MarcoPolo Marine 5LY
SGD 0.109
+0.00% +0.00 Updated 30 Oct 2026, 14:04 SGT
Financials
ANNUAL REPORT 2025
Explore the statements
35 tablesConsolidated statement of profit or loss and other comprehensive income — FY2025 report
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| income | |||
| Revenue$’000 | 122,814 | 123,530 | PDF p. 48 |
| Cost of sales$’000 | (68,593) | (75,015) | PDF p. 48 |
| Gross profit$’000 | 54,221 | 48,515 | PDF p. 48 |
| Other operating income$’000 | 12,191 | 6,323 | PDF p. 48 |
| Reversal of impairment loss on property, plant and equipment$’000 | 22,394 | – | PDF p. 48 |
| Reversal of impairment loss on amount due from a joint venture$’000 | 5,940 | – | PDF p. 48 |
| Administrative expenses$’000 | (16,280) | (14,586) | PDF p. 48 |
| Other operating expenses$’000 | (6,671) | (13,079) | PDF p. 48 |
| Profit from operations$’000 | 71,795 | 27,173 | PDF p. 48 |
| Finance costs$’000 | (1,098) | (1,631) | PDF p. 48 |
| Share of profits in joint ventures$’000 | 749 | 171 | PDF p. 48 |
| Profit before income tax$’000 | 71,446 | 25,713 | PDF p. 48 |
| Income tax expense$’000 | (3,902) | (1,806) | PDF p. 48 |
| Profit for the financial year$’000 | 67,544 | 23,907 | PDF p. 48 |
| Other comprehensive loss Item that may be reclassified subsequently to profit or loss Exchange differences arising from translation of foreign operations$’000 | (1,021) | (3,256) | PDF p. 48 |
| Total other comprehensive loss for the financial year$’000 | (1,021) | (3,256) | PDF p. 48 |
| Total comprehensive income for the financial year$’000 | 66,523 | 20,651 | PDF p. 48 |
| Profit attributable to: Owners of the Company$’000 | 58,515 | 21,700 | PDF p. 48 |
| Non-controlling interest$’000 | 9,029 | 2,207 | PDF p. 48 |
| Subtotal$’000 | 67,544 | 23,907 | PDF p. 48 |
| Total comprehensive income attributable to: Owners of the Company$’000 | 57,213 | 20,596 | PDF p. 48 |
| Non-controlling interest$’000 | 9,310 | 55 | PDF p. 48 |
| Subtotal$’000 | 66,523 | 20,651 | PDF p. 48 |
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Original report: PDF p. 48 ↗
Earnings per share — FY2025 report
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| income | |||
| Earnings per share (cents per share) Basiccents per share | 1.6 | 0.6 | PDF p. 48 |
| Dilutedcents per share | 1.6 | 0.6 | PDF p. 48 |
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Definitions & sources
Original report: PDF p. 48 ↗
Statements of financial position — FY2025 report
39 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 226,581 | 148,077 | – | – | PDF p. 49 |
| Right-of-use assets$’000 | 5,594 | 6,921 | – | – | PDF p. 49 |
| Investments in subsidiaries$’000 | – | – | 4,320 | 4,320 | PDF p. 49 |
| Investments in joint ventures$’000 | 578 | – | – | – | PDF p. 49 |
| Amount due from a joint venture (non-trade)$’000 | 3,772 | 7,810 | 3,772 | 7,810 | PDF p. 49 |
| Other non-current assets$’000 | 3,101 | – | – | – | PDF p. 49 |
| Total non-current assets$’000 | 239,626 | 162,808 | 8,092 | 12,130 | PDF p. 49 |
| Current assets | |||||
| Inventories$’000 | 925 | 3,670 | – | – | PDF p. 49 |
| Trade and other receivables$’000 | 49,235 | 36,735 | 242 | 282 | PDF p. 49 |
| Contract assets$’000 | 5,215 | 2,418 | - | - | PDF p. 49 |
| Amounts due from subsidiaries (non-trade)$’000 | – | – | 148,110 | 131,932 | PDF p. 49 |
| Amount due from a joint venture (non-trade)$’000 | 2,046 | – | 2,046 | - | PDF p. 49 |
| Cash and cash equivalents$’000 | 52,246 | 68,770 | 16,079 | 25,985 | PDF p. 49 |
| Total current assets$’000 | 109,667 | 111,593 | 166,477 | 158,199 | PDF p. 49 |
| TOTAL ASSETS$’000 | 349,293 | 274,401 | 174,569 | 170,329 | PDF p. 49 |
| Current liabilities | |||||
| Trade and other payables$’000 | 29,410 | 26,989 | 1,625 | 344 | PDF p. 49 |
| Deferred income$’000 | 171 | 171 | – | – | PDF p. 49 |
| Lease liabilities$’000 | 1,973 | 1,809 | – | – | PDF p. 49 |
| Interest bearing loans$’000 | 8,272 | 25,057 | – | – | PDF p. 49 |
| Income tax payable$’000 | 4,643 | 2,869 | – | – | PDF p. 49 |
| Total current liabilities$’000 | 44,469 | 56,895 | 1,625 | 344 | PDF p. 49 |
| Non-current liabilities | |||||
| Trade and other payables$’000 | 87 | 87 | – | – | PDF p. 49 |
| Deferred income$’000 | 2,372 | 2,544 | – | – | PDF p. 49 |
| Lease liabilities$’000 | 3,822 | 5,528 | – | – | PDF p. 49 |
| Interest bearing loans$’000 | 33,997 | 7,924 | – | – | PDF p. 49 |
| Deferred tax liabilities$’000 | 273 | 349 | – | – | PDF p. 49 |
| Total non-current liabilities$’000 | 40,551 | 16,432 | – | – | PDF p. 49 |
| TOTAL LIABILITIES$’000 | 85,020 | 73,327 | 1,625 | 344 | PDF p. 49 |
| Capital and reserves attributable to equity holders of the Company Share capital$’000 | 163,838 | 163,838 | 163,838 | 163,838 | PDF p. 49 |
| Treasury shares$’000 | (1,203) | (1,203) | (1,203) | (1,203) | PDF p. 49 |
| Capital reserve$’000 | 634 | 634 | – | – | PDF p. 49 |
| Other reserves$’000 | 158 | 158 | – | – | PDF p. 49 |
| Employee share option reserve$’000 | 716 | 619 | 716 | 288 | PDF p. 49 |
| Foreign currency translation reserve$’000 | 156 | 1,458 | – | – | PDF p. 49 |
| Retained earnings$’000 | 74,558 | 19,464 | 9,593 | 7,062 | PDF p. 49 |
| Total equity attributable to owners of the Company$’000 | 238,857 | 184,968 | 172,944 | 169,985 | PDF p. 49 |
| Non-controlling interests$’000 | 25,416 | 16,106 | – | – | PDF p. 49 |
| TOTAL EQUITY$’000 | 264,273 | 201,074 | 172,944 | 169,985 | PDF p. 49 |
| TOTAL EQUITY AND LIABILITIES$’000 | 349,293 | 274,401 | 174,569 | 170,329 | PDF p. 49 |
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Original report: PDF p. 49 ↗
Consolidated statement of cash flows — FY2025 report
42 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before income tax$’000 | 71,446 | 25,713 | PDF p. 51 |
| Adjustments for: | |||
| - Bad debts recovered$’000 | (29) | (17) | PDF p. 51 |
| - Depreciation of right-of-use assets$’000 | 1,915 | 1,956 | PDF p. 51 |
| - Depreciation of property, plant and equipment$’000 | 13,466 | 10,440 | PDF p. 51 |
| - Foreign exchange difference$’000 | (1,477) | (1,110) | PDF p. 51 |
| - Gain on disposal of investment in a joint venture$’000 | (3,240) | - | PDF p. 51 |
| - Gain on disposal of property, plant and equipment, net$’000 | (558) | (1,724) | PDF p. 51 |
| - Interest expense$’000 | 1,098 | 1,631 | PDF p. 51 |
| - Interest income$’000 | (1,624) | (2,555) | PDF p. 51 |
| - Loss allowance on trade receivables$’000 | 95 | - | PDF p. 51 |
| - Provision for contractual liabilities$’000 | - | 1,799 | PDF p. 51 |
| - Reversal of impairment loss on amount due from a joint venture$’000 | (5,940) | - | PDF p. 51 |
| - Reversal of impairment on property, plant and equipment$’000 | (22,394) | - | PDF p. 51 |
| - Share of profits in joint ventures$’000 | (749) | (171) | PDF p. 51 |
| - Share options expenses$’000 | 428 | 288 | PDF p. 51 |
| Operating cash flows before movements in working capital$’000 | 52,437 | 36,250 | PDF p. 51 |
| Changes in working capital: | |||
| - Inventories$’000 | 2,745 | 4,696 | PDF p. 51 |
| - Trade and other receivables$’000 | (11,574) | (82) | PDF p. 51 |
| - Contract assets$’000 | (2,797) | 1,077 | PDF p. 51 |
