NamCheong 1MZ
SGD 0.815
+3.07% +0.03 Updated 13 Nov 2026, 10:08 SGT
Financials
ANNUAL REPORT 2025
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10 tablesStatements of Financial Position - The Group
34 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group, 31 December 2025 | 2024The Group, 31 December 2024 | Source |
|---|---|---|---|
| Non-Current Assets | |||
| Property, plant andRM'000 | 808,677 | 712,397 | PDF p. 61 |
| SubsidiariesRM'000 | - | - | PDF p. 61 |
| AssociatesRM'000 | 4,176 | 36,572 | PDF p. 61 |
| Joint venturesRM'000 | 6,271 | 4,145 | PDF p. 61 |
| Other investmentsRM'000 | - | 610 | PDF p. 61 |
| SubtotalRM'000 | 819,124 | 753,724 | PDF p. 61 |
| Current Assets | |||
| Other investmentsRM'000 | - | 1,816 | PDF p. 61 |
| InventoriesRM'000 | 212,919 | 93,268 | PDF p. 61 |
| Trade and otherRM'000 | 203,018 | 267,017 | PDF p. 61 |
| PrepaymentsRM'000 | 7,746 | 27,916 | PDF p. 61 |
| Cash and bank balancesRM'000 | 193,416 | 127,809 | PDF p. 61 |
| Fixed depositsRM'000 | 9,371 | 7,281 | PDF p. 61 |
| Current tax recoverableRM'000 | 6,109 | 41 | PDF p. 61 |
| SubtotalRM'000 | 632,579 | 525,148 | PDF p. 61 |
| ASSETS | |||
| Total assetsRM'000 | 1,451,703 | 1,278,872 | PDF p. 61 |
| Capital and Reserves | |||
| Share capitalRM'000 | 230 | 227 | PDF p. 61 |
| Share premiumRM'000 | 590,109 | 586,604 | PDF p. 61 |
| Treasury sharesRM'000 | (4,097) | (4,097) | PDF p. 61 |
| ReservesRM'000 | 82,233 | 112,037 | PDF p. 61 |
| Retained earnings/RM'000 | 157,263 | (133,989) | PDF p. 61 |
| Equity attributable toRM'000 | 825,738 | 560,782 | PDF p. 61 |
| Non-controlling interestsRM'000 | 18,938 | 13,780 | PDF p. 61 |
| EQUITY | |||
| Total equityRM'000 | 844,676 | 574,562 | PDF p. 61 |
| Non-Current Liabilities | |||
| Deferred tax liabilitiesRM'000 | 23,283 | 17,803 | PDF p. 61 |
| BorrowingsRM'000 | 327,478 | 423,131 | PDF p. 61 |
| Trade and other payablesRM'000 | 8,467 | 22,762 | PDF p. 61 |
| SubtotalRM'000 | 359,228 | 463,696 | PDF p. 61 |
| Current Liabilities | |||
| BorrowingsRM'000 | 99,451 | 35,230 | PDF p. 61 |
| Trade and other payablesRM'000 | 108,381 | 171,322 | PDF p. 61 |
| Provision for financialRM'000 | 27,508 | 30,315 | PDF p. 61 |
| Current tax payableRM'000 | 12,459 | 3,747 | PDF p. 61 |
| SubtotalRM'000 | 247,799 | 240,614 | PDF p. 61 |
| Liabilities | |||
| Total liabilitiesRM'000 | 607,027 | 704,310 | PDF p. 61 |
| Total equity andRM'000 | 1,451,703 | 1,278,872 | PDF p. 61 |
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Definitions & sources
Original report: PDF p. 61 ↗
RM'000 as printed. Note column omitted. Subtotal rows have no printed label.
Statements of Financial Position - The Company
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Company, 31 December 2025 | 2024The Company, 31 December 2024 | Source |
|---|---|---|---|
| Non-Current Assets | |||
| SubsidiariesRM'000 | 1,621,118 | 1,558,181 | PDF p. 61 |
| SubtotalRM'000 | 1,621,118 | 1,558,181 | PDF p. 61 |
| Current Assets | |||
| Trade and otherRM'000 | - | 140 | PDF p. 61 |
| PrepaymentsRM'000 | 126 | 144 | PDF p. 61 |
| Cash and bank balancesRM'000 | 121 | 170 | PDF p. 61 |
| SubtotalRM'000 | 247 | 454 | PDF p. 61 |
| ASSETS | |||
| Total assetsRM'000 | 1,621,365 | 1,558,635 | PDF p. 61 |
| Capital and Reserves | |||
| Share capitalRM'000 | 230 | 227 | PDF p. 61 |
| Share premiumRM'000 | 590,109 | 586,604 | PDF p. 61 |
| Treasury sharesRM'000 | (4,097) | (4,097) | PDF p. 61 |
| ReservesRM'000 | 784,730 | 784,600 | PDF p. 61 |
| Retained earnings/RM'000 | (4,795) | (83,025) | PDF p. 61 |
| Equity attributable toRM'000 | 1,366,177 | 1,284,309 | PDF p. 61 |
| EQUITY | |||
| Total equityRM'000 | 1,366,177 | 1,284,309 | PDF p. 61 |
| Non-Current Liabilities | |||
| BorrowingsRM'000 | 189,811 | 213,080 | PDF p. 61 |
| SubtotalRM'000 | 189,811 | 213,080 | PDF p. 61 |
| Current Liabilities | |||
| BorrowingsRM'000 | 22,666 | 23,003 | PDF p. 61 |
| Trade and other payablesRM'000 | 15,203 | 7,928 | PDF p. 61 |
| Provision for financialRM'000 | 27,508 | 30,315 | PDF p. 61 |
| SubtotalRM'000 | 65,377 | 61,246 | PDF p. 61 |
| Liabilities | |||
| Total liabilitiesRM'000 | 255,188 | 274,326 | PDF p. 61 |
| Total equity andRM'000 | 1,621,365 | 1,558,635 | PDF p. 61 |
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Definitions & sources
Original report: PDF p. 61 ↗
RM'000 as printed. Note column omitted.
