Yangzijiang Maritime Development Ltd. Annual Report 2025
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| Metric / unit | 2025Group — consolidated | 2024Group — combined carve-out comparative | Source |
|---|---|---|---|
| Income / Investment income | |||
| – Interest incomeUS$’000 | 20,803 | 49,097 | PDF p. 64 |
| – Interest income from financial assets at fair value through profit or lossUS$’000 | 31,828 | 12,505 | PDF p. 64 |
| Income | |||
| Income from maritime fund assetsUS$’000 | 69,311 | 43,345 | PDF p. 64 |
| Other net changes in fair value on financial assets and financial liabilities at fair value through profit or lossUS$’000 | 20,410 | 43,393 | PDF p. 64 |
| Other incomeUS$’000 | – | 123 | PDF p. 64 |
| Total incomeUS$’000 | 142,352 | 148,463 | PDF p. 64 |
| Expenses | |||
| Operating costs of maritime fund assetsUS$’000 | (27,603) | (19,860) | PDF p. 64 |
| Employee compensationUS$’000 | (2,582) | (2,161) | PDF p. 64 |
| Other expensesUS$’000 | (6,030) | (3,114) | PDF p. 64 |
| Total expensesUS$’000 | (36,215) | (25,135) | PDF p. 64 |
| Profit | |||
| Profit before allowancesUS$’000 | 106,137 | 123,328 | PDF p. 64 |
| Allowances for credit and other lossesUS$’000 | (2,148) | – | PDF p. 64 |
| Profit after allowancesUS$’000 | 103,989 | 123,328 | PDF p. 64 |
| Share of profits of joint ventures, net of taxUS$’000 | 18,019 | 1,060 | PDF p. 64 |
| Other gainsUS$’000 | 23,330 | 23,925 | PDF p. 64 |
| Profit before income taxUS$’000 | 145,338 | 148,313 | PDF p. 64 |
| Income tax expenseUS$’000 | (9,239) | (8,674) | PDF p. 64 |
| Net profit for the yearUS$’000 | 136,099 | 139,639 | PDF p. 64 |
| Profit attributable to | |||
| Equity holders of the CompanyUS$’000 | 129,692 | 135,855 | PDF p. 64 |
| Non-controlling interestsUS$’000 | 6,407 | 3,784 | PDF p. 64 |
| SubtotalUS$’000 | 136,099 | 139,639 | PDF p. 64 |
| Earnings per share attributable to equity holders of the Company | |||
| – Basic and diluted (expressed in US$ cents per share)US$ cents per share | 3.73 | 3.90 | PDF p. 64 |
| Other comprehensive income | |||
| Net profit for the yearUS$’000 | 136,099 | 139,639 | PDF p. 64 |
| Other comprehensive income / Items that may be reclassified subsequently to profit or loss | |||
| – Currency translation differencesUS$’000 | 693 | (1,922) | PDF p. 64 |
| Other comprehensive income | |||
| Other comprehensive income, net of taxUS$’000 | 693 | (1,922) | PDF p. 64 |
| Total comprehensive income | |||
| Total comprehensive incomeUS$’000 | 136,792 | 137,717 | PDF p. 64 |
| Total comprehensive income attributable to | |||
| Equity holders of the CompanyUS$’000 | 130,385 | 133,933 | PDF p. 64 |
| Non-controlling interestsUS$’000 | 6,407 | 3,784 | PDF p. 64 |
| SubtotalUS$’000 | 136,792 | 137,717 | PDF p. 64 |
Original report: PDF p. 64 ↗
The accompanying notes form an integral part of these financial statements.