| - Trade and other payables$’000 | 2,421 | (2,753) | PDF p. 51 |
| Cash generated from operations$’000 | 43,232 | 39,188 | PDF p. 51 |
| - Income tax paid$’000 | (2,458) | (1,507) | PDF p. 51 |
| Net cash generated from operating activities$’000 | 40,774 | 37,681 | PDF p. 51 |
| Investing activities | |||
| Repayment from joint ventures$’000 | 7,932 | 2,684 | PDF p. 51 |
| Advance payment to suppliers for the purchase of property, plant and equipment$’000 | (10,288) | (11,103) | PDF p. 51 |
| Proceeds from disposal of investment in a joint venture$’000 | 3,240 | - | PDF p. 51 |
| Proceeds from disposal of plant and equipment$’000 | 1,011 | 3,148 | PDF p. 51 |
| Purchase of property, plant and equipment$’000 | (59,997) | (50,752) | PDF p. 51 |
| Interest received$’000 | 1,608 | 2,511 | PDF p. 51 |
| Net cash used in investing activities$’000 | (56,494) | (53,512) | PDF p. 51 |
| Financing activities | |||
| Interest paid$’000 | (1,098) | (1,631) | PDF p. 51 |
| Dividend paid$’000 | (3,752) | (3,753) | PDF p. 51 |
| Placement of fixed deposits pledged$’000 | (150) | (1,090) | PDF p. 51 |
| Increase in restricted cash$’000 | (2,746) | - | PDF p. 51 |
| Repayment of term loans$’000 | (27,066) | (1,164) | PDF p. 51 |
| Proceeds from term loans$’000 | 36,006 | 31,889 | PDF p. 51 |
| Repayment of lease liabilities$’000 | (2,130) | (1,542) | PDF p. 51 |
| Net cash (used in)/generated from financing activities$’000 | (936) | 22,709 | PDF p. 51 |
| Net (decrease)/increase in cash and cash equivalents$’000 | (16,656) | 6,878 | PDF p. 51 |
| Cash and cash equivalents at beginning of financial year$’000 | 65,865 | 61,285 | PDF p. 51 |
| Effect of exchange rate changes on cash and cash equivalents$’000 | 11 | (2,298) | PDF p. 51 |
| Cash and cash equivalents at end of financial year$’000 | 49,220 | 65,865 | PDF p. 51 |
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Original report: PDF p. 51 ↗
Consolidated statement of changes in equity — FY2024
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — Share capital | 2024Group — Treasury shares | 2024Group — Capital reserve | 2024Group — Other reserves | 2024Group — Employee share option reserve | 2024Group — Foreign currency translation reserve | 2024Group — Retained earnings/(Accumulated losses) | 2024Group — Attributable to owners of the Company | 2024Group — Non-controlling interests | 2024Group — Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| equity-5ly | |||||||||||
| Balance as at 1 October 2023$’000 | 163,838 | (1,203) | 634 | 158 | 560 | 2,562 | 1,288 | 167,837 | 16,051 | 183,888 | PDF p. 50 |
| Profit for the financial year$’000 | – | – | – | – | – | – | 21,700 | 21,700 | 2,207 | 23,907 | PDF p. 50 |
| Other comprehensive loss$’000 | – | – | – | – | – | (1,104) | – | (1,104) | (2,152) | (3,256) | PDF p. 50 |
| Total comprehensive (loss)/income for the financial year$’000 | – | – | – | – | – | (1,104) | 21,700 | 20,596 | 55 | 20,651 | PDF p. 50 |
| Share options expenses (Note 6)$’000 | – | – | – | – | 288 | – | – | 288 | – | 288 | PDF p. 50 |
| Share options expired (Note 28(c))$’000 | – | – | – | – | (229) | – | 229 | – | – | – | PDF p. 50 |
| Dividend (Note 29)$’000 | – | – | – | – | - | – | (3,753) | (3,753) | – | (3,753) | PDF p. 50 |
| Balance as at 30 September 2024$’000 | 163,838 | (1,203) | 634 | 158 | 619 | 1,458 | 19,464 | 184,968 | 16,106 | 201,074 | PDF p. 50 |
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Original report: PDF p. 50 ↗
Consolidated statement of changes in equity — FY2025
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Share capital | 2025Group — Treasury shares | 2025Group — Capital reserve | 2025Group — Other reserves | 2025Group — Employee share option reserve | 2025Group — Foreign currency translation reserve | 2025Group — Retained earnings/(Accumulated losses) | 2025Group — Attributable to owners of the Company | 2025Group — Non-controlling interests | 2025Group — Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| equity-5ly | |||||||||||
| Profit for the financial year$’000 | – | – | – | – | – | - | 58,515 | 58,515 | 9,029 | 67,544 | PDF p. 50 |
| Other comprehensive loss/(income)$’000 | – | – | – | – | – | (1,302) | - | (1,302) | 281 | (1,021) | PDF p. 50 |
| Total comprehensive (loss)/income for the financial year$’000 | – | – | – | – | – | (1,302) | 58,515 | 57,213 | 9,310 | 66,523 | PDF p. 50 |
| Share options expenses (Note 6)$’000 | – | – | – | – | 428 | – | – | 428 | – | 428 | PDF p. 50 |
| Share options expired (Note 28(c))$’000 | – | – | – | – | (331) | – | 331 | – | – | – | PDF p. 50 |
| Dividend (Note 29)$’000 | – | – | – | – | – | – | (3,752) | (3,752) | – | (3,752) | PDF p. 50 |
| Balance as at 30 September 2025$’000 | 163,838 | (1,203) | 634 | 158 | 716 | 156 | 74,558 | 238,857 | 25,416 | 264,273 | PDF p. 50 |
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Original report: PDF p. 50 ↗
Financing liabilities reconciliation — FY2025
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — At beginning of financial year | 2025Group — Financing cashflows | 2025Group — Acquisition | 2025Group — Interest expense and commitment fee | 2025Group — Foreign exchange difference | 2025Group — At end of financial year | Source |
|---|---|---|---|---|---|---|---|
| Liabilities | |||||||
| Interest bearing loans$’000 | 32,981 | 8,088 | – | 852 | 348 | 42,269 | PDF p. 52 |
| Lease liabilities$’000 | 7,337 | (2,376) | 588 | 246 | – | 5,795 | PDF p. 52 |
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Original report: PDF p. 52 ↗
Financing liabilities reconciliation — FY2024
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group — At beginning of financial year | 2024Group — Financing cashflows | 2024Group — Acquisition | 2024Group — Interest expense | 2024Group — Foreign exchange difference | 2024Group — At end of financial year | Source |
|---|---|---|---|---|---|---|---|
| Liabilities | |||||||
| Interest bearing loans$’000 | 2,256 | 29,369 | – | 1,356 | – | 32,981 | PDF p. 52 |
| Lease liabilities$’000 | 6,285 | (1,817) | 2,835 | 275 | (241) | 7,337 | PDF p. 52 |
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Original report: PDF p. 52 ↗
Key financials — revenue, gross profit and net profit
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Key financials | ||||||
| REVENUES$ millions | 122.8 | 123.5 | 127.1 | 86.1 | 46.1 | PDF p. 11 |
| GROSS PROFITS$ millions | 54.2 | 48.5 | 45.7 | 27.5 | 12.0 | PDF p. 11 |
| NET PROFITS$ millions | 67.5 | 23.9 | 25.8 | 22.0 | 14.8 | PDF p. 11 |
| Revenue by business segment | ||||||
| SHIP CHARTERINGS$’MILLIONS | 80.2 | 71.9 | 65.9 | 44.7 | 20.1 | PDF p. 11 |
| SHIP BUILDING & REPAIRS$’MILLIONS | 42.6 | 51.6 | 61.2 | 41.4 | 26.0 | PDF p. 11 |
| TOTALS$’MILLIONS | 122.8 | 123.5 | 127.1 | 86.1 | 46.1 | PDF p. 11 |
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Original report: PDF p. 11 ↗
Physical page 11 graphic labels the panels “REVENUE S$ millions”, “GROSS PROFIT S$ millions”, “NET PROFIT S$ millions” and “Revenue By Business Segment S$ millions”. Values are transcribed from its year/value entries; the graphic displays ten years, and this extraction includes its five most recent years.
