MANAGEMENT DISCUSSION AND ANALYSIS (CONT’D) FINANCIAL POSITION AND LIQUIDITY REVIEW Statement of Financial Position 31.12.2025 31.12.2024 Variance RM’000 RM’000 RM’000 % Non-current assets 878,458 651,329 227,129 34.9 Current assets 304,127 486,263 (182,136) (37.5) Total assets 1,182,585 1,137,592 44,993 4.0 Non-current liabilities 329,825 299,770 30,055 10.0 Current liabilities 65,226 122,877 (57,651) (46.9) Total liabilities 395,051 422,647 (27,596) (6.5) NA 787,534 714,945 72,589 10.2 NA per share (RM) 0.98 0.89 0.09 10.1 Current ratio (times) 4.7 4.0 0.7 17.5 Gross gearing ratio (times) 0.3 0.3 - - Net gearing ratio (times) 0.004 Nil - - As at 31 December 2025, our total assets increased by RM45.0 million or 4.0% to RM1,182.6 million, from RM1,137.6 million as at 31 December 2024 primarily driven by an increase of RM227.1 million in non-current assets, which in turn was contributed by the following: - • increase in property, plant and equipment by RM243.3 million arising from the acquisitions of 3 vessels in FYE 2025, namely Keyfield Gratitude, Keyfield Blessing and Keyfield Harmony for total of RM243.7 million, payment towards the shipbuilding of our new DP2 AWB of RM27.0 million and RM54.3 million in respect of vessel equipment, dry docking for special survey and others. This was offset by the disposal of Keyfield Lestari as well as depreciation charges for the financial year; • the above was partially offset by a RM16.0 million reduction in our right-ofuse assets, mainly arising from the repayment of lease liabilities relating to 2 chartered third-party vessels and tenancy agreements for our head office. Meanwhile, our total current assets decreased by RM182.1 million to RM304.1 million as at 31 December 2025. The decrease was mainly due to the following: - • reduction of RM116.7 million in trade receivables due to collections from our customers. The decrease in trade receivables is also largely in tandem with the lower revenue recorded during FYE 2025; and • reduction of RM86.7 million in cash and bank balances, which is discussed in the section on Statement of Cash Flows below. Our total liabilities decreased by RM27.6 million or 6.5% to RM395.1 million as at 31 December 2025 from RM422.6 million as at 31 December 2024. The decrease was mainly attributable to lower trade payables (decreased by RM38.1 million), lower lease liabilities (decreased by RM16.1 million) and current tax liabilities (decreased by RM21.3 million) due to payments made to suppliers, lease creditors and the Inland Revenue Board during the financial year. The above were partially offset by an increase in borrowings by RM25.7 million, arising from the drawdown of a vessel term loan from a local Islamic bank during the financial year and increase in deferred tax liabilities by RM22.4 million to account for timing differences between accounting profit and taxable profit. Our borrowings as at 31 December 2025 consisted of our maiden Sukuk Wakalah, which was carried at a fair value of RM197.5 million and the above-mentioned vessel term loan. Overall, our Group closed the financial year with a healthy financial position. As at 31 December 2025, we had cash and cash equivalents of RM234.9 million and was in a minimal net gearing position of 0.004 times. Our NA improved by RM72.6 million to RM787.5 million, translating to a NA per share of 98.0 sen, while our current ratio strengthened to 4.7 times from 4.0 times in FYE 2024, reflecting a robust liquidity profile. 26 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
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