Consolidated Statement of Profit or Loss and Other Comprehensive Income - The Group
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group, year ended 31 December 2025 | 2024The Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueRM'000 | 619,885 | 684,714 | PDF p. 62 |
| Cost of salesRM'000 | (318,437) | (321,429) | PDF p. 62 |
| Gross profitRM'000 | 301,448 | 363,285 | PDF p. 62 |
| Other incomeRM'000 | 137,917 | 552,350 | PDF p. 62 |
| Administrative expensesRM'000 | (78,797) | (59,762) | PDF p. 62 |
| Other operating expensesRM'000 | (11,792) | (14,270) | PDF p. 62 |
| Finance costsRM'000 | (19,248) | (18,365) | PDF p. 62 |
| Share of results of associates, net of taxRM'000 | 99 | 27,684 | PDF p. 62 |
| Share of results of joint ventures, net of taxRM'000 | 2,848 | (4,975) | PDF p. 62 |
| Profit before taxationRM'000 | 332,475 | 845,947 | PDF p. 62 |
| TaxationRM'000 | (40,148) | (45,749) | PDF p. 62 |
| Profit for the yearRM'000 | 292,327 | 800,198 | PDF p. 62 |
| Other comprehensive income/(loss) | |||
| Foreign currency translation loss arisingRM'000 | (33,300) | (11,929) | PDF p. 62 |
| Other comprehensive loss for the year,RM'000 | (32,655) | (12,025) | PDF p. 62 |
| Total comprehensive income for the yearRM'000 | 259,672 | 788,173 | PDF p. 62 |
| Profit attributable to | |||
| Owners of the CompanyRM'000 | 287,169 | 785,243 | PDF p. 62 |
| Non-controlling interestsRM'000 | 5,158 | 14,955 | PDF p. 62 |
| Total comprehensive income attributable to | |||
| Owners of the CompanyRM'000 | 254,514 | 773,218 | PDF p. 62 |
| Earnings per share | |||
| - Basic (Malaysia sen)Malaysia sen per share | 72.47 | 235.95 | PDF p. 62 |
| - Diluted (Malaysia sen)Malaysia sen per share | 72.15 | 232.44 | PDF p. 62 |
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Definitions & sources
Original report: PDF p. 62 ↗
RM'000 except EPS in Malaysia sen. No separate Company income statement is presented in the report; only consolidated is printed.
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Group)
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, RM'000 | 2024Group, year ended 31 December 2024, RM'000 | Source |
|---|---|---|---|
| Profit | |||
| Profit for the yearRM'000 | 292,327 | 800,198 | PDF p. 62 |
| Other comprehensive income/(loss): items that may be reclassified | |||
| Fair value gain/(loss) on financial asset at fair value through other comprehensive incomeRM'000 | 645 | (96) | PDF p. 62 |
| Foreign currency translation loss arising from foreign operationsRM'000 | (33,300) | (11,929) | PDF p. 62 |
| Other comprehensive income/(loss) | |||
| Other comprehensive loss for the year, net of tax of nilRM'000 | (32,655) | (12,025) | PDF p. 62 |
| Total comprehensive income | |||
| Total comprehensive income for the yearRM'000 | 259,672 | 788,173 | PDF p. 62 |
| Profit attributable to | |||
| Owners of the CompanyRM'000 | 287,169 | 785,243 | PDF p. 62 |
| Non-controlling interestsRM'000 | 5,158 | 14,955 | PDF p. 62 |
| Total comprehensive income attributable to | |||
| Owners of the CompanyRM'000 | 254,514 | 773,218 | PDF p. 62 |
| Earnings per share | |||
| - Basic (Malaysia sen)Malaysia sen | 72.47 | 235.95 | PDF p. 62 |
| - Diluted (Malaysia sen)Malaysia sen | 72.15 | 232.44 | PDF p. 62 |
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Definitions & sources
Original report: PDF p. 62 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Other comprehensive loss for the year is net of tax of nil. Earnings per share in Malaysia sen.