The annual report describes FY2025 net profit attributable to owners as S$58.5 million and Group profit for the financial year as S$67.5 million. The key-financials graphic’s “NET PROFIT” series reports 67.5 for 2025 and 23.9 for 2024; it does not state a more specific definition for that graphic series.
Revenue detail on physical page 9 separately compares FY2025 and FY2024 and includes a printed CHANGE column. The segment revenue table above is from the key-financials graphic, which supplies historical data.
Revenue by business segment — printed change (%)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Change (%), FY2025 vs FY2024 | Source |
|---|---|---|
| Revenue | ||
| Ship Chartering% | 12 | PDF p. 9 |
| Ship Building & Repair% | (17) | PDF p. 9 |
| TOTAL% | (1) | PDF p. 9 |
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Definitions & sources
Original report: PDF p. 9 ↗
Revenue by business segment — FY2025 vs FY2024 and printed change
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, reporting period | 2024Group, comparative period | Source |
|---|---|---|---|
| Revenue | |||
| Ship CharteringS$’m | 80.2 | 71.9 | PDF p. 9 |
| Ship Building & RepairS$’m | 42.6 | 51.6 | PDF p. 9 |
| TOTALS$’m | 122.8 | 123.5 | PDF p. 9 |
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Definitions & sources
Original report: PDF p. 9 ↗
The printed table also gives percentage-of-revenue figures and absolute S$’m changes. The original column headers are FY2025 S$’m and %, FY2024 S$’m and %, and CHANGE S$’m and %. The values above retain the S$’m figure for each period and the printed percentage change.
The report states: “The Group’s revenue for FY2025 compared to FY2024 is summarised below:”
Profit attributable to equity holders used in EPS calculation
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company equity holders, consolidated Group | 2024Company equity holders, consolidated Group | Source |
|---|---|---|---|
| EPS calculation | |||
| Profit for the financial year attributable to the equity holders of the Company$’000 | 58,515 | 21,700 | PDF p. 82 |
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Original report: PDF p. 82 ↗
The EPS note says its calculations are based on the profit and numbers of shares shown. The statement presents the comparative years in 2025 then 2024 order.
Group asset value per share
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Financial position ratio | |||
| asset value per shareSingapore cents per share | 7.0 | 5.4 | PDF p. 10 |
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Definitions & sources
Original report: PDF p. 10 ↗
The annual report narrative says that the Group’s asset value per share increased to 7.0 Singapore cents from 5.4 Singapore cents a year earlier; it does not present this item as a tabular financial statement row.
EBITDA
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, excluding foreign exchange gains or losses and extraordinary items | 2024Group, excluding foreign exchange gains or losses and extraordinary items | Source |
|---|---|---|---|
| Profitability measure | |||
| Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)S$ million | 50.1 | 42.7 | PDF p. 9 |
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Definitions & sources
Original report: PDF p. 9 ↗
The report defines its EBITDA presentation as excluding foreign exchange gains or losses and extraordinary items that are not part of the Group’s normal business operations.
Dividend disclosure — FY2023
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Dividend declared during FY2024, in respect of FY2023 | Source |
|---|---|---|
| Dividend | ||
| tax-exempt one-tier final dividend$ per ordinary share | 0.001 | PDF p. 103 |
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Definitions & sources
Original report: PDF p. 103 ↗
Dividend disclosure — FY2024
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Dividend declared during FY2025, in respect of FY2024 | Source |
|---|---|---|
| Dividend | ||
| tax-exempt one-tier final dividend$ per ordinary share | 0.001 | PDF p. 103 |
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Definitions & sources
Original report: PDF p. 103 ↗
Dividend disclosure — FY2025
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Proposed final dividend for FY2025, subject to shareholder approval | Source |
|---|---|---|
| Dividend | ||
| one-tier tax-exempt final dividend$ per ordinary share | 0.0015 | PDF p. 103 |
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Definitions & sources
Original report: PDF p. 103 ↗
Revenue by business segment — monetary change
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — change FY2025 vs FY2024 | Source |
|---|---|---|
| Revenue | ||
| Ship CharteringS$'m | 8.3 | PDF p. 9 |
| Ship Building & RepairS$'m | (9.0) | PDF p. 9 |
| TOTALS$'m | (0.7) | PDF p. 9 |
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Definitions & sources
Original report: PDF p. 9 ↗
The printed table also gives percentage-of-revenue figures and absolute S$’m changes. The original column headers are FY2025 S$’m and %, FY2024 S$’m and %, and CHANGE S$’m and %. The values above retain the S$’m figure for each period and the printed percentage change.
The report states: “The Group’s revenue for FY2025 compared to FY2024 is summarised below:”
Revenue by business segment — revenue share (%)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — revenue share (%) | 2024Group — revenue share (%) | Source |
|---|---|---|---|
| Revenue | |||
| Ship Chartering% | 65 | 58 | PDF p. 9 |
| Ship Building & Repair% | 35 | 42 | PDF p. 9 |
| TOTAL% | 100 | 100 | PDF p. 9 |
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Definitions & sources
Original report: PDF p. 9 ↗
The printed table also gives percentage-of-revenue figures and absolute S$’m changes. The original column headers are FY2025 S$’m and %, FY2024 S$’m and %, and CHANGE S$’m and %. The values above retain the S$’m figure for each period and the printed percentage change.
