Atlantic Nav 5UL
Financials
ANNUAL REPORT 2025
Explore the statements
11 tablesConsolidated Statement of Comprehensive Income (income statement part)
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group - Continuing operations | 2025Group - Discontinued operations | 2025Group - Total | 2024Group - Continuing operations | 2024Group - Discontinued operations | 2024Group - Total | Source |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| RevenueUS$'000 | 20,397 | – | 20,397 | 9,699 | 82,753 | 92,452 | PDF p. 49 |
| Cost of servicesUS$'000 | (9,046) | – | (9,046) | (3,484) | (47,061) | (50,545) | PDF p. 49 |
| Gross profitUS$'000 | 11,351 | – | 11,351 | 6,215 | 35,692 | 41,907 | PDF p. 49 |
| Other items of income | |||||||
| Finance incomeUS$'000 | 980 | – | 980 | 364 | – | 364 | PDF p. 49 |
| Other incomeUS$'000 | 493 | – | 493 | – | – | – | PDF p. 49 |
| Gain on disposal of vesselsUS$'000 | – | – | – | – | 20,874 | 20,874 | PDF p. 49 |
| Reversal of impairment of vesselsUS$'000 | – | – | – | – | 6,826 | 6,826 | PDF p. 49 |
| Other items of expense | |||||||
| Administrative expensesUS$'000 | (7,218) | – | (7,218) | (5,667) | (5,074) | (10,741) | PDF p. 49 |
| Finance costsUS$'000 | (310) | – | (310) | (24) | (4,318) | (4,342) | PDF p. 49 |
| Withholding tax expenseUS$'000 | – | – | – | – | (190) | (190) | PDF p. 49 |
| Income statement | |||||||
| Profit before taxUS$'000 | 5,230 | – | 5,230 | 839 | 54,640 | 55,479 | PDF p. 49 |
| Income tax credit/(expense)US$'000 | 1,040 | – | 1,040 | (233) | (1,165) | (1,398) | PDF p. 49 |
| Earnings per share (US$ cents) | |||||||
| Basic and diluted, profit per share attributable to owners of the CompanyUS$ cents | 1.20 | – | 1.20 | 0.12 | 10.21 | 10.33 | PDF p. 49 |
Definitions & sources
Original report: PDF p. 49 ↗
Amounts expressed in United States Dollars. Marketing and distribution expenses and Gain on liquidation of a joint operation rows (wrapped labels) and the Profit for the year row not captured as rows; profit for the year: 6,270 / – / 6,270 / 606 / 53,475 / 54,081 attributable to owners of the Company. EPS label wraps over three lines in source.
Consolidated Statement of Comprehensive Income (other comprehensive income part)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group - Continuing operations | 2025Group - Discontinued operations | 2025Group - Total | 2024Group - Continuing operations | 2024Group - Discontinued operations | 2024Group - Total | Source |
|---|---|---|---|---|---|---|---|
| Comprehensive income | |||||||
| Profit for the yearUS$'000 | 6,270 | – | 6,270 | 606 | 53,475 | 54,081 | PDF p. 50 |
| Other comprehensive income | |||||||
| Other comprehensive income for the year, net of taxUS$'000 | – | – | – | – | (135) | (135) | PDF p. 50 |
| Comprehensive income | |||||||
| Total comprehensive income for the yearUS$'000 | 6,270 | – | 6,270 | 606 | 53,340 | 53,946 | PDF p. 50 |
| Attributable to | |||||||
| Owners of the CompanyUS$'000 | 6,270 | – | 6,270 | 606 | 53,340 | 53,946 | PDF p. 50 |
Definitions & sources
Original report: PDF p. 50 ↗
Net fair value changes on cash flow hedges: – / – / – / – / (135) / (135). No separate Company income statement is presented.