Consolidated Statement of Changes in Equity - year ended 31 December 2025 (Group)
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Share capital, RM'000 | 2025Share premium, RM'000 | 2025Treasury shares, RM'000 | 2025Contributed surplus, RM'000 | 2025Foreign currency translation reserve, RM'000 | 2025Capital reserve, RM'000 | 2025Fair value reserve, RM'000 | 2025Share grant reserve, RM'000 | 2025(Accumulated losses)/Retained earnings, RM'000 | 2025Equity attributable to owners of the Company, RM'000 | 2025Non-controlling interests, RM'000 | 2025Total equity, RM'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance | |||||||||||||
| At 1 January 2025RM'000 | 227 | 586,604 | (4,097) | 3,937 | 109,052 | 359 | (3,366) | 2,055 | (133,989) | 560,782 | 13,780 | 574,562 | PDF p. 63 |
| Movements | |||||||||||||
| Profit for the yearRM'000 | - | - | - | - | - | - | - | - | 287,169 | 287,169 | 5,158 | 292,327 | PDF p. 63 |
| Other comprehensive income | |||||||||||||
| Total other comprehensive (loss)/income for the yearRM'000 | - | - | - | - | (33,300) | - | 645 | - | - | (32,655) | - | (32,655) | PDF p. 63 |
| Total comprehensive (loss)/income for the yearRM'000 | - | - | - | - | (33,300) | - | 645 | - | 287,169 | 254,514 | 5,158 | 259,672 | PDF p. 63 |
| Contributions by and distributions to owners | |||||||||||||
| Transactions with owners in their capacity as ownersRM'000 | 3 | 3,505 | - | (3,937) | - | - | - | 4,067 | 4,083 | 7,721 | - | 7,721 | PDF p. 63 |
| Balance | |||||||||||||
| At 31 December 2025RM'000 | 230 | 590,109 | (4,097) | - | 75,752 | 359 | - | 6,122 | 157,263 | 825,738 | 18,938 | 844,676 | PDF p. 63 |
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Definitions & sources
Original report: PDF p. 63 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Columns in printed order. Closing balance at 31 December 2025 follows the 2025 movements; the NCMIP/share-grant rows are in Notes 12, 14, 17, 22 and 7 as referenced.
Consolidated Statement of Changes in Equity - year ended 31 December 2024 (Group)
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Share capital, RM'000 | 2024Share premium, RM'000 | 2024Treasury shares, RM'000 | 2024Contributed surplus, RM'000 | 2024Foreign currency translation reserve, RM'000 | 2024Capital reserve, RM'000 | 2024Fair value reserve, RM'000 | 2024Share grant reserve, RM'000 | 2024Accumulated losses, RM'000 | 2024Equity attributable to owners of the Company, RM'000 | 2024Non-controlling interests, RM'000 | 2024Total equity, RM'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance | |||||||||||||
| At 1 January 2024RM'000 | 3,977 | 312,471 | (4,097) | - | 121,137 | 359 | (3,426) | 2,776 | (922,008) | (488,811) | 6,988 | (481,823) | PDF p. 64 |
| Movements | |||||||||||||
| Profit for the yearRM'000 | - | - | - | - | - | - | - | - | 785,243 | 785,243 | 14,955 | 800,198 | PDF p. 64 |
| Other comprehensive income | |||||||||||||
| Total other comprehensive (loss)/income for the yearRM'000 | - | - | - | - | (12,085) | - | 60 | - | - | (12,025) | - | (12,025) | PDF p. 64 |
| Total comprehensive (loss)/income for the yearRM'000 | - | - | - | - | (12,085) | - | 60 | - | 785,243 | 773,218 | 14,955 | 788,173 | PDF p. 64 |
| Contributions by and distributions to owners | |||||||||||||
| - Share consolidation (Note 12)RM'000 | (3,937) | - | - | 3,937 | - | - | - | - | - | - | - | - | PDF p. 64 |
| - Issuance of Conversion shares (Note 12)RM'000 | 105 | 241,590 | - | - | - | - | - | - | - | 241,695 | - | 241,695 | PDF p. 64 |
| - Issuance of Settlement shares (Note 12)RM'000 | 7 | 2,618 | - | - | - | - | - | - | - | 2,625 | - | 2,625 | PDF p. 64 |
| - Issuance of Placement shares (Note 12)RM'000 | 75 | 29,925 | - | - | - | - | - | - | - | 30,000 | - | 30,000 | PDF p. 64 |
| - Recognition of share grant plan (Note 22)RM'000 | - | - | - | - | - | - | - | 2,055 | - | 2,055 | - | 2,055 | PDF p. 64 |
| - Dividend paid to non-controlling interest of a subsidiary (Note 4)RM'000 | - | - | - | - | - | - | - | - | - | - | (8,163) | (8,163) | PDF p. 64 |
| Transactions with owners in their capacity as ownersRM'000 | (3,750) | 274,133 | - | 3,937 | - | - | - | (721) | 2,776 | 276,375 | (8,163) | 268,212 | PDF p. 64 |
| Balance | |||||||||||||
| At 31 December 2024RM'000 | 227 | 586,604 | (4,097) | 3,937 | 109,052 | 359 | (3,366) | 2,055 | (133,989) | 560,782 | 13,780 | 574,562 | PDF p. 64 |
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Original report: PDF p. 64 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Cash Flows (Group)