The report states: “The Group’s revenue for FY2025 compared to FY2024 is summarised below:”
Consolidated statement of profit or loss and other comprehensive income — FY2023 report
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| income | |||
| Revenue$’000 | 127,126 | 86,095 | PDF p. 47 |
| Cost of sales$’000 | (81,385) | (58,617) | PDF p. 47 |
| Gross profit$’000 | 45,741 | 27,478 | PDF p. 47 |
| Other operating income$’000 | 4,779 | 9,191 | PDF p. 47 |
| Reversal of impairment loss on amount due from a subsidiary previously held as a joint venture$’000 | – | 4,229 | PDF p. 47 |
| Administrative expenses$’000 | (10,726) | (12,210) | PDF p. 47 |
| Other operating expenses$’000 | (9,188) | (5,562) | PDF p. 47 |
| Profit from operations$’000 | 30,606 | 23,126 | PDF p. 47 |
| Finance costs$’000 | (306) | (129) | PDF p. 47 |
| Share of profits in joint ventures$’000 | 171 | 255 | PDF p. 47 |
| Profit before income tax$’000 | 30,471 | 23,252 | PDF p. 47 |
| Income tax expense$’000 | (4,690) | (1,226) | PDF p. 47 |
| Profit for the financial year$’000 | 25,781 | 22,026 | PDF p. 47 |
| Other comprehensive (loss)/income: Item that may be reclassified subsequently to profit or loss Exchange differences arising from translation of foreign operations$’000 | (1,093) | 2,856 | PDF p. 47 |
| Total other comprehensive (loss)/income for the financialyear$’000 | (1,093) | 2,856 | PDF p. 47 |
| Total comprehensive income for the financial year$’000 | 24,688 | 24,882 | PDF p. 47 |
| Profit attributable to: Owners of the Company$’000 | 22,580 | 21,343 | PDF p. 47 |
| Non-controlling interest$’000 | 3,201 | 683 | PDF p. 47 |
| Subtotal$’000 | 25,781 | 22,026 | PDF p. 47 |
| Total comprehensive income attributable to: Owners of the Company$’000 | 21,421 | 23,451 | PDF p. 47 |
| Non-controlling interest$’000 | 3,267 | 1,431 | PDF p. 47 |
| Subtotal$’000 | 24,688 | 24,882 | PDF p. 47 |
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Definitions & sources
Original report: PDF p. 47 ↗
Earnings per share — FY2023 report
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| income | |||
| Earnings per share (cents per share) Basiccents per share | 0.6 | 0.6 | PDF p. 47 |
| Dilutedcents per share | 0.6 | 0.6 | PDF p. 47 |
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Definitions & sources
Original report: PDF p. 47 ↗
Statements of financial position — FY2023 report
40 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | 2023Company | 2022Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 92,765 | 94,711 | - | - | PDF p. 48 |
| Right-of-use assets$’000 | 6,284 | 579 | - | - | PDF p. 48 |
| Investments in subsidiaries$’000 | – | - | 4,320 | 4,320 | PDF p. 48 |
| Investments in joint ventures$’000 | – | - | - | - | PDF p. 48 |
| Amount due from a joint venture (non-trade)$’000 | 10,485 | 12,931 | 10,485 | 12,931 | PDF p. 48 |
| Total non-current assets$’000 | 109,534 | 108,221 | 14,805 | 17,251 | PDF p. 48 |
| Current assets | |||||
| Inventories$’000 | 8,366 | 1,631 | – | – | PDF p. 48 |
| Trade receivables$’000 | 22,840 | 17,357 | – | – | PDF p. 48 |
| Other receivables, deposits and prepayments$’000 | 21,737 | 3,572 | 71 | 80 | PDF p. 48 |
| Contract assets$’000 | 3,495 | – | – | – | PDF p. 48 |
| Amounts due from subsidiaries (non-trade)$’000 | – | – | 136,946 | 147,361 | PDF p. 48 |
| Amount due from a joint venture (non-trade)$’000 | 9 | 450 | – | 450 | PDF p. 48 |
| Assets held for sale$’000 | – | 3,368 | – | – | PDF p. 48 |
| Cash and cash equivalents$’000 | 63,100 | 53,514 | 25,177 | 11,786 | PDF p. 48 |
| Total current assets$’000 | 119,547 | 79,892 | 162,194 | 159,677 | PDF p. 48 |
| TOTAL ASSETS$’000 | 229,081 | 188,113 | 176,999 | 176,928 | PDF p. 48 |
| Current liabilities | |||||
| Trade payables$’000 | 15,030 | 11,988 | – | – | PDF p. 48 |
| Other payables and accruals$’000 | 12,999 | 15,592 | 405 | 3,831 | PDF p. 48 |
| Deferred income$’000 | 171 | 171 | – | – | PDF p. 48 |
| Lease liabilities$’000 | 1,553 | 298 | – | – | PDF p. 48 |
| Interest bearing loans$’000 | 966 | 966 | – | – | PDF p. 48 |
| Income tax payable$’000 | 5,279 | 1,552 | – | – | PDF p. 48 |
| Total current liabilities$’000 | 35,998 | 30,567 | 405 | 3,831 | PDF p. 48 |
| Non-current liabilities | |||||
| Deferred income$’000 | 2,747 | 2,887 | – | – | PDF p. 48 |
| Lease liabilities$’000 | 4,732 | 209 | – | – | PDF p. 48 |
| Interest bearing loans$’000 | 1,290 | 2,284 | – | – | PDF p. 48 |
| Deferred tax liabilities$’000 | 426 | 504 | – | – | PDF p. 48 |
| Total non-current liabilities$’000 | 9,195 | 5,884 | – | – | PDF p. 48 |
| TOTAL LIABILITIES$’000 | 45,193 | 36,451 | 405 | 3,831 | PDF p. 48 |
| Capital and reserves attributable to equity holders of the Company Share capital$’000 | 163,838 | 156,300 | 163,838 | 156,300 | PDF p. 48 |
| Treasury shares$’000 | (1,203) | (1,203) | (1,203) | (1,203) | PDF p. 48 |
| Capital reserve$’000 | 634 | 634 | – | – | PDF p. 48 |
| Other reserves$’000 | 158 | 158 | – | – | PDF p. 48 |
| Employee share option reserve$’000 | 560 | 560 | – | – | PDF p. 48 |
| Foreign currency translation reserve$’000 | 2,562 | 3,721 | – | – | PDF p. 48 |
| Retained earnings/(Accumulated losses)$’000 | 1,288 | (21,292) | 13,959 | 18,000 | PDF p. 48 |
| Total equity attributable to owners of the Company$’000 | 167,837 | 138,878 | 176,594 | 173,097 | PDF p. 48 |
| Non-controlling interests$’000 | 16,051 | 12,784 | – | – | PDF p. 48 |
| TOTAL EQUITY$’000 | 183,888 | 151,662 | 176,594 | 173,097 | PDF p. 48 |
| TOTAL EQUITY AND LIABILITIES$’000 | 229,081 | 188,113 | 176,999 | 176,928 | PDF p. 48 |
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Definitions & sources
Original report: PDF p. 48 ↗
Consolidated statement of cash flows — FY2023 report
42 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before income tax$’000 | 30,471 | 23,252 | PDF p. 50 |
| Adjustments for: | |||
| - Bad debts recovered$’000 | (272) | (249) | PDF p. 50 |
| - Bad debts written off$’000 | – | 181 | PDF p. 50 |
| - Depreciation of right-of-use assets$’000 | 1,750 | 381 | PDF p. 50 |
| - Depreciation of property, plant and equipment$’000 | 10,310 | 8,680 | PDF p. 50 |
| - Foreign exchange difference$’000 | 3,277 | (210) | PDF p. 50 |
| - Gain on bargain purchase$’000 | – | (612) | PDF p. 50 |
| - Gain on disposal of property, plant and equipment, net$’000 | (1,027) | (985) | PDF p. 50 |
| - Gain on remeasurement of previously held equity interest$’000 | – | (5,172) | PDF p. 50 |
| - Impairment loss on vessel$’000 | – | 150 | PDF p. 50 |
| - Interest expense$’000 | 306 | 129 | PDF p. 50 |