Balance Sheets
33 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, vessels and equipmentUS$'000 | 525 | 360 | – | – | PDF p. 51 |
| Right-of-use assetsUS$'000 | 4,067 | 176 | – | – | PDF p. 51 |
| Intangible assetsUS$'000 | – | 6 | – | – | PDF p. 51 |
| Investment in subsidiariesUS$'000 | – | – | 5,770 | 5,770 | PDF p. 51 |
| SubtotalUS$'000 | 4,592 | 542 | 5,770 | 5,770 | PDF p. 51 |
| Current assets | |||||
| InventoriesUS$'000 | 216 | 160 | – | – | PDF p. 51 |
| Trade receivablesUS$'000 | 5,429 | 11,871 | – | 9 | PDF p. 51 |
| Advances, deposits and other receivablesUS$'000 | 7,523 | 23,420 | 312 | 1,037 | PDF p. 51 |
| PrepaymentsUS$'000 | 201 | 246 | 29 | 18 | PDF p. 51 |
| Cash and bank balancesUS$'000 | 19,966 | 33,121 | 1,209 | 172 | PDF p. 51 |
| Restricted cashUS$'000 | 82 | 100 | – | – | PDF p. 51 |
| SubtotalUS$'000 | 33,417 | 68,918 | 1,550 | 1,236 | PDF p. 51 |
| Assets | |||||
| Total assetsUS$'000 | 38,009 | 69,460 | 7,320 | 7,006 | PDF p. 51 |
| Current liabilities | |||||
| Loans and borrowingsUS$'000 | – | 24 | – | – | PDF p. 51 |
| Trade payablesUS$'000 | 2,948 | 4,990 | – | – | PDF p. 51 |
| Accruals and other payablesUS$'000 | 9,549 | 27,927 | 79 | 143 | PDF p. 51 |
| Income tax payableUS$'000 | 262 | 1,361 | 51 | 69 | PDF p. 51 |
| Other non-financial liabilitiesUS$'000 | 63 | 113 | – | – | PDF p. 51 |
| Lease liabilitiesUS$'000 | 3,138 | 79 | – | – | PDF p. 51 |
| SubtotalUS$'000 | 15,960 | 34,494 | 130 | 212 | PDF p. 51 |
| Net current assetsUS$'000 | 17,457 | 34,424 | 1,420 | 1,024 | PDF p. 51 |
| Non-current liabilities | |||||
| ProvisionsUS$'000 | 1,034 | 1,033 | – | – | PDF p. 51 |
| Lease liabilitiesUS$'000 | 1,052 | 118 | – | – | PDF p. 51 |
| Loans and borrowingsUS$'000 | – | 65 | – | – | PDF p. 51 |
| SubtotalUS$'000 | 2,086 | 1,216 | – | – | PDF p. 51 |
| Liabilities | |||||
| Total liabilitiesUS$'000 | 18,046 | 35,710 | 130 | 212 | PDF p. 51 |
| Net assets | |||||
| Net assetsUS$'000 | 19,963 | 33,750 | 7,190 | 6,794 | PDF p. 51 |
| Equity attributable to owners of the Company | |||||
| Share capitalUS$'000 | 19,151 | 19,151 | 49,471 | 49,471 | PDF p. 51 |
| Capital reserveUS$'000 | (42,844) | (42,844) | – | – | PDF p. 51 |
| Other reservesUS$'000 | 4,317 | 7,066 | 4,058 | 6,807 | PDF p. 51 |
| Retained earnings/(accumulated losses)US$'000 | 39,339 | 50,377 | (46,339) | (49,484) | PDF p. 51 |
| Total equityUS$'000 | 19,963 | 33,750 | 7,190 | 6,794 | PDF p. 51 |
| Equity and liabilities | |||||
| Total equity and liabilitiesUS$'000 | 38,009 | 69,460 | 7,320 | 7,006 | PDF p. 51 |
Definitions & sources
Original report: PDF p. 51 ↗
Amounts expressed in United States Dollars; as at 31 December 2025. Note column numbers omitted from values. Unlabelled subtotals have empty original_label.
