MANAGEMENT DISCUSSION AND ANALYSIS (CONT’D) CAPITAL STRUCTURE, RESOURCES AND EXPENDITURE Capital Expenditure RM’000 Acquisition of vessels 243,656 Vessel construction work-in-progress 26,962 Vessel equipment, dry docking and others 54,299 Total 324,917 Acquisition of vessels, 75.0% Vessel equipment, dry docking and others, 16.7% Vessel construction work-inprogress, 8.3% With these funding sources, our Group remains wellcapitalised and has sufficient financial resources to support both near-term operations and long-term growth initiatives. In FYE 2025, we invested a total of RM324.9 million for the following capital expenditure: - We believe that fleet expansion is important for the growth and long-term sustainability of our Group. As at 31 December 2025, our fleet comprised 15 own vessels. Following the disposal of Keyfield Compassion in February 2026, our fleet now comprises 14 vessels. In FYE 2025, we allocated RM243.7 million or 75.0% of our total capital expenditure to acquire 3 vessels, namely Keyfield Gratitude (completed in January 2025), Keyfield Blessing (completed in April 2025) and Keyfield Harmony (completed in October 2025). We also made further progress payment of USD6.1 million, equivalent to RM27.0 million, towards the shipbuilding of our new DP2 AWB by Jingjiang Nanyang Shipbuilding Co., Ltd. (“JNS” or “Builder”) and Nantong Shunyang Trade and Development Co., Ltd (“NSTD” or “Trading House”) which was contracted in FYE 2024 at a contract price of USD30.5 million. The balance payable over the remaining shipbuilding period expected until FYE 2026 is USD18.3 million, equivalent to RM74.3 million based on the closing USD:RM exchange rate on 31 December 2025. As at 31 December 2025, the total equity attributable to our shareholders stood at RM782.5 million, representing an increase of RM71.9 million or 10.1% from the previous financial year’s figure of RM710.6 million. This translated into a NA per share of RM0.98, compared to RM0.89 in the prior year. Our share capital increased to RM400.5 million comprising 807,877,700 ordinary shares (including treasury shares) as at 31 December 2025 from RM393.2 million comprising 803,147,900 ordinary shares as at 31 December 2024. The increase in share capital was mainly due to the issuance of 4,729,800 shares pursuant to the exercise of employee share options under Keyfield’s Employee Share Option Scheme (“ESOS”). During the financial year, the Company also repurchased 1,963,000 ordinary shares, which are held as treasury shares. Our retained profits increased to RM381.3 million as at 31 December 2025 from RM310.8 million as at 31 December 2024, due to the PAT recorded during FYE 2025, net of dividends paid. Meanwhile, the fair value of share options granted to employees under Keyfield’s ESOS continues to be recognised as staff costs over the vesting period, with such fair value accounted for under the Employee Share Option Reserve. Upon exercise of the share options, the fair value of such options is adjusted to the share capital. In addition to equity share capital and internally generated funds, our operations are financed through a mix of long term and short term borrowings as well as supplier credit facilities. Our 30-year Sukuk Wakalah programme of up to RM1.0 billion, established in October 2024, carries a credit rating of AA3 by RAM Rating Services Berhad. The maiden issuance of RM200.0 million nominal value was completed in December 2024, with RM800.0 million available for future issuances. As at 31 December 2025, our borrowings comprised RM222.3 million mainly from the maiden issuance under our Sukuk Wakalah programme, amounting to RM197.5 million as well as vessel term loan amounting to RM24.8 million. The term loans were drawn down during FYE 2025 under a 5-year vessel financing facility to refinance the acquisition of Keyfield Aulia. We also have various working capital banking facilities, comprising invoice financing, bank guarantees and foreign exchange facilities, which are currently unutilised except for bank guarantees required by our customers. 28 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
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