| - Interest income$’000 | (1,815) | (692) | PDF p. 50 |
| - Inventories written down$’000 | – | 12 | PDF p. 50 |
| - Loss allowances on trade receivables$’000 | – | 411 | PDF p. 50 |
| - Reversal of impairment loss on amount due from a subsidiary previously held as a joint venture$’000 | – | (4,229) | PDF p. 50 |
| - Share of profits in joint ventures$’000 | (171) | (255) | PDF p. 50 |
| Operating cash flows before movements in working capital$’000 | 42,829 | 20,792 | PDF p. 50 |
| Changes in working capital: | |||
| - Inventories$’000 | (6,735) | (367) | PDF p. 50 |
| - Trade and other receivables$’000 | (3,960) | 5,391 | PDF p. 50 |
| - Contract assets$’000 | (3,495) | – | PDF p. 50 |
| - Contract liabilities$’000 | – | (347) | PDF p. 50 |
| - Trade and other payables$’000 | 450 | 3,877 | PDF p. 50 |
| Cash generated from operations$’000 | 29,089 | 29,346 | PDF p. 50 |
| - Income tax paid$’000 | (977) | (690) | PDF p. 50 |
| Net cash generated from operating activities$’000 | 28,112 | 28,656 | PDF p. 50 |
| Investing activities | |||
| Repayment from a joint venture$’000 | 2,887 | 1,396 | PDF p. 50 |
| Acquisition of subsidiaries$’000 | – | 3,236 | PDF p. 50 |
| Deposits paid for the purchase of property, plant and equipment$’000 | (19,087) | – | PDF p. 50 |
| Proceeds from disposal of plant and equipment$’000 | 6,674 | 3,395 | PDF p. 50 |
| Purchase of property, plant and equipment$’000 | (13,295) | (4,593) | PDF p. 50 |
| Net cash (used in)/generated from investing activities$’000 | (22,821) | 3,434 | PDF p. 50 |
| Financing activities | |||
| Interest received$’000 | 1,486 | 499 | PDF p. 50 |
| Capital contribution by non-controlling interest$’000 | – | 1,055 | PDF p. 50 |
| Placement of fixed deposits pledged$’000 | – | (1,379) | PDF p. 50 |
| Repayment of term loans$’000 | (1,075) | (1,075) | PDF p. 50 |
| Proceeds from exercise of warrants$’000 | 7,538 | 548 | PDF p. 50 |
| Repayment of lease liabilities$’000 | (1,902) | (403) | PDF p. 50 |
| Net cash generated from/(used in) financing activities$’000 | 6,047 | (755) | PDF p. 50 |
| Net increase in cash and cash equivalents$’000 | 11,338 | 31,335 | PDF p. 50 |
| Cash and cash equivalents at beginning of financial year$’000 | 51,635 | 19,848 | PDF p. 50 |
| Effect of exchange rate changes on cash and cash equivalents$’000 | (1,688) | 452 | PDF p. 50 |
| Cash and cash equivalents at end of financial year$’000 | 61,285 | 51,635 | PDF p. 50 |
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Original report: PDF p. 50 ↗
Consolidated statement of changes in equity — FY2022
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group — Share capital | 2022Group — Treasury shares | 2022Group — Capital reserve | 2022Group — Other reserves | 2022Group — Employee share option reserve | 2022Group — Foreign currency translation reserve | 2022Group — Retained earnings/(Accumulated losses) | 2022Group — Attributable to owners of the Company | 2022Group — Non-controlling interests | 2022Group — Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| equity-5ly | |||||||||||
| Balance as at 1 October 2021$’000 | 155,752 | (1,203) | 634 | 158 | 560 | 1,613 | (42,635) | 114,879 | – | 114,879 | PDF p. 49 |
| Issuance of shares pursuant to the exercise of warra (Note 28)$’000 | 548 | – | – | – | – | – | – | 548 | – | 548 | PDF p. 49 |
| Acquisition of subsidiaries$’000 | – | – | – | – | – | – | – | – | 10,298 | 10,298 | PDF p. 49 |
| Capital contribution from non-controlli interest$’000 | – | – | – | – | – | – | – | – | 1,055 | 1,055 | PDF p. 49 |
| Profit for the finan | |||||||||||
| year$’000 | – | – | – | – | – | – | 21,343 | 21,343 | 683 | 22,026 | PDF p. 49 |
| Other comprehensive income for the financial year$’000 | – | – | – | – | – | 2,108 | – | 2,108 | 748 | 2,856 | PDF p. 49 |
| Total comprehensive income for the financial year$’000 | – | – | – | – | – | 2,108 | 21,343 | 23,451 | 1,431 | 24,882 | PDF p. 49 |
| Balance as at | |||||||||||
| 30 September 2022$’000 | 156,300 | (1,203) | 634 | 158 | 560 | 3,721 | (21,292) | 138,878 | 12,784 | 151,662 | PDF p. 49 |
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Original report: PDF p. 49 ↗
Consolidated statement of changes in equity — FY2023
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group — Share capital | 2023Group — Treasury shares | 2023Group — Capital reserve | 2023Group — Other reserves | 2023Group — Employee share option reserve | 2023Group — Foreign currency translation reserve | 2023Group — Retained earnings/(Accumulated losses) | 2023Group — Attributable to owners of the Company | 2023Group — Non-controlling interests | 2023Group — Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance as at | |||||||||||
| Issuance of shares pursuant to the exercise of warra (Note 28)$’000 | 7,538 | – | – | – | – | – | – | 7,538 | – | 7,538 | PDF p. 49 |
| Profit for the finan year$’000 | – | – | – | – | – | – | 22,580 | 22,580 | 3,201 | 25,781 | PDF p. 49 |
| Other comprehensive (loss)/income for financial year$’000 | – | – | – | – | – | (1,159) | – | (1,159) | 66 | (1,093) | PDF p. 49 |
| Total comprehensive income for the financial year$’000 | – | – | – | – | – | (1,159) | 22,580 | 21,421 | 3,267 | 24,688 | PDF p. 49 |
| Balance as at 30 September 2023$’000 | 163,838 | (1,203) | 634 | 158 | 560 | 2,562 | 1,288 | 167,837 | 16,051 | 183,888 | PDF p. 49 |
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Definitions & sources
Original report: PDF p. 49 ↗
Financing liabilities reconciliation — FY2023
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group — At beginning of financial year | 2023Group — Financing cashflows | 2023Group — Acquisition | 2023Group — Interest expense | 2023Group — Foreign exchange difference | 2023Group — At end of financial year | Source |
|---|---|---|---|---|---|---|---|
| Liabilities | |||||||
| Interest bearing loans$’000 | 3,250 | (1,075) | – | 81 | – | 2,256 | PDF p. 51 |
| Lease liabilities$’000 | 507 | (1,902) | 7,603 | 225 | (148) | 6,285 | PDF p. 51 |
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Original report: PDF p. 51 ↗
Financing liabilities reconciliation — FY2022
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group — At beginning of financial year | 2022Group — Financing cashflows | 2022Group — Interest expense | 2022Group — Foreign exchange difference | 2022Group — At end of financial year | Source |
|---|---|---|---|---|---|---|
| Liabilities | ||||||
| Interest bearing loans$’000 | 4,216 | (1,075) | – | 109 | 3,250 | PDF p. 51 |
| Lease liabilities$’000 | 259 | (403) | 631 | 20 | 507 | PDF p. 51 |
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Original report: PDF p. 51 ↗