Consolidated Statement of Comprehensive Income (profit or loss section)
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group Continuing operations US$'000 | 2025Group Discontinued operations US$'000 | 2025Group Total US$'000 | 2024Group Continuing operations US$'000 | 2024Group Discontinued operations US$'000 | 2024Group Total US$'000 | Source |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| RevenueUS$'000 | 20,397 | – | 20,397 | 9,699 | 82,753 | 92,452 | PDF p. 49 |
| Cost of servicesUS$'000 | (9,046) | – | (9,046) | (3,484) | (47,061) | (50,545) | PDF p. 49 |
| Gross profitUS$'000 | 11,351 | – | 11,351 | 6,215 | 35,692 | 41,907 | PDF p. 49 |
| Other items of income | |||||||
| Finance incomeUS$'000 | 980 | – | 980 | 364 | – | 364 | PDF p. 49 |
| Other incomeUS$'000 | 493 | – | 493 | – | – | – | PDF p. 49 |
| Gain on disposal of vesselsUS$'000 | – | – | – | – | 20,874 | 20,874 | PDF p. 49 |
| Reversal of impairment of vesselsUS$'000 | – | – | – | – | 6,826 | 6,826 | PDF p. 49 |
| Other items of expense | |||||||
| Administrative expensesUS$'000 | (7,218) | – | (7,218) | (5,667) | (5,074) | (10,741) | PDF p. 49 |
| Finance costsUS$'000 | (310) | – | (310) | (24) | (4,318) | (4,342) | PDF p. 49 |
| Withholding tax expenseUS$'000 | – | – | – | – | (190) | (190) | PDF p. 49 |
| Income statement | |||||||
| Profit before taxUS$'000 | 5,230 | – | 5,230 | 839 | 54,640 | 55,479 | PDF p. 49 |
| Income tax credit/(expense)US$'000 | 1,040 | – | 1,040 | (233) | (1,165) | (1,398) | PDF p. 49 |
| Profit for the year attributable to owners of the CompanyUS$'000 | 6,270 | – | 6,270 | 606 | 53,475 | 54,081 | PDF p. 49 |
Definitions & sources
Original report: PDF p. 49 ↗
Amounts expressed in United States Dollars. Marketing and distribution expenses and Gain on liquidation of a joint operation rows are split across lines in source and not extracted as rows. EPS (US$ cents) basic and diluted: 2025 continuing 1.20, total 1.20; 2024 continuing 0.12, discontinued 10.21, total 10.33.
Consolidated Statement of Comprehensive Income (other comprehensive income section)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group Continuing operations US$'000 | 2025Group Discontinued operations US$'000 | 2025Group Total US$'000 | 2024Group Continuing operations US$'000 | 2024Group Discontinued operations US$'000 | 2024Group Total US$'000 | Source |
|---|---|---|---|---|---|---|---|
| Statement of comprehensive income | |||||||
| Profit for the yearUS$'000 | 6,270 | – | 6,270 | 606 | 53,475 | 54,081 | PDF p. 50 |
| Other comprehensive income | |||||||
| Other comprehensive income for the year, net of taxUS$'000 | – | – | – | – | (135) | (135) | PDF p. 50 |
| Statement of comprehensive income | |||||||
| Total comprehensive income for the yearUS$'000 | 6,270 | – | 6,270 | 606 | 53,340 | 53,946 | PDF p. 50 |
| Attributable to | |||||||
| Owners of the CompanyUS$'000 | 6,270 | – | 6,270 | 606 | 53,340 | 53,946 | PDF p. 50 |
Definitions & sources
Original report: PDF p. 50 ↗
Net fair value changes on cash flow hedges (items that may be reclassified subsequently to profit or loss): 2025 –, –, –; 2024 –, (135), (135). Profit attributable only to owners of the Company; no non-controlling interests shown.