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| Metric / unit | 2025Group — consolidated | 2024Group — combined carve-out comparative | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit after income taxUS$’000 | 136,099 | 139,639 | PDF p. 67 |
| Cash flows from operating activities / Adjustments for | |||
| – Income tax expensesUS$’000 | 9,239 | 8,674 | PDF p. 67 |
| – Depreciation of property, plant and equipmentUS$’000 | 7,120 | 5,529 | PDF p. 67 |
| – Fair value gain on financial assets, at fair value through profit or lossUS$’000 | (12,881) | (21,639) | PDF p. 67 |
| – Fair value gain/(loss) on derivative financial instrumentsUS$’000 | 12,191 | (19,002) | PDF p. 67 |
| – Share of results from joint venturesUS$’000 | (18,019) | (1,060) | PDF p. 67 |
| Cash flows from operating activities | |||
| SubtotalUS$’000 | 133,749 | 112,141 | PDF p. 67 |
| Cash flows from operating activities / Changes in working capital | |||
| – Trade and other receivablesUS$’000 | (207,411) | (125,277) | PDF p. 67 |
| – Trade and other payablesUS$’000 | 36,441 | 3,894 | PDF p. 67 |
| – Debt investments at amortised costUS$’000 | 31,444 | 31,071 | PDF p. 67 |
| Cash flows from operating activities | |||
| Cash generated from operationsUS$’000 | (5,777) | 21,829 | PDF p. 67 |
| Income tax paidUS$’000 | (8,870) | (4,206) | PDF p. 67 |
| Net cash (used in)/provided by operating activitiesUS$’000 | (14,647) | 17,623 | PDF p. 67 |
| Cash flows from investing activities | |||
| Proceeds from sale of financial assets, at fair value through profit and lossUS$’000 | 489,016 | 137,122 | PDF p. 67 |
| Dividend received from joint venturesUS$’000 | 17,162 | 975 | PDF p. 67 |
| Return of capital from joint venturesUS$’000 | 23,393 | – | PDF p. 67 |
| Purchase of property, plant and equipmentUS$’000 | (66,956) | (32,445) | PDF p. 67 |
| Acquisition of financial assets, at fair value through profit and lossUS$’000 | (546,192) | (449,011) | PDF p. 67 |
| Additions to investments in joint venturesUS$’000 | (78,504) | (94,451) | PDF p. 67 |
| Additions to investments in associatesUS$’000 | (14,197) | – | PDF p. 67 |
| Net cash used in investing activitiesUS$’000 | (176,278) | (437,810) | PDF p. 67 |
| Cash flows from financing activities | |||
| Dividends paidUS$’000 | (4,450) | (3,490) | PDF p. 67 |
| Proceeds from borrowings from banksUS$’000 | – | 143,548 | PDF p. 67 |
| Repayment of borrowings from banksUS$’000 | (17,444) | (126,104) | PDF p. 67 |
| Capital injection by non-controlling interestUS$’000 | 17,485 | 57,111 | PDF p. 67 |
| Issuance of sharesUS$’000 | 3,975 | – | PDF p. 67 |
| Movement in funding from Yangzijiang Financial Holding Ltd.US$’000 | (134,627) | 566,405 | PDF p. 67 |
| Net cash (used in)/provided by financing activitiesUS$’000 | (135,061) | 637,470 | PDF p. 67 |
| Cash flows | |||
| Net (decrease)/increase in cash and cash equivalentsUS$’000 | (325,986) | 217,283 | PDF p. 67 |
| Beginning of financial yearUS$’000 | 725,681 | 510,922 | PDF p. 67 |
| Effects of currency translation on cash and cash equivalentsUS$’000 | 693 | (2,524) | PDF p. 67 |
| End of financial yearUS$’000 | 400,388 | 725,681 | PDF p. 67 |
Original report: PDF p. 67 ↗
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| Metric / unit | 2025Group — consolidated | 2024Group — combined carve-out comparative | Source |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalentsUS$ thousand | 400,388 | 725,681 | PDF p. 65 |
| Financial assets, at fair value through profit or lossUS$ thousand | 289,129 | 277,513 | PDF p. 65 |
