Wintermar Offshore Marine Group (WINS:JK) announced its financial results for the first quarter of 2026, posting a 194% year-over-year increase in attributable net profit to US$4.8 million. The growth was underpinned by a 47.8% revenue increase to US$22.8 million, largely from the Owned Vessel Division, which saw a 53.9% revenue rise to US$22.8 million and a doubling of gross profit to US$12.7 million. Gross margins in this division improved to 55.7% from 41.1% in 1Q2025, driven by a higher utilization rate of 62% compared to 55% in the prior year.
The company's focus on marketing owned vessels and expanding its Other Services division, which posted a 17% year-over-year gross profit increase to US$0.5 million, contributed to overall profitability. However, the Chartering Division experienced a 15% decline in gross profit to US$0.03 million. Direct expenses rose in line with the larger high-tier fleet: depreciation increased 20% to US$4.0 million, crewing costs rose 24.2% to US$2.9 million, and operational costs grew 38.5% to US$1.1 million. Maintenance costs fell slightly by 1.8% to US$1.7 million, and fuel bunker costs decreased to US$0.4 million due to fewer idle vessels.
Total gross profit more than doubled to US$13.3 million, while indirect expenses rose 14.6% to US$2.8 million, mainly due to staff expenses increasing 16.7% from Hari Raya and annual bonuses falling in the same quarter. Operating profit surged 153% to US$10.5 million. Interest expenses fell 1.2% to US$0.5 million from refinancing at lower rates, but interest income dropped 14% to US$0.2 million due to lower deposit rates. A net loss of US$0.5 million from associated companies and lower forex losses brought attributable net profit to US$4.8 million, with earnings per share of Rp18.4 compared to Rp6.3 in 1Q2025. EBITDA rose 92.2% to US$14.6 million.
The industry outlook remains strong despite the ongoing Iran war and volatile oil prices. Governments are prioritizing energy security, leading to acceleration of up to US$40 billion in upstream projects globally, 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. While most vessels are on spot contracts, some longer-term contracts are being bid 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, with deliveries in 2027. Total contracts on hand as of end-March 2026 amount to US$47.8 million.
