Wintermar Offshore Marine Group (WINS:JK) announced its financial results for the first quarter of 2026, reporting a 194% year-over-year increase in attributable net profit to US$4.8 million. The company's revenue grew 47.8% year-on-year to US$22.8 million, driven primarily by the Owned Vessel Division, which saw a 53.9% increase in revenue to US$22.8 million. Gross profit from owned vessels doubled to US$12.7 million, with gross margins improving to 55.7% from 41.1% in the prior year.
The company's utilization rate for owned vessels rose to 62% in 1Q2026, compared to 55% in 1Q2025, reflecting increased operational activity. Total gross profit surged 101.6% year-on-year to US$13.3 million, largely due to the strong performance of the owned fleet. However, direct expenses increased, with depreciation rising 20.0% to US$4.0 million, crewing costs up 24.2% to US$2.9 million, and operational costs up 38.5% to US$1.1 million. Maintenance costs dipped 1.8% to US$1.7 million, and fuel bunker costs were lower at US$0.4 million due to fewer idle vessels.
Indirect expenses rose 14.6% year-on-year to US$2.8 million, mainly due to staff expenses increasing 16.7% to US$2.1 million, attributed to the timing of Hari Raya and annual bonuses. Marketing costs grew 33.2% to US$0.2 million, reflecting increased tendering activity, while professional fees rose 46.3% to US$0.08 million due to payroll software upgrades. Operating profit increased 153.0% to US$10.5 million.
Other expenses included a slight decrease in interest expenses by 1.2% to US$0.5 million due to refinancing at lower rates, while interest income fell 14% to US$0.2 million. Associated companies recorded a net loss of US$0.5 million due to lower fleet utilization. The company reported a lower foreign exchange loss of US$0.15 million compared to US$0.36 million in the prior year. Total attributable net profit reached US$4.8 million, yielding earnings per share of Rp18.4, up from Rp6.3. EBITDA rose 92.2% year-on-year to US$14.6 million.
The company noted that the ongoing Iran war and closure of the Strait of Hormuz have restricted oil supply, leading to volatile oil prices and heightened global focus on energy security. This has spurred acceleration of upstream projects worth up to US$40 billion globally, including in Indonesia. Wintermar is planning to grow its fleet through newbuilds and acquisitions. Its eighth Platform Supply Vessel, purchased in late 2025, is undergoing repairs and is expected to be operational in mid-second half of 2026. While most vessels are currently on spot contracts, longer-term contracts are under bidding for 2027. Associate company Fast Offshore Supply Pte Ltd has won 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 March 2026 amount to US$47.8 million.
For more information, visit Wintermar Offshore Marine Group.