Statements of Changes in Equity - Group
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group Equity total US$'000 (rows cover FY2025 and FY2024 periods) | 2025Group Share capital (Note 24) US$'000 | 2025Group Capital reserve (Note 25) US$'000 | 2025Group Other reserves (Note 25) US$'000 | 2025Group Retained earnings US$'000 | Source |
|---|---|---|---|---|---|---|
| FY2025 | ||||||
| Balance at 1 January 2025US$'000 | 33,750 | 19,151 | (42,844) | 7,066 | 50,377 | PDF p. 52 |
| Profit for the year, representing total comprehensive income for the yearUS$'000 | 6,270 | – | – | – | 6,270 | PDF p. 52 |
| Dividend payment (Note 27)US$'000 | (20,057) | – | – | – | (20,057) | PDF p. 52 |
| Transfer of reserves (Note 25)US$'000 | – | – | – | (2,749) | 2,749 | PDF p. 52 |
| Balance at 31 December 2025US$'000 | 19,963 | 19,151 | (42,844) | 4,317 | 39,339 | PDF p. 52 |
| FY2024 | ||||||
| Balance at 1 January 2024US$'000 | 99,804 | 38,307 | – | 7,201 | 54,296 | PDF p. 52 |
| Profit for the yearUS$'000 | 54,081 | – | – | – | 54,081 | PDF p. 52 |
| FY2024 Other comprehensive income | ||||||
| Net fair value changes on cash flow hedgesUS$'000 | (135) | – | – | (135) | – | PDF p. 52 |
| FY2024 | ||||||
| Total comprehensive income for the yearUS$'000 | 53,946 | – | – | (135) | 54,081 | PDF p. 52 |
| Capital reduction (Note 24)US$'000 | (62,000) | (19,156) | (42,844) | – | – | PDF p. 52 |
| Dividend payment (Note 27)US$'000 | (58,000) | – | – | – | (58,000) | PDF p. 52 |
| Balance at 31 December 2024US$'000 | 33,750 | 19,151 | (42,844) | 7,066 | 50,377 | PDF p. 52 |
Definitions & sources
Original report: PDF p. 52 ↗
Attributable to owners of the Company. Amounts in United States Dollars. Column year labels use 2025 as the report year; the FY2024 rows are the comparative period. No non-controlling interest columns.
Statements of Changes in Equity - Company
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company Equity total US$'000 (rows cover FY2025 and FY2024 periods) | 2025Company Share capital (Note 24) US$'000 | 2025Company Other reserves (Note 25) US$'000 | 2025Company Accumulated losses US$'000 | Source |
|---|---|---|---|---|---|
| FY2025 | |||||
| Balance at 1 January 2025US$'000 | 6,794 | 49,471 | 6,807 | (49,484) | PDF p. 53 |
| Profit for the year, representing total comprehensive income for the yearUS$'000 | 20,453 | – | – | 20,453 | PDF p. 53 |
| Dividend payment (Note 27)US$'000 | (20,057) | – | – | (20,057) | PDF p. 53 |
| Transfer of reserves (Note 25)US$'000 | – | – | (2,749) | 2,749 | PDF p. 53 |
| Balance at 31 December 2025US$'000 | 7,190 | 49,471 | 4,058 | (46,339) | PDF p. 53 |
| FY2024 | |||||
| Balance at 1 January 2024US$'000 | 68,750 | 111,471 | 6,807 | (49,528) | PDF p. 53 |
| Profit for the year, representing total comprehensive income for the yearUS$'000 | 58,044 | – | – | 58,044 | PDF p. 53 |
| Capital reduction (Note 24)US$'000 | (62,000) | (62,000) | – | – | PDF p. 53 |
| Dividend payment (Note 27)US$'000 | (58,000) | – | – | (58,000) | PDF p. 53 |
| Balance at 31 December 2024US$'000 | 6,794 | 49,471 | 6,807 | (49,484) | PDF p. 53 |
Definitions & sources
Original report: PDF p. 53 ↗
Attributable to owners of the Company. Amounts in United States Dollars. FY2024 rows are the comparative period.