47 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, RM'000 | 2024Group, year ended 31 December 2024, RM'000 | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before taxationRM'000 | 332,475 | 845,947 | PDF p. 65 |
| Operating activities - adjustments | |||
| Deposit forfeitedRM'000 | - | (11,144) | PDF p. 65 |
| Depreciation of property, plant and equipmentRM'000 | 54,499 | 37,613 | PDF p. 65 |
| Gain on waiver of debtsRM'000 | - | (398,575) | PDF p. 65 |
| Gain on derecognition of payablesRM'000 | (22,377) | - | PDF p. 65 |
| Gain on redemption of other investmentsRM'000 | (2,721) | - | PDF p. 65 |
| Gain on remeasurement of previous held equity interestRM'000 | (10,465) | - | PDF p. 65 |
| Reversal of inventories write-downRM'000 | (1,688) | (74,488) | PDF p. 65 |
| Impairment losses on property, plant and equipmentRM'000 | 491 | - | PDF p. 65 |
| Operating activities - adjustments (Impairment losses on trade and other receivables reversed (net)) | |||
| other receivables reversed (net)RM'000 | (13,545) | (7,356) | PDF p. 65 |
| Operating activities - adjustments | |||
| Interest expenseRM'000 | 19,248 | 18,365 | PDF p. 65 |
| Interest incomeRM'000 | (5,519) | (1,315) | PDF p. 65 |
| Gain on disposal of property, plant and equipmentRM'000 | (69,155) | (31,168) | PDF p. 65 |
| Property, plant and equipment written offRM'000 | - | 987 | PDF p. 65 |
| Share of post-tax results of equity-accounted joint venturesRM'000 | (2,848) | 4,975 | PDF p. 65 |
| Share of post-tax results of equity-accounted associatesRM'000 | (99) | (27,684) | PDF p. 65 |
| Operating activities | |||
| Operating profit before working capital changesRM'000 | 278,296 | 356,157 | PDF p. 65 |
| Changes in inventoriesRM'000 | (120,398) | (94,907) | PDF p. 65 |
| Changes in trade and other receivablesRM'000 | 67,482 | 20,908 | PDF p. 65 |
| Changes in prepaymentsRM'000 | 2,758 | (21,412) | PDF p. 65 |
| Changes in trade and other payablesRM'000 | (66,890) | (28,495) | PDF p. 65 |
| Cash generated from operationsRM'000 | 161,248 | 232,251 | PDF p. 65 |
| Interest paidRM'000 | (1,608) | (2,281) | PDF p. 65 |
| Income taxes paidRM'000 | (32,046) | (34,757) | PDF p. 65 |
| Income tax refundedRM'000 | 626 | 123 | PDF p. 65 |
| Net cash generated from operating activitiesRM'000 | 128,220 | 195,336 | PDF p. 65 |
| Investing activities | |||
| Repayments from associatesRM'000 | 1,812 | 9,097 | PDF p. 65 |
| Repayments to joint venturesRM'000 | (8,160) | (55,001) | PDF p. 65 |
| Acquisition of subsidiary, net of cash and cash equivalentsRM'000 | (9,788) | - | PDF p. 65 |
| Interest receivedRM'000 | 5,519 | 1,315 | PDF p. 65 |
| Dividend received from an associateRM'000 | 24,764 | - | PDF p. 65 |
| Proceeds from redemption of debt instrumentsRM'000 | 5,652 | - | PDF p. 65 |
| Proceeds from disposal of property, plant and equipmentRM'000 | 87,469 | 38,894 | PDF p. 65 |
| Purchase of property, plant and equipmentRM'000 | (83,820) | (98,239) | PDF p. 65 |
| Net cash generated from/(used in) investing activitiesRM'000 | 23,448 | (103,934) | PDF p. 65 |
| Financing activities | |||
| Repayments of borrowingsRM'000 | (75,089) | (37,614) | PDF p. 65 |
| Repayments of lease liabilitiesRM'000 | (865) | (834) | PDF p. 65 |
| Interest paidRM'000 | (10,833) | (4,303) | PDF p. 65 |
| Dividend paid to non-controlling interests of a subsidiaryRM'000 | - | (8,163) | PDF p. 65 |
| Proceeds from issuance of sharesRM'000 | - | 30,000 | PDF p. 65 |
| Increased in restricted cashRM'000 | (566) | (6,031) | PDF p. 65 |
| Fixed deposits pledged as security for bank facilitiesRM'000 | (4,034) | 1,836 | PDF p. 65 |
| Net cash used in financing activitiesRM'000 | (91,387) | (25,109) | PDF p. 65 |
| Net change in cash | |||
| Net increase in cash and cash equivalentsRM'000 | 60,281 | 66,293 | PDF p. 65 |
| Cash and cash equivalents at beginning of the yearRM'000 | 120,044 | 53,376 | PDF p. 65 |
| Net change in cash (Effect of foreign exchange fluctuations on cash and cash equivalents) | |||
| cash equivalentsRM'000 | 2,816 | 375 | PDF p. 65 |
| Net change in cash | |||
| Cash and cash equivalents at end of the yearRM'000 | 183,141 | 120,044 | PDF p. 65 |
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Definitions & sources
Original report: PDF p. 65 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Notes A-D (reconciliation of financing liabilities, PPE, dividend paid, dividend received) on page 66 not tabulated.
