Wintermar Offshore Marine Group (WINS:JK) announced a 194% year-on-year increase in attributable net profit to US$4.8 million for the first quarter of 2026, underpinned by a 47.8% revenue growth. The company's owned vessel division led the performance, with revenue surging 53.9% to US$22.8 million and gross profit doubling to US$12.7 million, reflecting a gross margin improvement to 55.7% from 41.1% in the prior-year period.
The owned vessel division benefited from a higher number of high-tier vessels in operation since December 2025, achieving a utilization rate of 62% compared to 55% in 1Q2025. This helped offset a decline in chartering division gross profit, which fell 15% to US$0.03 million as management focused on marketing owned vessels and higher-margin other services. The other services segment contributed gross profit of US$0.5 million, up 17% year-on-year, with gross margins of 34.1%.
Direct expenses rose in line with fleet expansion, with depreciation climbing 20% to US$4.0 million and crewing costs up 24.2% to US$2.9 million. Operational costs grew 38.5% to US$1.1 million, while maintenance costs decreased 1.8% to US$1.7 million and fuel bunker costs fell to US$0.4 million due to fewer idle vessels. Total gross profit more than doubled to US$13.3 million, driven by the owned vessel division's strong performance.
Indirect expenses increased 14.6% to US$2.8 million, primarily due to higher staff expenses, which rose 16.7% to US$2.1 million because of the timing of Hari Raya and annual bonuses. Marketing costs increased 33.2% to US$0.2 million amid more tendering activity, and professional fees rose 46.3% to US$0.08 million for payroll software upgrades. Operating profit surged 153% to US$10.5 million.
Interest expenses fell 1.2% to US$0.5 million due to refinancing at lower rates, while interest income declined 14% to US$0.2 million. No vessel sales occurred, but associated companies recorded a net loss of US$0.5 million from lower fleet utilization. The company reported a lower forex loss of US$0.15 million compared to US$0.36 million in 1Q2025. EBITDA rose 92.2% to US$14.6 million.
Industry outlook remains positive despite the ongoing Iran war and volatile oil prices, with up to US$40 billion in upstream projects slated for acceleration globally, including in Indonesia. The company plans to grow its fleet through new buildings and acquisitions. Its eighth platform supply vessel, purchased in late 2025, is undergoing repairs and should be operational in mid-second half of 2026. While most vessels are on spot contracts, some longer-term contracts are in bidding for 2027. Associate company Fast Offshore Supply Pte Ltd has secured a long-term contract to build a fleet of crew transfer vessels in Singapore and Batam for delivery in 2027. Total contracts on hand as of end-March 2026 amounted to US$47.8 million.
Wintermar Offshore Marine Group (WINS.JK) operates a fleet of more than 44 offshore support vessels. For more information, visit www.wintermar.com.