| Derivative financial instrumentsUS$ thousand | 479 | 13,299 | PDF p. 65 |
| Debt investments at amortised costUS$ thousand | – | 31,444 | PDF p. 65 |
| Trade and other receivablesUS$ thousand | 79,156 | 58,875 | PDF p. 65 |
| SubtotalUS$ thousand | 769,152 | 1,106,812 | PDF p. 65 |
| Non-current assets | |||
| Financial assets, at fair value through profit or lossUS$ thousand | 357,654 | 299,213 | PDF p. 65 |
| Trade and other receivablesUS$ thousand | 344,094 | 156,964 | PDF p. 65 |
| Investments in subsidiariesUS$ thousand | – | – | PDF p. 65 |
| Investments in joint venturesUS$ thousand | 150,504 | 94,536 | PDF p. 65 |
| Investments in associatesUS$ thousand | 14,197 | – | PDF p. 65 |
| Property, plant and equipmentUS$ thousand | 181,961 | 122,125 | PDF p. 65 |
| SubtotalUS$ thousand | 1,048,410 | 672,838 | PDF p. 65 |
| Assets | |||
| Total assetsUS$ thousand | 1,817,562 | 1,779,650 | PDF p. 65 |
| Current liabilities | |||
| Trade and other payablesUS$ thousand | 43,477 | 7,036 | PDF p. 65 |
| Derivatives financial instrumentsUS$ thousand | 4,688 | 5,317 | PDF p. 65 |
| BorrowingsUS$ thousand | – | 17,444 | PDF p. 65 |
| Current income tax liabilitiesUS$ thousand | 8,766 | 8,397 | PDF p. 65 |
| SubtotalUS$ thousand | 56,931 | 38,194 | PDF p. 65 |
| Liabilities | |||
| Total liabilitiesUS$ thousand | 56,931 | 38,194 | PDF p. 65 |
| Net assets | |||
| NET ASSETSUS$ thousand | 1,760,631 | 1,741,456 | PDF p. 65 |
| Equity | |||
| Capital contributionUS$ thousand | – | 1,428,356 | PDF p. 65 |
| Share capitalUS$ thousand | 1,454,645 | 1,861 | PDF p. 65 |
| Retained earningsUS$ thousand | 175,140 | 197,820 | PDF p. 65 |
| Other reservesUS$ thousand | (5,669) | – | PDF p. 65 |
| Currency translation reserveUS$ thousand | 840 | (2,814) | PDF p. 65 |
| Equity attributable to equity holders of the Company | |||
| SubtotalUS$ thousand | 1,624,956 | 1,625,223 | PDF p. 65 |
| Equity | |||
| Non-controlling interestsUS$ thousand | 135,675 | 116,233 | PDF p. 65 |
| Total equityUS$ thousand | 1,760,631 | 1,741,456 | PDF p. 65 |
Original report: PDF p. 65 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company — pre-incorporation source placeholders | Source |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalentsUS$ thousand | 9,984 | – | PDF p. 65 |
| Financial assets, at fair value through profit or lossUS$ thousand | – | – | PDF p. 65 |
| Derivative financial instrumentsUS$ thousand | – | – | PDF p. 65 |
| Debt investments at amortised costUS$ thousand | – | – | PDF p. 65 |
| Trade and other receivablesUS$ thousand | 88 | – | PDF p. 65 |
| SubtotalUS$ thousand | 10,072 | – | PDF p. 65 |
| Non-current assets | |||
| Financial assets, at fair value through profit or lossUS$ thousand | – | – | PDF p. 65 |
| Trade and other receivablesUS$ thousand | 1,446,110 | – | PDF p. 65 |
| Investments in subsidiariesUS$ thousand | 21,617 | – | PDF p. 65 |
| Investments in joint venturesUS$ thousand | – | – | PDF p. 65 |
| Property, plant and equipmentUS$ thousand | – | – | PDF p. 65 |
| SubtotalUS$ thousand | 1,467,727 | – | PDF p. 65 |
| Assets | |||
| Total assetsUS$ thousand | 1,477,799 | – | PDF p. 65 |
| Current liabilities | |||
| Trade and other payablesUS$ thousand | 1,834 | – | PDF p. 65 |
| Derivatives financial instrumentsUS$ thousand | 3 | – | PDF p. 65 |
| BorrowingsUS$ thousand | – | – | PDF p. 65 |
| Current income tax liabilitiesUS$ thousand | 3,939 | – | PDF p. 65 |
| SubtotalUS$ thousand | 5,776 | – | PDF p. 65 |
| Liabilities | |||
| Total liabilitiesUS$ thousand | 5,776 | – | PDF p. 65 |
| Net assets | |||