Financial Ratios
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings Per Share | |||
| Basic (sen)sen | 72.47 | 235.95 | PDF p. 11 |
| Diluted (sen)sen | 72.15 | 232.44 | PDF p. 11 |
| Financial Ratios | |||
| Net Gearing Ratio (times)times | 0.27 | 0.56 | PDF p. 11 |
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Definitions & sources
Original report: PDF p. 11 ↗
No definitions of ratios printed on this page.
Note 24 Basic earnings per share - weighted average shares
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| Metric / unit | 2025Group, year ended 31 December | 2024Group, year ended 31 December | Source |
|---|---|---|---|
| Basic EPS | |||
| Net earnings attributable to owners of the Company (RM’000)RM'000 | 287,169 | 785,243 | PDF p. 135 |
| Weighted average number of ordinary shares outstanding for basic earnings per shares (‘000)'000 shares | 396,236 | 332,796 | PDF p. 135 |
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Original report: PDF p. 135 ↗
Weighted average share count (2024 reflects share consolidation of (7,997,434) thousand).
Note 24 Diluted earnings per share
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December | 2024Group, year ended 31 December | Source |
|---|---|---|---|
| Diluted EPS | |||
| Net earnings attributable to owners of the Company (RM’000)RM'000 | 287,169 | 785,243 | PDF p. 136 |
| - Award shares pursuant to the NCMIP 2024'000 shares | 1,808 | 5,035 | PDF p. 136 |
| Adjusted weighted average number of ordinary shares as at 31 December for diluted earnings per shares (‘000)'000 shares | 398,044 | 337,831 | PDF p. 136 |
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Definitions & sources
Original report: PDF p. 136 ↗
Contingently issuable shares relate to share awards granted pursuant to the new NCMIP 2024.
Where the money comes from
Segment information
By business
Operating segments - revenue, results and profit or loss items (The Group, RM'000) 20 lines
| Item / unit | 2025Shipbuilding | 2024Shipbuilding | 2025Chartering | 2024Chartering | 2025Others | 2024Others | 2025Eliminations | 2024Eliminations | 2025Total | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| - External revenueRM'000 | - | - | 619,885 | 684,714 | - | - | - | - | 619,885 | 684,714 | PDF p. 140 |
| - Inter-segment revenueRM'000 | - | 87,310 | 6,219 | - | 861 | - | (7,080) | (87,310) | - | - | PDF p. 140 |
| Results | |||||||||||
| Operating profit/(loss)RM'000 | 87,174 | 479,537 | 279,391 | 407,895 | (17,789) | (44,168) | - | (1,661) | 348,776 | 841,603 | PDF p. 140 |
| Finance costsRM'000 | - | - | (13,182) | (12,067) | (6,066) | (6,298) | - | - | (19,248) | (18,365) | PDF p. 140 |
| Share of results of associatesRM'000 | - | - | - | - | 99 | 27,684 | - | - | 99 | 27,684 | PDF p. 140 |
| Share of results of joint venturesRM'000 | - | - | 2,848 | (1,765) | - | (3,210) | - | - | 2,848 | (4,975) | PDF p. 140 |
| Profit/(loss) before taxRM'000 | 87,174 | 479,537 | 269,057 | 394,063 | (23,756) | (25,992) | - | (1,661) | 332,475 | 845,947 | PDF p. 140 |
| Profit or loss | |||||||||||
| Depreciation of property, plant and equipmentRM'000 | (1,561) | (5,173) | (52,938) | (32,438) | - | (2) | - | - | (54,499) | (37,613) | PDF p. 140 |
| Deposit forfeitedRM'000 | - | 11,144 | - | - | - | - | - | - | - | 11,144 | PDF p. 140 |
| Gain on derecognition of payablesRM'000 | 22,377 | - | - | - | - | - | - | - | 22,377 | - | PDF p. 140 |
| Gain on waiver of debtsRM'000 | - | 398,575 | - | - | - | - | - | - | - | 398,575 | PDF p. 140 |
| Gain on redemption of other investmentsRM'000 | - | - | 2,721 | - | - | - | - | - | 2,721 | - | PDF p. 140 |
| Gain on remeasurement of previous held equity interestRM'000 | - | - | 10,465 | - | - | - | - | - | 10,465 | - | PDF p. 140 |
| Reversal of inventories write-downRM'000 | 1,242 | 74,488 | 446 | - | - | - | - | - | 1,688 | 74,488 | PDF p. 140 |
| Impairment losses on trade and other receivables (made)/reversedRM'000 | (747) | 4,790 | 10,715 | 2,552 | 3,577 | 14 | - | - | 13,545 | 7,356 | PDF p. 140 |
| Interest incomeRM'000 | 274 | 306 | 5,244 | 1,008 | 1 | 1 | - | - | 5,519 | 1,315 | PDF p. 140 |
| Gain on disposal of property, plant and equipmentRM'000 | 69,155 | - | - | 31,168 | - | - | - | - | 69,155 | 31,168 | PDF p. 140 |
| Impairment loss on property, plant and equipmentRM'000 | (491) | - | - | - | - | - | - | - | (491) | - | PDF p. 140 |
| Property, plant and equipment written offRM'000 | - | - | - | (987) | - | - | - | - | - | (987) | PDF p. 140 |
| Restructuring expensesRM'000 | - | - | - | - | - | (13,283) | - | - | - | (13,283) | PDF p. 140 |
Notes
Segment performance is evaluated based on operating profit or loss before tax. Income taxes are managed on a group basis and are not allocated to operating segments.