Consolidated statement of profit or loss and other comprehensive income — FY2021 report
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| income | |||
| Revenue$’000 | 46,106 | 30,849 | PDF p. 46 |
| Cost of sales$’000 | (34,095) | (26,423) | PDF p. 46 |
| Gross profit$’000 | 12,011 | 4,426 | PDF p. 46 |
| Other operating income$’000 | 14,223 | 1,512 | PDF p. 46 |
| Administrative expenses$’000 | (6,066) | (6,321) | PDF p. 46 |
| Other operating expenses$’000 | (4,954) | (5,770) | PDF p. 46 |
| Profit/(Loss) from operations$’000 | 15,214 | (6,153) | PDF p. 46 |
| Finance costs$’000 | (136) | (36) | PDF p. 46 |
| Share of profits/(losses) in joint ventures$’000 | 191 | (2,816) | PDF p. 46 |
| Profit/(Loss) before income tax$’000 | 15,269 | (9,005) | PDF p. 46 |
| Income tax expense$’000 | (493) | (210) | PDF p. 46 |
| Profit/(Loss) for the financial year attributable to equity holders of the Company$’000 | 14,776 | (9,215) | PDF p. 46 |
| Other comprehensive income/(loss): Item that may be reclassified subsequently to profit or loss Share of other comprehensive income of a joint venture$’000 | – | 1 | PDF p. 46 |
| Exchange differences arising from translation of foreign operations$’000 | 422 | (74) | PDF p. 46 |
| Total other comprehensive income/(loss) for the financial year$’000 | 422 | (73) | PDF p. 46 |
| Total comprehensive income/(loss) for the financial year attributable to equity holders of the Company$’000 | 15,198 | (9,288) | PDF p. 46 |
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Definitions & sources
Original report: PDF p. 46 ↗
Earnings per share — FY2021 report
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| income | |||
| Earnings/(Losses) per share (cents per share) Basiccents per share | 0.4 | (0.3) | PDF p. 46 |
| Dilutedcents per share | 0.4 | (0.3) | PDF p. 46 |
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Definitions & sources
Original report: PDF p. 46 ↗
Statements of financial position — FY2021 report
36 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | 2021Company | 2020Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 60,941 | 74,898 | – | – | PDF p. 47 |
| Right-of-use assets$’000 | 329 | 693 | – | – | PDF p. 47 |
| Investments in subsidiaries$’000 | – | – | 4,320 | 4,320 | PDF p. 47 |
| Investments in joint ventures$’000 | – | – | - | - | PDF p. 47 |
| Amounts due from joint ventures (non-trade)$’000 | 22,227 | 12,328 | 22,227 | 12,328 | PDF p. 47 |
| Total non-current assets$’000 | 83,497 | 87,919 | 26,547 | 16,648 | PDF p. 47 |
| Current assets | |||||
| Inventories$’000 | 1,249 | 903 | – | – | PDF p. 47 |
| Trade receivables$’000 | 12,028 | 7,946 | – | – | PDF p. 47 |
| Other receivables, deposits and prepayments$’000 | 1,418 | 1,337 | 71 | 53 | PDF p. 47 |
| Amounts due from subsidiaries (non-trade)$’000 | – | – | 95,081 | 115,174 | PDF p. 47 |
| Amounts due from joint ventures (non-trade)$’000 | 21,039 | 1,623 | 20,819 | 1,401 | PDF p. 47 |
| Cash and cash equivalents$’000 | 20,348 | 13,593 | 5,528 | 8,355 | PDF p. 47 |
| Total current assets$’000 | 56,082 | 25,402 | 121,499 | 124,983 | PDF p. 47 |
| TOTAL ASSETS$’000 | 139,579 | 113,321 | 148,046 | 141,631 | PDF p. 47 |
| Current liabilities | |||||
| Contract liabilities$’000 | 347 | 1,001 | – | – | PDF p. 47 |
| Trade payables$’000 | 7,226 | 3,443 | – | – | PDF p. 47 |
| Other payables and accruals$’000 | 5,269 | 4,427 | 389 | 329 | PDF p. 47 |
| Deferred income$’000 | 339 | 172 | – | – | PDF p. 47 |
| Lease liabilities$’000 | 206 | 282 | – | – | PDF p. 47 |
| Interest bearing loans$’000 | 966 | – | – | – | PDF p. 47 |
| Income tax payable$’000 | 935 | 849 | – | – | PDF p. 47 |
| Total current liabilities$’000 | 15,288 | 10,174 | 389 | 329 | PDF p. 47 |
| Non-current liabilities | |||||
| Deferred income$’000 | 6,109 | 3,124 | – | – | PDF p. 47 |
| Lease liabilities$’000 | 53 | 342 | – | – | PDF p. 47 |
| Interest bearing loans$’000 | 3,250 | – | – | – | PDF p. 47 |
| Total non-current liabilities$’000 | 9,412 | 3,466 | – | – | PDF p. 47 |
| TOTAL LIABILITIES$’000 | 24,700 | 13,640 | 389 | 329 | PDF p. 47 |
| Capital and reserves attributable to equity holders of the Company Share capital$’000 | 155,752 | 155,752 | 155,752 | 155,752 | PDF p. 47 |
| Treasury shares$’000 | (1,203) | (1,203) | (1,203) | (1,203) | PDF p. 47 |
| Capital reserve$’000 | 634 | 634 | – | – | PDF p. 47 |
| Other reserves$’000 | 158 | 158 | – | – | PDF p. 47 |
| Employee share option reserve$’000 | 560 | 560 | – | – | PDF p. 47 |
| Foreign currency translation reserve$’000 | 1,613 | 1,191 | – | – | PDF p. 47 |
| Accumulated losses$’000 | (42,635) | (57,411) | (6,892) | (13,247) | PDF p. 47 |
| TOTAL EQUITY$’000 | 114,879 | 99,681 | 147,657 | 141,302 | PDF p. 47 |
| TOTAL EQUITY AND LIABILITIES$’000 | 139,579 | 113,321 | 148,046 | 141,631 | PDF p. 47 |
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Definitions & sources
Original report: PDF p. 47 ↗
Consolidated statement of cash flows — FY2021 report
38 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit/(Loss) before income tax$’000 | 15,269 | (9,005) | PDF p. 50 |
| Adjustments for: | |||
| Bad debts recovered$’000 | (114) | (154) | PDF p. 50 |
| Depreciation of right-of-use assets$’000 | 364 | 308 | PDF p. 50 |
| Depreciation of property, plant and equipment$’000 | 6,637 | 7,011 | PDF p. 50 |
| Foreign exchange difference$’000 | 519 | 785 | PDF p. 50 |
| Gain on acquisition of debt$’000 | (6,238) | – | PDF p. 50 |
| Gain on disposal of property, plant and equipment, net$’000 | (6,265) | (32) | PDF p. 50 |
| Interest expense$’000 | 136 | 36 | PDF p. 50 |
| Interest income$’000 | (693) | (571) | PDF p. 50 |
| Inventories written down$’000 | – | 447 | PDF p. 50 |
| Loss allowances on trade receivables$’000 | 168 | 58 | PDF p. 50 |
| Share-based payment expense$’000 | – | 41 | PDF p. 50 |
| Share of (profits)/losses in joint ventures$’000 | (191) | 2,816 | PDF p. 50 |
| Operating cash flows before movements in working capital$’000 | 9,592 | 1,740 | PDF p. 50 |
| Changes in working capital: | |||
| Contract liabilities$’000 | (654) | 930 | PDF p. 50 |
| Inventories$’000 | (346) | (29) | PDF p. 50 |
| Trade and other payables$’000 | 4,625 | (2,973) | PDF p. 50 |
| Trade and other receivables$’000 | (3,984) | 4,770 | PDF p. 50 |
| Cash generated from operations$’000 | 9,233 | 4,438 | PDF p. 50 |
| Income tax paid$’000 | (406) | (377) | PDF p. 50 |
| Net cash generated from operating activities$’000 | 8,827 | 4,061 | PDF p. 50 |
| Investing activities | |||
| Repayment from joint ventures$’000 | – | 2,558 | PDF p. 50 |