| NET ASSETSUS$ thousand | 1,472,023 | – | PDF p. 65 |
| Equity | |||
| Capital contributionUS$ thousand | – | – | PDF p. 65 |
| Share capitalUS$ thousand | 1,454,645 | – | PDF p. 65 |
| Retained earningsUS$ thousand | 17,378 | – | PDF p. 65 |
| Other reservesUS$ thousand | – | – | PDF p. 65 |
| Currency translation reserveUS$ thousand | – | – | PDF p. 65 |
| Equity attributable to equity holders of the Company | |||
| SubtotalUS$ thousand | 1,472,023 | – | PDF p. 65 |
| Equity | |||
| Non-controlling interestsUS$ thousand | – | – | PDF p. 65 |
| Total equityUS$ thousand | 1,472,023 | – | PDF p. 65 |
Original report: PDF p. 65 ↗
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| Metric / unit | 2025Company | Source |
|---|---|---|
| Non-current assets | ||
| Investments in associatesUS$ thousand | – | PDF p. 65 |
Original report: PDF p. 65 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — consolidatedCapital contribution | 2025Group — consolidatedShare capital | 2025Group — consolidatedOther reserves | 2025Group — consolidatedForeign currency translation reserve | 2025Group — consolidatedRetained earnings | 2025Group — consolidatedTotal attributable to equity holders of the Company | 2025Group — consolidatedNon-controlling interest | 2025Group — consolidatedTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group equity movements FY2025 | |||||||||
| Balance at 1 January 2025US$ thousand | 1,428,356 | 1,861 | – | (2,814) | 197,820 | 1,625,223 | 116,233 | 1,741,456 | PDF p. 66 |
| Profit for the yearUS$ thousand | – | – | – | – | 129,692 | 129,692 | 6,407 | 136,099 | PDF p. 66 |
| Other comprehensive income for the yearUS$ thousand | – | – | – | 693 | – | 693 | – | 693 | PDF p. 66 |
| Total comprehensive income for the yearUS$ thousand | – | – | – | 693 | 129,692 | 130,385 | 6,407 | 136,792 | PDF p. 66 |
| Spin-off processUS$ thousand | (1,428,356) | 1,448,809 | (5,674) | 2,961 | (152,367) | (134,627) | – | (134,627) | PDF p. 66 |
| Issuance of sharesUS$ thousand | – | 3,975 | – | – | – | 3,975 | – | 3,975 | PDF p. 66 |
| TransferUS$ thousand | – | – | 5 | – | (5) | – | – | – | PDF p. 66 |
| DividendUS$ thousand | – | – | – | – | – | – | (4,450) | (4,450) | PDF p. 66 |
| Capital injection by non-controlling interestUS$ thousand | – | – | – | – | – | – | 17,485 | 17,485 | PDF p. 66 |
| Balance at 31 December 2025US$ thousand | – | 1,454,645 | (5,669) | 840 | 175,140 | 1,624,956 | 135,675 | 1,760,631 | PDF p. 66 |
Original report: PDF p. 66 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — combined carve-out comparativeCapital contribution | 2024Group — combined carve-out comparativeShare capital | 2024Group — combined carve-out comparativeForeign currency translation reserve | 2024Group — combined carve-out comparativeRetained earnings | 2024Group — combined carve-out comparativeTotal attributable to equity holders of the Company | 2024Group — combined carve-out comparativeNon-controlling interest | 2024Group — combined carve-out comparativeTotal equity | Source |
|---|---|---|---|---|---|---|---|---|
| Group equity movements FY2024 | ||||||||
| Balance at 1 January 2024US$ thousand | 861,951 | 1,861 | (892) | 61,965 | 924,885 | 58,828 | 983,713 | PDF p. 66 |
| Profit for the yearUS$ thousand | – | – | – | 135,855 | 135,855 | 3,784 | 139,639 | PDF p. 66 |
| Other comprehensive income for the yearUS$ thousand | – | – | (1,922) | – | (1,922) | – | (1,922) | PDF p. 66 |
| Total comprehensive income for the yearUS$ thousand | – | – | (1,922) | 135,855 | 133,933 | 3,784 | 137,717 | PDF p. 66 |