Two reportable segments: Shipbuilding and Vessel chartering; 'Others' and 'Eliminations' shown as printed.
Some row labels wrap across lines; quotes for wrapped rows are the printed continuation line containing the values.
Operating segments - assets, liabilities and additions to non-current assets (The Group, RM'000) 5 lines
| Item / unit | 2025Shipbuilding | 2024Shipbuilding | 2025Chartering | 2024Chartering | 2025Others | 2024Others | 2025Elimination | 2024Elimination | 2025Total | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets and liabilities | |||||||||||
| Additions to non-current assetsRM'000 | 66,536 | 121,514 | 39,222 | 107,095 | - | - | - | (1,929) | 105,758 | 226,680 | PDF p. 141 |
| Investment in associateRM'000 | - | - | - | - | 4,176 | 36,572 | - | - | 4,176 | 36,572 | PDF p. 141 |
| Investments in joint venturesRM'000 | - | - | - | - | 6,271 | 4,145 | - | - | 6,271 | 4,145 | PDF p. 141 |
| Segment assets*RM'000 | 1,153,048 | 1,006,228 | 2,495,811 | 1,919,301 | 1,662,214 | 1,559,091 | (3,865,479) | (3,205,789) | 1,445,594 | 1,278,831 | PDF p. 141 |
| Segment liabilities**RM'000 | 930,204 | 828,744 | 2,177,946 | 1,794,696 | 560,246 | 545,035 | (3,097,111) | (2,485,715) | 571,285 | 682,760 | PDF p. 141 |
Notes
* Excludes current tax recoverable
** Exclude current tax payable and deferred tax liabilities
Segment additions to non-current assets is the total cost incurred during the financial year to acquire segment assets that are expected to be used for more than one financial year.
Reconciliation of segment assets and liabilities to Group total assets and liabilities (The Group, RM'000) 7 lines
| Item / unit | 2025Shipbuilding | 2024Shipbuilding | 2025Chartering | 2024Chartering | 2025Others | 2024Others | 2025Elimination | 2024Elimination | 2025Total | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation - assets | |||||||||||
| Segment assetsRM'000 | 1,153,048 | 1,006,228 | 2,495,811 | 1,919,301 | 1,662,214 | 1,559,091 | (3,865,479) | (3,205,789) | 1,445,594 | 1,278,831 | PDF p. 141 |
| Tax recoverableRM'000 | 240 | 40 | 5,868 | - | 1 | 1 | - | - | 6,109 | 41 | PDF p. 141 |
| Total assetsRM'000 | 1,153,288 | 1,006,268 | 2,501,679 | 1,919,301 | 1,662,215 | 1,559,092 | (3,865,479) | (3,205,789) | 1,451,703 | 1,278,872 | PDF p. 141 |
| Reconciliation - liabilities | |||||||||||
| Segment liabilitiesRM'000 | 930,204 | 828,744 | 2,177,946 | 1,794,696 | 560,246 | 545,035 | (3,097,111) | (2,485,715) | 571,285 | 682,760 | PDF p. 141 |
| Deferred tax liabilitiesRM'000 | - | - | 23,283 | 17,803 | - | - | - | - | 23,283 | 17,803 | PDF p. 141 |
| Income tax payableRM'000 | 1,860 | 927 | 10,599 | 2,820 | - | - | - | - | 12,459 | 3,747 | PDF p. 141 |
| Total liabilitiesRM'000 | 932,064 | 829,671 | 2,211,828 | 1,815,319 | 560,246 | 545,035 | (3,097,111) | (2,485,715) | 607,027 | 704,310 | PDF p. 141 |
Major customers (The Group, RM'000) 4 lines
| Item / unit | 2025Year ended 31 December 2025 | 2024Year ended 31 December 2024 | Source |
|---|---|---|---|
| Major customers | |||
| Customer ARM'000 | 137,201 | 253,255 | PDF p. 142 |
| Customer BRM'000 | 170,352 | 91,777 | PDF p. 142 |
| Customer CRM'000 | N.A. | 82,930 | PDF p. 142 |
| Customer DRM'000 | 87,880 | N.A. | PDF p. 142 |
Notes
Revenue of RM395,433,000 (2024 - RM427,962,000) are derived from 3 (2024 - 3) customers which individually contributed 10% or more of the Group’s total revenue. These revenues are attributable to the Group’s chartering segment.
