Wintermar Offshore Marine Group (WINS:JK) reported a 194% year-over-year increase in attributable net profit to US$4.8 million for the first quarter of 2026, driven by strong performance in its owned vessel division. Revenue grew 47.8% to US$22.8 million, reflecting higher utilization and an expanded fleet of high-tier vessels.
The owned vessel division saw revenue rise 53.9% to US$22.8 million, with gross profit doubling to US$12.7 million. Gross margins improved to 55.7% from 41.1% in the same period last year, as the company benefited from a utilization rate of 62% compared to 55% in 1Q2025. The increase in high-tier vessels in operation since December 2025 boosted performance, though direct expenses rose in line with fleet expansion. 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. However, maintenance costs fell 1.8% to US$1.7 million, and fuel bunker costs declined to US$0.4 million due to fewer idle vessels.
Management's focus on marketing owned vessels and higher-margin services led to a 15% decline in chartering gross profit to US$0.03 million, while other services gross profit rose 17% to US$0.5 million with margins of 34.1%. Total gross profit more than doubled to US$13.3 million.
Indirect expenses increased 14.6% to US$2.8 million, primarily due to staff expenses rising 16.7% to US$2.1 million, attributed to the timing of Hari Raya and annual bonuses. Marketing costs rose 33.2% to US$0.2 million, reflecting increased tendering activity, and professional fees increased 46.3% to US$0.08 million due to payroll software upgrades. Operating profit jumped 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 dropped 14% to US$0.2 million due to lower time deposit rates. The company recorded a net loss of US$0.5 million from associated companies and a lower forex loss of US$0.15 million. Net profit attributable to shareholders reached US$4.8 million, yielding earnings per share of Rp18.4 compared to Rp6.3 in 1Q2025. EBITDA rose 92.2% to US$14.6 million.
Industry outlook remains positive despite geopolitical uncertainties. The Iran war and closure of the Strait of Hormuz have restricted oil supply, driving global energy security initiatives. Up to US$40 billion in upstream projects are slated for acceleration worldwide, including in Indonesia. The company plans 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 on spot contracts, some longer-term contracts are being bid for 2027. Associate company Fast Offshore Supply Pte Ltd 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 amount to US$47.8 million.