Consolidated Cash Flow Statement
42 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group US$'000 | 2024Group US$'000 | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before taxUS$'000 | 5,230 | 55,479 | PDF p. 54 |
| Operating activities - Adjustments | |||
| Net gain on disposal of property, vessels and equipmentUS$'000 | – | (20,874) | PDF p. 54 |
| Reversal of impairment of vesselsUS$'000 | – | (6,826) | PDF p. 54 |
| Depreciation of property, vessels and equipmentUS$'000 | 115 | 9,760 | PDF p. 54 |
| Depreciation of right-of-use assetsUS$'000 | 2,047 | 76 | PDF p. 54 |
| Amortisation of intangible assetsUS$'000 | 6 | – | PDF p. 54 |
| (Write-back of)/allowances for doubtful trade debts, netUS$'000 | (71) | 289 | PDF p. 54 |
| Gain on liquidation of a joint operationUS$'000 | – | (880) | PDF p. 54 |
| Finance incomeUS$'000 | (980) | (364) | PDF p. 54 |
| Finance costsUS$'000 | 310 | 4,342 | PDF p. 54 |
| ProvisionsUS$'000 | 184 | 228 | PDF p. 54 |
| Total adjustmentsUS$'000 | 1,611 | (14,249) | PDF p. 54 |
| Operating activities | |||
| Operating cash flows before changes in working capitalUS$'000 | 6,841 | 41,230 | PDF p. 54 |
| Changes in working capital | |||
| (Increase)/decrease in inventoriesUS$'000 | (56) | 41 | PDF p. 54 |
| Decrease in trade receivablesUS$'000 | 6,513 | 4,740 | PDF p. 54 |
| Decrease/(increase) in advances, deposits and other receivablesUS$'000 | 15,897 | (21,672) | PDF p. 54 |
| Decrease in prepaymentsUS$'000 | 45 | 103 | PDF p. 54 |
| Decrease in trade payablesUS$'000 | (2,042) | (5,229) | PDF p. 54 |
| (Decrease)/increase in accruals and other payablesUS$'000 | (18,379) | 23,776 | PDF p. 54 |
| Decrease in provisionsUS$'000 | (183) | (238) | PDF p. 54 |
| Decrease in other non-financial liabilitiesUS$'000 | (50) | (233) | PDF p. 54 |
| Total changes in working capitalUS$'000 | 1,745 | 1,288 | PDF p. 54 |
| Operating activities | |||
| Cash generated from operationsUS$'000 | 8,586 | 42,518 | PDF p. 54 |
| Interest receivedUS$'000 | 980 | 364 | PDF p. 54 |
| Interest paidUS$'000 | (309) | (4,514) | PDF p. 54 |
| Income tax paidUS$'000 | (59) | (116) | PDF p. 54 |
| Net cash flows generated from operating activitiesUS$'000 | 9,198 | 38,252 | PDF p. 54 |
| Investing activities | |||
| Purchase of property, vessels and equipmentUS$'000 | (280) | (24,745) | PDF p. 54 |
| Proceeds from liquidation of a joint operationUS$'000 | – | 1,779 | PDF p. 54 |
| Proceeds from disposal of property, vessels and equipmentUS$'000 | – | 183,970 | PDF p. 54 |
| Net cash flows (used in)/generated from investing activitiesUS$'000 | (280) | 161,004 | PDF p. 54 |
| Financing activities | |||
| Repayment of shareholder advancesUS$'000 | – | (12,550) | PDF p. 54 |
| Proceeds from loans and borrowingsUS$'000 | – | 12,000 | PDF p. 54 |
| Repayment of loans and borrowingsUS$'000 | (89) | (53,235) | PDF p. 54 |
| Cash distributed via capital reductionUS$'000 | – | (62,000) | PDF p. 54 |
| Dividends paid to shareholdersUS$'000 | (20,057) | (58,000) | PDF p. 54 |
| Repayment of principal portion of lease liabilitiesUS$'000 | (1,945) | (73) | PDF p. 54 |
| Decrease in bank deposits pledged and restricted cashUS$'000 | 18 | 3,817 | PDF p. 54 |
| Net cash flows used in financing activitiesUS$'000 | (22,073) | (170,041) | PDF p. 54 |
| Net change in cash | |||
| Net (decrease)/increase in cash and cash equivalentsUS$'000 | (13,155) | 29,215 | PDF p. 54 |
| Cash and cash equivalents at 1 JanuaryUS$'000 | 33,121 | 3,906 | PDF p. 54 |
| Cash and cash equivalents at 31 DecemberUS$'000 | 19,966 | 33,121 | PDF p. 54 |
Definitions & sources
Original report: PDF p. 54 ↗
Amounts expressed in United States Dollars. In the 'Decrease in bank deposits pledged and restricted cash' row, the printed text is '18 3,817'. The note column is blank, so '18' appears to be the 2025 amount, and the row is extracted as printed. The source prints no separate Company cash flow statement.