N.A. denotes customers who did not individually contribute 10% or more of the Group’s total revenue in the respective financial year.
Total row (395,433 / 427,962) is printed without a label.
By geography
Geographical information - Revenue (The Group, RM'000) 4 lines
| Item / unit | 2025Year ended 31 December 2025 | 2024Year ended 31 December 2024 | Source |
|---|---|---|---|
| Revenue | |||
| MalaysiaRM'000 | 579,480 | 666,753 | PDF p. 142 |
| Middle EastRM'000 | 22,678 | 17,961 | PDF p. 142 |
| ThailandRM'000 | 17,727 | - | PDF p. 142 |
| Total revenue (unlabelled total)RM'000 | 619,885 | 684,714 | PDF p. 142 |
Notes
Revenue based on geographical location of customers; total row has no printed label.
Geographical information - Non-current assets (The Group, RM'000) 7 lines
| Item / unit | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|
| Non-current assets | |||
| MalaysiaRM'000 | 819,124 | 753,723 | PDF p. 142 |
| SingaporeRM'000 | - | 1 | PDF p. 142 |
| Total non-current assets (unlabelled total)RM'000 | 819,124 | 753,724 | PDF p. 142 |
| Non-current assets composition | |||
| Property, plant and equipmentRM'000 | 808,677 | 712,397 | PDF p. 142 |
| AssociatesRM'000 | 4,176 | 36,572 | PDF p. 142 |
| Joint venturesRM'000 | 6,271 | 4,145 | PDF p. 142 |
| Other investmentsRM'000 | - | 610 | PDF p. 142 |
Notes
Non-current assets based on geographical location of assets; composition per consolidated statement of financial position.
Debt
Borrowings
Lease liabilities maturity analysis
| Item / unit | 2025RM'000 | 2024RM'000 | Source |
|---|---|---|---|
| Undiscounted lease payment due | |||
| - Year 1RM'000 | 951 | 265 | PDF p. 127 |
| - Year 2RM'000 | 469 | - | PDF p. 127 |
| - Year 3RM'000 | 127 | - | PDF p. 127 |
| Lease liabilities | |||
| Less: Unearned interest costRM'000 | (64) | (3) | PDF p. 127 |
| Presented as | |||
| - Non-currentRM'000 | 580 | - | PDF p. 127 |
| - CurrentRM'000 | 903 | 262 | PDF p. 127 |
Notes
Undiscounted subtotal 1,547 (2024: 265) and present value 1,483 (2024: 262) are printed as unlabelled total lines.
Maturity profile of borrowings
| Item / unit | 2025The Group, RM'000 | 2024The Group, RM'000 | 2025The Company, RM'000 | 2024The Company, RM'000 | Source |
|---|---|---|---|---|---|
| Maturities | |||||
| Due not later than one yearRM'000 | 99,451 | 35,230 | 22,666 | 23,003 | PDF p. 129 |
| Due later than one year and not later than two yearsRM'000 | 34,590 | 78,419 | 17,493 | 15,417 | PDF p. 129 |
| Due later than two years and not later than five yearsRM'000 | 224,817 | 163,105 | 124,749 | 88,325 | PDF p. 129 |
| Due later than five yearsRM'000 | 68,071 | 181,607 | 47,569 | 109,338 | PDF p. 129 |
Notes
Total 426,929 / 458,361 / 212,477 / 236,083 is printed as an unlabelled total line.
