Wintermar Offshore Marine Group (WINS:JK) reported a 194% year-on-year increase in attributable net profit to US$4.8 million for the first quarter of 2026, driven by a 47.8% revenue growth. The company's owned vessel division recorded a 53.9% revenue increase to US$22.8 million, with gross profit doubling to US$12.7 million on margins of 55.7%, compared to 41.1% in the same period last year.
The improved performance was largely due to a higher number of high-tier vessels in operation since December 2025, leading to a utilization rate of 62% versus 55% in 1Q2025. Total gross profit rose 101.6% year-on-year to US$13.3 million, primarily from the owned vessel division.
Operating profit surged 153% to US$10.5 million, while EBITDA climbed 92.2% to US$14.6 million. The company attributed the growth to better operational conditions and a focus on higher-margin divisions. Direct expenses increased in line with fleet expansion: depreciation rose 20% to US$4.0 million, crewing costs increased 24.2% to US$2.9 million, and operational costs grew 38.5% to US$1.1 million. However, maintenance costs fell 1.8% to US$1.7 million, and fuel bunker costs dropped to US$0.4 million due to fewer idle vessels.
Indirect expenses rose 14.6% year-on-year to US$2.8 million, driven by higher staff expenses, including Hari Raya and annual bonuses, and increased marketing and professional fees. Interest expenses fell 1.2% due to refinancing at lower rates, while interest income declined 14% on lower deposit rates.
Earnings per share reached Rp18.4, compared to Rp6.3 in 1Q2025. The company noted that the Iran war and closure of the Strait of Hormuz have boosted global energy security efforts, with up to US$40 billion in upstream projects being accelerated worldwide, including in Indonesia. Wintermar plans to grow its fleet through new builds and acquisitions. Its eighth Platform Supply Vessel, purchased in late 2025, is undergoing repairs and should be operational in mid-second half of 2026. Associate company Fast Offshore Supply Pte Ltd in Singapore has won a long-term contract to build a fleet of Crew Transfer Vessels for delivery in 2027. Total contracts on hand as of end-March 2026 stood at US$47.8 million.