Group Financial Highlights - Financial Indicators
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2020Group FY2020 | 2021Group FY2021 | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024* (including financial effects of the Fleet Disposal) | 2025Group FY2025 | Source |
|---|---|---|---|---|---|---|---|
| Financial Indicators | |||||||
| Basic Earnings/(Loss) per share (US$ cents)US$ cents | (1.04) | (2.53) | 2.14 | 3.46 | 10.33 | 1.20 | PDF p. 12 |
| Diluted Earnings/(Loss) per share (US$ cents)US$ cents | (1.04) | (2.53) | 2.14 | 3.46 | 10.33 | 1.20 | PDF p. 12 |
| Net Gearing Ratio% | 52.4 | 54.3 | 45.2 | 38.0 | Net Cash | Net Cash | PDF p. 12 |
Definitions & sources
Original report: PDF p. 12 ↗
* Including financial effects of the Fleet Disposal (see Circular dated 13 September 2024 and subsequent related announcements)
# After taking into account payment of special interim dividends and capital distribution on 5 December 2024 (see announcements dated 19 November 2024 and 27 November 2024)
## After taking into account payment of interim dividend of US$20.1 million in October 2025 (see announcement dated 26 September 2025)
Layout: FY2024 and FY2025 values for NAV, Return on Total Assets and Return on Shareholders' Equity are split across lines in the PDF text; the marker (# or ##) is attached to the figure as printed. The FY2025 ROE 31.4%## is printed on the line below with its '#' marker wrapped.
Note 9 Earnings per share (Group)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| Profit attributable to owners of the Company | |||
| Continuing operationsUS$’000 | 6,270 | 606 | PDF p. 69 |
| Discontinued operationsUS$’000 | – | 53,475 | PDF p. 69 |
| Share data | |||
| Weighted average number of ordinary shares for basic and diluted earnings per share computationNo. of shares ’000 | 523,512 | 523,512 | PDF p. 69 |
| Earnings per share | |||
| Basic and diluted earnings per share (US$ cents)US$ cents | 1.20 | 10.33 | PDF p. 69 |
| Basic and diluted earnings per share for discontinued operations (US$ cents)US$ cents | – | 10.21 | PDF p. 69 |
Definitions & sources
Original report: PDF p. 69 ↗
Table header: 'No. of shares ’000' for share count; US$’000 for profit.
Note 27 Dividends (Group and Company)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company 2025 | 2024Group and Company 2024 | Source |
|---|---|---|---|
| Dividends on ordinary shares declared and paid during the financial year | |||
| Interim exempt (one-tier) dividend for 2025: US$0.04 per shareUS$’000 | 20,057 | – | PDF p. 84 |
| Special interim exempt (one-tier) dividend 2024: US$0.11 per shareUS$’000 | – | 58,000 | PDF p. 84 |
Definitions & sources
Original report: PDF p. 84 ↗
Dividend per share is printed within the row label (US$0.04 for 2025 interim; US$0.11 for 2024 special interim).