Borrowing notes 3 tables
Borrowings by type (secured/unsecured), with current and non-current split
| Item / unit | 2025The Group, RM'000 | 2024The Group, RM'000 | 2025The Company, RM'000 | 2024The Company, RM'000 | Source |
|---|---|---|---|---|---|
| Secured | |||||
| Bilateral facilities debt (secured) - RMRM'000 | - | 18,100 | - | - | PDF p. 127 |
| Bilateral facilities debt (secured) - USDRM'000 | 6,234 | 32,828 | - | - | PDF p. 127 |
| Bilateral facilities debt (secured) - total (2024 to 2026)RM'000 | 6,234 | 50,928 | - | - | PDF p. 127 |
| Term loan (secured) - RMRM'000 | 19,254 | 20,784 | - | - | PDF p. 127 |
| Term loan (secured) - USDRM'000 | 57,930 | - | - | - | PDF p. 127 |
| Term loan (secured) - total (2024 to 2031)RM'000 | 77,184 | 20,784 | - | - | PDF p. 127 |
| Unsecured | |||||
| Term loan (unsecured) - RMRM'000 | 73,296 | 83,779 | - | - | PDF p. 127 |
| Term loan (unsecured) - SGDRM'000 | 227,467 | 252,830 | 212,477 | 236,083 | PDF p. 127 |
| Term loan (unsecured) - USDRM'000 | 41,265 | 49,778 | - | - | PDF p. 127 |
| Term loan (unsecured) - total (2024 to 2031)RM'000 | 342,028 | 386,387 | 212,477 | 236,083 | PDF p. 127 |
| Lease liabilities | |||||
| Lease liabilities (2022 to 2028)RM'000 | 1,483 | 262 | - | - | PDF p. 127 |
| Total | |||||
| Total borrowingsRM'000 | 426,929 | 458,361 | 212,477 | 236,083 | PDF p. 127 |
| Represented by | |||||
| Non-currentRM'000 | 327,478 | 423,131 | 189,811 | 213,080 | PDF p. 127 |
| CurrentRM'000 | 99,451 | 35,230 | 22,666 | 23,003 | PDF p. 127 |
Notes
Printed columns: Year of maturity, Currency, then The Group 2025/2024 and The Company 2025/2024 in RM'000.
Borrowings are secured by the underlying assets, comprising leasehold lands, buildings and vessels with a carrying amount of RM5,164,000 (2024 - RM5,326,000), RM1,439,000 (2024 - RM1,484,000) and RM110,587,000 (2024 - RM35,357,000), respectively.
During the financial year, the Group acquired a subsidiary with borrowings that were in default at the acquisition date. As at the reporting date, the subsidiary remained in default of the repayment terms in respect of a secured term loan with a carrying amount of RM57,930,000. These borrowings have been classified as current liabilities.
As at the date of authorisation of the financial statements, the relevant default has not been remedied and no waiver has been obtained from the lender.
Borrowings by currency denomination
| Item / unit | 2025The Group, RM'000 | 2024The Group, RM'000 | 2025The Company, RM'000 | 2024The Company, RM'000 | Source |
|---|---|---|---|---|---|
| Currency | |||||
| Malaysia ringgitRM'000 | 94,033 | 122,925 | - | - | PDF p. 129 |
| United States dollarRM'000 | 105,429 | 82,606 | - | - | PDF p. 129 |
| Singapore dollarRM'000 | 227,467 | 252,830 | 212,477 | 236,083 | PDF p. 129 |
Notes
Borrowings are denominated in the following currencies.
Interest-bearing instruments: fixed vs variable rate (debt items)
| Item / unit | 2025The Group, RM'000 | 2024The Group, RM'000 | 2025The Company, RM'000 | 2024The Company, RM'000 | Source |
|---|---|---|---|---|---|
| Fixed rate instruments - Financial liabilities | |||||
| - term loan (fixed rate)RM'000 | (172,983) | (195,014) | (135,985) | (151,045) | PDF p. 148 |
| - lease liabilitiesRM'000 | (1,483) | (262) | - | - | PDF p. 148 |
| Variable rate instruments - Financial liability | |||||
| - bilateral facilities debtRM'000 | (6,234) | (50,928) | - | - | PDF p. 148 |
| - term loan (variable rate)RM'000 | (246,229) | (212,157) | (76,492) | (85,038) | PDF p. 148 |
Notes
Fixed rate liabilities also include trade payables, not extracted here.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | As of FY 2025, the Company does not have a formal dividend policy. The Company is working through its restructuring arrangement for the financial year to enhance the Group’s financial strength. | Company, FY2025 | PDF p. 44 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| No interim and final dividends have been declared for FY 2025 | No interim and final dividends have been declared for FY 2025. | Company, FY2025 | PDF p. 44 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | Foo Kon Tan LLP | Group | PDF p. 60 |
| Engagement partner | Mr. Ong Soo Ann | Group | PDF p. 60 |
| Opinion | properly drawn up in accordance with the International Financial Reporting Standards (“IFRS”) so as to give a true and fair view | Group and Company | PDF p. 54 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment of property, plant and equipment | Impairment assessment of property, plant and equipment | Group | PDF p. 55 |
| Impairment assessment of property, plant and equipment | Significant judgement is involved in the impairment assessment in determining the recoverable amounts. | Group | PDF p. 55 |
| Impairment of trade and other receivables (including amounts due from joint ventures and associates) | Impairment of trade and other receivables (including amounts due from joint ventures and associates) | Group | PDF p. 57 |
| Impairment of trade and other receivables (including amounts due from joint ventures and associates) | The determination of ECL requires the use of management’s judgement and estimates and is sensitive to changes in circumstances and economic conditions. | Group | PDF p. 57 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern basis | This indicates a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. | Company · As at 2025-12-31 | PDF p. 68 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.