| Proceeds from disposal of plant and equipment$’000 | – | 32 | PDF p. 50 |
| Purchase of property, plant and equipment$’000 | (2,228) | (6,966) | PDF p. 50 |
| Net cash used in investing activities$’000 | (2,228) | (4,376) | PDF p. 50 |
| Financing activities | |||
| Interest paid$’000 | – | (4) | PDF p. 50 |
| Interest received$’000 | 298 | 648 | PDF p. 50 |
| Acquisition of debts$’000 | (3,835) | – | PDF p. 50 |
| Placement of fixed deposits pledged$’000 | (500) | – | PDF p. 50 |
| Proceeds from term loans$’000 | 5,000 | – | PDF p. 50 |
| Repayment of term loans$’000 | (896) | – | PDF p. 50 |
| Proceeds from exercise of warrants$’000 | – | 81 | PDF p. 50 |
| Repayment of lease liabilities$’000 | (389) | (325) | PDF p. 50 |
| Net cash (used in)/generated from financing activities$’000 | (322) | 400 | PDF p. 50 |
| Net increase in cash and cash equivalents$’000 | 6,277 | 85 | PDF p. 50 |
| Cash and cash equivalents at beginning of financial year$’000 | 13,593 | 13,569 | PDF p. 50 |
| Effect of exchange rate changes on cash and cash equivalents$’000 | (22) | (61) | PDF p. 50 |
| Cash and cash equivalents at end of financial year$’000 | 19,848 | 13,593 | PDF p. 50 |
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Definitions & sources
Original report: PDF p. 50 ↗
Consolidated statement of changes in equity — FY2021
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group — Share capital | 2021Group — Treasury shares | 2021Group — Capital reserve | 2021Group — Other reserves | 2021Group — Employee share option reserve | 2021Group — Foreign currency translation reserve | 2021Group — Retained earnings/(Accumulated losses) | 2021Group — Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| equity-5ly | |||||||||
| Balance as at 1 October 202$’000 | 155,752 | (1,203) | 634 | 158 | 560 | 1,191 | (57,411) | 99,681 | PDF p. 48 |
| Profit for the financial ye$’000 | – | – | – | – | – | – | 14,776 | 14,776 | PDF p. 48 |
| Other comprehensive income | |||||||||
| for the financial year$’000 | – | – | – | – | – | 422 | – | 422 | PDF p. 48 |
| Total comprehensive income for the financial year$’000 | – | – | – | – | – | 422 | 14,776 | 15,198 | PDF p. 48 |
| Balance as at 30 September 2021$’000 | 155,752 | (1,203) | 634 | 158 | 560 | 1,613 | (42,635) | 114,879 | PDF p. 48 |
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Definitions & sources
Original report: PDF p. 48 ↗
Consolidated statement of changes in equity — FY2020
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2020Group — Share capital | 2020Group — Treasury shares | 2020Group — Capital reserve | 2020Group — Other reserves | 2020Group — Employee share option reserve | 2020Group — Foreign currency translation reserve | 2020Group — Retained earnings/(Accumulated losses) | 2020Group — Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| equity-5ly | |||||||||
| Balance as at 1 October 2019$’000 | 155,671 | (1,203) | 634 | 157 | 519 | 1,265 | (48,196) | 108,847 | PDF p. 49 |
| Issuance of ordinary shares pursuant to: | |||||||||
| - exercise of warrants (Note$’000 | 81 | – | – | – | – | – | – | 81 | PDF p. 49 |
| Loss for the financial year$’000 | – | – | – | – | – | – | (9,215) | (9,215) | PDF p. 49 |
| Other comprehensive loss for the financial year$’000 | – | – | – | 1 | – | (74) | – | (73) | PDF p. 49 |
| Total comprehensive loss for financial year$’000 | – | – | – | 1 | – | (74) | (9,215) | (9,288) | PDF p. 49 |
| Grant of employee share opti (Note 6)$’000 | – | – | – | – | 41 | – | – | 41 | PDF p. 49 |
| Balance as at 30 September 2020$’000 | 155,752 | (1,203) | 634 | 158 | 560 | 1,191 | (57,411) | 99,681 | PDF p. 49 |
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Definitions & sources
Original report: PDF p. 49 ↗
Financing liabilities reconciliation — FY2021
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2020Group — At beginning of financial year | 2021Group — Financing cashflows | 2021Group — Interest expense | 2021Group — At end of financial year | Source |
|---|---|---|---|---|---|
| Liabilities | |||||
| Interest bearing loans$’000 | – | 4,104 | 112 | 4,216 | PDF p. 51 |
| Lease liabilities$’000 | 624 | (389) | 24 | 259 | PDF p. 51 |
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Definitions & sources
Original report: PDF p. 51 ↗
Financing liabilities reconciliation — FY2020
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2019Group — At beginning of financial year | 2020Group — Financing cashflows | 2020Group — Interest expense | 2020Group — At end of financial year | Source |
|---|---|---|---|---|---|
| Liabilities | |||||
| Liability Lease liabilities$’000 | 645 | (325) | 304 | 624 | PDF p. 51 |
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Original report: PDF p. 51 ↗
Where the money comes from
Segment information
By business
Business segments 2025 (Note 32) 15 lines
| Item / unit | 2025Ship chartering services, $'000 | 2025Shipbuilding and repair services, $'000 | 2025Total operations, $'000 | Source |
|---|---|---|---|---|
| Business segments | ||||
| External revenue$'000 | 80,197 | 42,617 | 122,814 | PDF p. 106 |
| Reportable segment results from operating activities$'000 | 39,233 | 4,609 | 43,842 | PDF p. 106 |
| Share of profits in joint ventures$'000 | 749 | – | 749 | PDF p. 106 |
| Reversal of impairment loss on property, plant and equipment$'000 | 22,394 | – | 22,394 | PDF p. 106 |
| Finance income$'000 | 884 | 61 | 945 | PDF p. 106 |
| Finance costs$'000 | (315) | (783) | (1,098) | PDF p. 106 |
| Reportable segment assets$'000 | 263,019 | 62,844 | 325,863 | PDF p. 106 |
| Reportable segment liabilities$'000 | 38,929 | 42,598 | 81,527 | PDF p. 106 |
| Capital expenditure$'000 | 57,456 | 11,498 | 68,954 | PDF p. 106 |
| Other material non-cash items | ||||
| Depreciation of property, plant and equipment$'000 | 10,120 | 3,346 | 13,466 | PDF p. 106 |
| Depreciation of right-of-use assets$'000 | 1,550 | 365 | 1,915 | PDF p. 106 |
| Gain on disposal of investment in a joint venture$'000 | 3,240 | – | 3,240 | PDF p. 106 |
| Gain on disposal of property, plant and equipment, net$'000 | 557 | 1 | 558 | PDF p. 106 |
| Reversal of impairment loss on amount due from a joint venture$'000 | 5,940 | – | 5,940 | PDF p. 106 |
| Reversal of impairment on property, plant and equipment$'000 | 22,394 | – | 22,394 | PDF p. 106 |
Notes
Operating segments: (i) Ship chartering services – Relates to charter hire activities; (ii) Shipbuilding and repair services – Relates to sales of goods, shipbuilding and ship repair activities. Blank values are cells not printed (total-only rows).