Where the money comes from
Segment information
By business
Segment information - continuing operations by business segment 10 lines
| Item / unit | 2025Marine logistics services | 2024Marine logistics services | 2025Ship repair, fabrication and other marine services | 2024Ship repair, fabrication and other marine services | 2025Adjustments/Eliminations | 2024Adjustments/Eliminations | 2025Total for continuing operations | 2024Total for continuing operations | Source |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| External customersUS$'000 | 14,718 | 8,373 | 5,679 | 1,326 | – | – | 20,397 | 9,699 | PDF p. 93 |
| Results | |||||||||
| Segment gross profitUS$'000 | 9,286 | 4,347 | 2,065 | 1,868 | – | – | 11,351 | 6,215 | PDF p. 93 |
| Finance incomeUS$'000 | 980 | 364 | – | – | – | – | 980 | 364 | PDF p. 93 |
| Other incomeUS$'000 | 493 | – | – | – | – | – | 493 | – | PDF p. 93 |
| Marketing and distribution expensesUS$'000 | (60) | (49) | (6) | – | – | – | (66) | (49) | PDF p. 93 |
| Administrative expensesUS$'000 | (4,667) | (3,410) | (2,016) | (1,622) | (535) | (635) | (7,218) | (5,667) | PDF p. 93 |
| Finance costsUS$'000 | (304) | (17) | (6) | (7) | – | – | (310) | (24) | PDF p. 93 |
| Segment profit before taxUS$'000 | 5,728 | 1,235 | 37 | 239 | (535) | (635) | 5,230 | 839 | PDF p. 93 |
| Income tax credit/ (expense)US$'000 | 1,048 | (233) | (8) | – | – | – | 1,040 | (233) | PDF p. 93 |
| Profit for the yearUS$'000 | 6,776 | 1,002 | 29 | 239 | (535) | (635) | 6,270 | 606 | PDF p. 93 |
Notes
Note A: The adjustment pertains to unallocated corporate expenses.
Note B: The following items are deducted from segment profit/(loss) to arrive at "profit/(loss) before tax" presented in the consolidated statement of comprehensive income: Unallocated corporate expenses (535) in 2025, (635) in 2024 (US$'000).
Segment assets, liabilities and other expenses are not disclosed as they are not regularly provided to the chief operating decision maker. The chief operating decision maker reviews the results of the segment using segment gross profit.
Printed 'Note' column holds references A and B; not a value column.
By geography
Geographical information - revenue from continuing operations by location of customers 7 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue by geography | |||
| United Arab EmiratesUS$'000 | 7,873 | 1,276 | PDF p. 94 |
| LiberiaUS$'000 | 7,451 | 2,629 | PDF p. 94 |
| Saudi ArabiaUS$'000 | 1,946 | – | PDF p. 94 |
| QatarUS$'000 | 1,398 | 3,573 | PDF p. 94 |
| OmanUS$'000 | – | 1,869 | PDF p. 94 |
| OthersUS$'000 | 1,729 | 352 | PDF p. 94 |
| Total revenueUS$'000 | 20,397 | 9,699 | PDF p. 94 |
Notes
Revenue information pertaining to continuing operations based on the geographical location of customers.
Major customers: revenue from two major customers in the marine logistics services segment amounted to approximately US$5,219,000 continued operations (2024: US$55,975,000 within the discontinued operations). Revenue from two major customers in the ship repair, fabrication and other marine services segment amounted to approximately US$2,058,000 (2024: US$1,150,000).
Debt
Borrowings
Liquidity risk: contractual undiscounted maturity of financial liabilities – Group
| Item / unit | 2025One year or less, US$'000 | 2025One to five years, US$'000 | 2025Over five years, US$'000 | 2025Total, US$'000 | 2024One year or less, US$'000 | 2024One to five years, US$'000 | 2024Over five years, US$'000 | 2024Total, US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities, Group | |||||||||
| Lease liabilitiesUS$'000 | 4,190 | – | – | 4,190 | 97 | 485 | 615 | 1,197 | PDF p. 90 |
| Loans and borrowingsUS$'000 | 40 | 69 | – | 109 | PDF p. 90 | ||||
Notes
Based on contractual undiscounted repayment obligations. No loans and borrowings row for 2025.
Based on contractual undiscounted repayment obligations.
Borrowing notes 2 tables
Loans and borrowings
| Item / unit | 2025US$'000 | 2024US$'000 | Source |
|---|---|---|---|
| Car loan | |||
| CurrentUS$'000 | – | 24 | PDF p. 78 |
| Non-currentUS$'000 | – | 65 | PDF p. 78 |
| Total loans and borrowingsUS$'000 | – | 89 | PDF p. 78 |
| Loans and borrowings denominated in foreign currencies | |||
| Arab Emirates DirhamUS$'000 | – | 89 | PDF p. 78 |
Notes
The car loan was secured by the hypothecation of the vehicle.
