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 growth in its owned vessel division. Revenue rose 47.8% year-over-year to US$22.8 million, as the company benefited from a higher number of high-tier vessels in operation since December 2025.
The owned vessel division saw revenue increase by 53.9% to US$22.8 million, with gross profit doubling to US$12.7 million. Gross margins improved to 55.7%, up from 41.1% in the same period last year, largely due to a utilization rate of 62% compared to 55% in 1Q2025. Total gross profit for the company rose by 101.6% to US$13.3 million.
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 were lower at US$0.4 million due to fewer idle vessels and no significant mobilization costs compared to the prior year.
Indirect expenses rose 14.6% to US$2.8 million, driven by a 16.7% increase in staff expenses due to the timing of Hari Raya and annual bonuses. Marketing costs increased 33.2% to US$0.2 million, reflecting higher tendering activity, while professional fees rose 46.3% to US$0.08 million from payroll software upgrades. Operating profit surged 153% to US$10.5 million.
Interest expenses fell slightly by 1.2% to US$0.5 million due to refinancing at lower rates, while interest income declined 14% to US$0.2 million. The company recorded a net loss from associates of US$0.5 million due to lower fleet utilization. Net profit attributable to shareholders reached US$4.8 million, yielding earnings per share of Rp18.4, up from Rp6.3 in 1Q2025. EBITDA rose 92.2% to US$14.6 million.
The ongoing Iran war and closure of the Strait of Hormuz have kept oil prices volatile and supply restricted, strengthening global resolve toward energy security. Up to US$40 billion in upstream projects are slated for acceleration worldwide, including in Indonesia, boosting demand for offshore support vessels. Wintermar plans to grow its fleet through new builds and acquisitions. An eighth Platform Supply Vessel purchased in late 2025 is undergoing repairs and should be operational in mid-second half 2026. While most vessels are on spot contracts, longer-term contracts for 2027 are in bidding. Associate company Fast Offshore Supply Pte Ltd in Singapore has secured a long-term contract to build a fleet of Crew Transfer Vessels (CTVs) in Singapore and Batam for delivery in 2027, expected to contribute earnings next year. Total contracts on hand as of end-March 2026 stood at US$47.8 million.