Business segments 2024 (Note 32) 11 lines
| Item / unit | 2024Ship chartering services, $'000 | 2024Shipbuilding and repair services, $'000 | 2024Total operations, $'000 | Source |
|---|---|---|---|---|
| Business segments | ||||
| External revenue$'000 | 71,931 | 51,599 | 123,530 | PDF p. 107 |
| Reportable segment results from operating activities$'000 | 28,971 | 1,104 | 30,075 | PDF p. 107 |
| Share of profits in joint ventures$'000 | 171 | – | 171 | PDF p. 107 |
| Finance income$'000 | 930 | 63 | 993 | PDF p. 107 |
| Finance costs$'000 | (1,362) | (269) | (1,631) | PDF p. 107 |
| Reportable segment assets$'000 | 196,480 | 51,594 | 248,074 | PDF p. 107 |
| Reportable segment liabilities$'000 | 43,285 | 27,734 | 71,019 | PDF p. 107 |
| Capital expenditure$'000 | 62,784 | 7,055 | 69,839 | PDF p. 107 |
| Other material non-cash items | ||||
| Depreciation of property, plant and equipment$'000 | 7,330 | 3,110 | 10,440 | PDF p. 107 |
| Depreciation of right-of-use assets$'000 | 1,511 | 445 | 1,956 | PDF p. 107 |
| Gain on disposal of property, plant and equipment, net$'000 | 1,635 | 89 | 1,724 | PDF p. 107 |
Notes
Blank values are cells not printed (total-only rows).
By geography
Geographical information 2 lines
| Item / unit | 2025Singapore, $'000 | 2025Indonesia, $'000 | 2025Taiwan, $'000 | 2025Thailand, $'000 | 2025Malaysia, $'000 | 2025Bangladesh, $'000 | 2025Australia, $'000 | 2025Others*, $'000 | 2025Total, $'000 | 2024Singapore, $'000 | 2024Indonesia, $'000 | 2024Taiwan, $'000 | 2024Thailand, $'000 | 2024Malaysia, $'000 | 2024Bangladesh, $'000 | 2024Australia, $'000 | 2024Others*, $'000 | 2024Total, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Geographical information | |||||||||||||||||||
| Revenue$'000 | 12,845 | 40,830 | 32,655 | 27,347 | 6,981 | – | 617 | 1,539 | 122,814 | 8,814 | 45,856 | 34,371 | 25,794 | 5,482 | 2,115 | – | 1,098 | 123,530 | PDF p. 108 |
| Non-current assets$'000 | 71,026 | 66,709 | 101,891 | – | – | – | – | – | 239,626 | 80,129 | 37,445 | 45,234 | – | – | – | – | – | 162,808 | PDF p. 108 |
Notes
*Others comprise of United Arab Emirates, Greece and India (2024: Africa, Oceania, and Europe).
Revenues are based on the country of origin of the customers. Non-current assets are based on the flag of the vessels and location of other assets, spread across Singapore, Indonesia and Taiwan.
Revenue from third party major customers amounted $35,029,000 (2024: $27,698,000) generated by both ship chartering and shipbuilding and repair services (2024: shipbuilding and repair services).
Debt
Borrowings
Interest bearing loans repayment profile
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Repayment profile | |||
| Within one year$'000 | 8,272 | 25,057 | PDF p. 100 |
| After one year but within five years$'000 | 26,778 | 7,556 | PDF p. 100 |
| More than five years$'000 | 7,219 | 368 | PDF p. 100 |
Notes
Interest bearing loans are repayable from 1 to 7 years (2024: 1 to 7 years). Total 42,269 (2025) and 32,981 (2024).
Effective interest rates for temporary bridging loans per annum are ranging from 2.75% to 3.00% (2024: 2.75% to 3.00%).
Term loan B: IDR facility, fixed 8.50% (2024: 8.50%), effective 8.50%; final instalment 22 September 2029. Term loan C: IDR facility, fixed 8.50%, effective 8.82% (2024: 9.00%); final instalment 23 May 2031. Term loan D: SGD, 1.75% per annum over compounded SORA, repayable in full by 31 March 2027. Term loan E: USD, 2.70% per annum plus 90-days TAIBOR, final instalment 17 September 2032. Term loan F: TWD, fixed 2.59%, final instalment 4 September 2028. Term loan G: TWD, 0.7% per annum plus 30-days TAIBOR, final instalment 5 December 2025. Term loan A (USD, fixed 3.62%) fully repaid during the year.
Borrowing notes 2 tables
Interest bearing loans by type and current/non-current
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Interest bearing loans | |||
| Temporary bridging loans$'000 | 178 | 1,232 | PDF p. 99 |
| Secured term loans$'000 | 42,091 | 31,749 | PDF p. 99 |
| Non-current$'000 | 33,997 | 7,924 | PDF p. 99 |
| current$'000 | 8,272 | 25,057 | PDF p. 99 |
Notes
Total interest bearing loans 42,269 (2025) and 32,981 (2024), printed as unlabelled sum lines. Temporary bridging loans are secured by corporate guarantee by the Company and pledge of fixed deposits of about $1,648,000 (2024: $1,586,000); secured term loans are secured by vessel/leasehold land mortgages, corporate guarantees and fixed deposits (see Note 24 text).
Note 23(b) Lease liabilities
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Lease liabilities | |||
| Lease liabilities - non-current$'000 | 3,822 | 5,528 | PDF p. 99 |
| Lease liabilities - current$'000 | 1,973 | 1,809 | PDF p. 99 |
Notes
Total lease liabilities 5,795 (2025) and 7,337 (2024). The maturity analysis of lease liabilities is disclosed in Note 33.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 of the Code: Dividend policy | The Company does not have a fixed policy on payment of dividends at present. The form, frequency and amount of dividends will depend on the Group’s current and projected performance, the Company’s cash position and any other factors as the Board may deem fit. The Company will consider establishing a dividend policy when it is likely that the Company has the ability to pay a dividend. | Company | PDF p. 36 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| one-tier tax-exempt final dividend | $0.0015 | Final dividend proposed for FY ended 30 September 2025, subject to shareholder approval at AGM | PDF p. 103 |
| tax-exempt one-tier final dividend | $0.001 | Final dividend for FY ended 30 September 2024, declared during FY2025 | PDF p. 103 |
| tax-exempt one-tier final dividend | $0.001 | Final dividend for FY ended 30 September 2023, declared during FY2024 | PDF p. 103 |
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 |
|---|---|---|---|
| Audit firm | FORVIS MAZARS LLP | Group and Company, FY ended 30 September 2025 | PDF p. 47 |
| Engagement partner | Lok Yung Hui | Group and Company, FY ended 30 September 2025 | PDF p. 47 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair view | Group and Company, as at 30 September 2025 · As at 2025-09-30 | PDF p. 43 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment of vessels | Due to the significance of vessels to the financial statements and the high level of judgement involved in estimating recoverable amounts of vessels, we determined this to be a key audit matter. | Group, FY ended 30 September 2025 | PDF p. 44 |
| Recoverability of trade receivables | As the determination of the ECL requires significant judgement by management | Group, FY ended 30 September 2025 | PDF p. 45 |
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.
A separate Company cash-flow or changes-in-equity statement is not printed in the primary statement section.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.