Kuala Lumpur (May 15) - Offshore accommodation vessel provider Keyfield International Bhd recorded a sharp increase in earnings for its latest financial quarter, reflecting stronger demand for offshore support services within the oil and gas industry.
The company announced that its net profit surged by 171 per cent to RM56.13 million for the third quarter ended March 31, 2026, compared to RM20.73 million recorded during the same period a year earlier.
Revenue also climbed significantly to RM210.39 million, up from RM112.16 million previously, driven mainly by higher charter rates and improved utilisation of its fleet of accommodation workboats and support vessels.
Keyfield attributed the stronger financial performance to continued demand from offshore oil and gas activities, particularly as exploration and production projects remain active across regional waters.
The company’s earnings per share rose to 7.47 sen, compared to 2.76 sen recorded in the corresponding quarter last year.
For the cumulative nine-month period, Keyfield posted a net profit of approximately RM141.79 million, compared to RM57.92 million in the previous corresponding period. Revenue for the same period increased to about RM550.92 million, up from RM293.39 million previously.
The company noted that the offshore support vessel market continues benefiting from stronger industry fundamentals, including sustained oil and gas activities and healthier vessel charter demand.
For Sabahans, particularly those involved in the oil and gas ecosystem, Keyfield’s strong performance reflects broader activity within Malaysia’s offshore energy sector, which remains closely tied to Sabah’s economy.
Sabah is home to several major offshore oil and gas developments, especially along the west and east coast waters near areas such as Kota Kinabalu, Labuan, and Sipitang. Increased demand for offshore support vessels could indirectly support local marine services, logistics operators, fabrication activities, and technical employment opportunities linked to the sector.
The stronger market conditions may also benefit Sabahans working offshore or in supporting industries such as engineering, vessel maintenance, catering, transport, and port services.
At the same time, continued expansion in offshore activities may strengthen economic spillover effects for Sabah-based suppliers and contractors if more local participation is secured within the industry supply chain.
However, the benefits may not automatically translate into widespread gains for ordinary Sabahans unless employment opportunities and vendor participation are distributed more broadly at the local level.
The company’s improved earnings also reflect how offshore energy activities remain an important contributor to Malaysia’s economy despite global volatility in commodity markets.
For Sabah, where oil and gas continues playing a significant economic role, the latest financial results signal that offshore-related industries may continue seeing activity and investment momentum in the near term.