel deployed to India) as well as customers in the Malaysia-Thailand Joint Development Area. The breakdown of our revenue contributions by category of vessels and geographical segment of customers are illustrated as follows: - 24 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
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