The Group has no bank loans outstanding as at 31 December 2025, and accordingly not subject to any loan covenants.
Group and Company did not have any loans and borrowings at floating rates (31 Dec 2025 and 2024). No interest rate range printed.
Reconciliation of liabilities arising from financing activities
| Item / unit | 2024Group opening balance, US$'000 | 2025Group Cash flows, net, US$'000 | 2025Group non-cash: Accretion of interest, US$'000 | 2025Group non-cash: Others, US$'000 | 2025Group closing balance, US$'000 | 2023Group opening balance, US$'000 | 2024Group Cash flows, net, US$'000 | 2024Group non-cash: Accretion of interest, US$'000 | 2024Group non-cash: Others, US$'000 | 2024Group closing balance, US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Bank loans | |||||||||||
| - Current (Bank loans)US$'000 | 24 | (24) | – | – | – | 13,386 | (13,362) | – | – | 24 | PDF p. 79 |
| - Non-current (Bank loans)US$'000 | 65 | (65) | – | – | – | 27,938 | (27,873) | – | – | 65 | PDF p. 79 |
| Lease liabilities (Note 11) | |||||||||||
| - Current (Lease liabilities (Note 11))US$'000 | 79 | (2,254) | 310 | 5,003 | 3,138 | 72 | (97) | 24 | 80 | 79 | PDF p. 79 |
| - Non-current (Lease liabilities (Note 11))US$'000 | 118 | – | – | 934 | 1,052 | 198 | – | – | (80) | 118 | PDF p. 79 |
| Total | |||||||||||
| TotalUS$'000 | 286 | (2,343) | 310 | 5,937 | 4,190 | 53,673 | (53,882) | 495 | – | 286 | PDF p. 79 |
| Amount due to shareholders | |||||||||||
| - Current (Amount due to shareholders)US$'000 | 6,831 | (12,550) | 471 | 5,248 | – | PDF p. 79 | |||||
| - Non-current (Amount due to shareholders)US$'000 | 5,248 | – | – | (5,248) | – | PDF p. 79 | |||||
Notes
The “Others” column relates to reclassification of non-current portion of loans and borrowings due to passage of time and lease liabilities entered into during the year.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company currently does not have a fixed dividend policy. The form, frequency and amount of dividends declared each year will take into consideration the Group’s profit growth, cash position, positive cash flows generated from operations, projected capital requirements for business growth and other factors as the Board may deem appropriate. | Company | PDF p. 39 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interim exempt (one-tier) dividend for 2025: US$0.04 per share | US$0.04 per share | Group and Company, FY2025 interim one-tier tax-exempt dividend declared and paid | PDF p. 84 |
| interim (one-tier tax-exempt) dividend | 3.83 US cents | Company, FY2025 interim one-tier tax-exempt dividend, paid 15 October 2025 · As at 2025-10-15 | PDF p. 39 |
| Interim exempt (one-tier) dividend for 2025 | 20,057 US$'000 | Group and Company, 2025 | PDF p. 84 |
| Special interim exempt (one-tier) dividend 2024: US$0.11 per share | US$0.11 per share | Group and Company, comparative FY2024 special interim one-tier dividend | PDF p. 84 |
| Special interim exempt (one-tier) dividend 2024 | 58,000 US$'000 | Group and Company, 2024 | PDF p. 84 |
| DIVIDENDS AND PAYOUT | Save for the above, no other dividend was recommended or declared for FY2025 (FY2024: Nil) | Company, FY2025 | PDF p. 8 |
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 | Ernst & Young LLP | Group | PDF p. 48 |
| Engagement partner | Lim Huijing Amanda | Group | PDF p. 48 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Revenue recognition based on measurement of progress | Revenue recognition based on measurement of progress | Group | PDF p. 46 |
| Revenue recognition based on measurement of progress | We focused on this area because of the significant management judgement required in the estimation of total costs on the contracts, including contingencies that could arise from variations to the original scope of work. | Group | PDF p. 46 |
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.