| Movement in capital contributionUS$ thousand | 566,405 | – | – | – | 566,405 | – | 566,405 | PDF p. 66 |
| DividendUS$ thousand | – | – | – | – | – | (3,490) | (3,490) | PDF p. 66 |
| Capital injection by non-controlling interestUS$ thousand | – | – | – | – | – | 57,111 | 57,111 | PDF p. 66 |
| Balance at 31 December 2024US$ thousand | 1,428,356 | 1,861 | (2,814) | 197,820 | 1,625,223 | 116,233 | 1,741,456 | PDF p. 66 |
Original report: PDF p. 66 ↗
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| Metric / unit | 2025Group — consolidated | 2024Group — combined carve-out comparative | Source |
|---|---|---|---|
| Financial highlights and supporting notes | |||
| Net profit attributable to equity holders of the Company (US$’000)US$ thousand | 129,692 | 135,855 | PDF p. 85 |
| Weighted average number of ordinary shares (’000) [Note (a)]shares thousand | 3,481,468 | 3,480,451 | PDF p. 85 |
| Basic earnings per share (US$ cents)US$ cents per share | 3.73 | 3.90 | PDF p. 85 |
Original report: PDF p. 85 ↗
Basic EPS is calculated by dividing net profit for the year attributable to equity holders of the Company by the weighted-average number of ordinary shares outstanding at the end of the financial year.
Note (a): “The weighted average number of ordinary shares is derived from the number of ordinary shares in issue by the Company, adjusted retrospectively for the effects of reorganisation as described in Note 2.2.”
“Diluted earnings per share is equivalent to the basic earnings, as the Company does not have any dilutive potential ordinary shares.”
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| Metric / unit | 2025Group — consolidated | 2024Group — combined carve-out comparative | Source |
|---|---|---|---|
| Financial highlights and supporting notes | |||
| Maritime BusinessUS$ million | 69.9 | 43.3 | PDF p. 13 |
| Cash ManagementUS$ million | 33.5 | 75.9 | PDF p. 13 |
| Other Non-Maritime InvestmentsUS$ million | 39.0 | 29.2 | PDF p. 13 |
Original report: PDF p. 13 ↗
The report describes these as its three principal business segments: “(a) Maritime Business, (b) Cash Management and the (c) Other Non-Maritime Investments.”
No five-year summary or highlights table was found in the report; this table presents the two years and change actually disclosed. The printed heading is “% change.”
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| Metric / unit | 2025Group — consolidated | 2024Group — combined carve-out comparative | Source |
|---|---|---|---|
| Financial highlights and supporting notes | |||
| Total assetsUS$ million | 1,817.6 | 1,779.7 | PDF p. 14 |
| - Current assetsUS$ million | 769.2 | 1,106.8 | PDF p. 14 |
| - Non-current assetsUS$ million | 1,048.4 | 672.8 | PDF p. 14 |
| Total liabilitiesUS$ million | 56.9 | 38.2 | PDF p. 14 |
| - Current liabilitiesUS$ million | 56.9 | 38.2 | PDF p. 14 |
| - Non-current liabilitiesUS$ million | – | – | PDF p. 14 |
| Net assets attributable to equity holdersUS$ million | 1,625.0 | 1,625.2 | PDF p. 14 |
| Net assets value per share (US$ cents)US$ cents per share | 46.57 | 46.70 | PDF p. 14 |
Original report: PDF p. 14 ↗
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| Metric / unit | 2025Group — consolidated | 2024Group — combined carve-out comparative | 2025Company | 2024Company — pre-incorporation source placeholders | Source |
|---|---|---|---|---|---|
| Financial highlights and supporting notes | |||||
| Cash at bankUS$ thousand | 63,754 | 233,521 | 6,090 | – | PDF p. 85 |
| Short-term bank depositsUS$ thousand | 336,634 | 492,160 | 3,894 | – | PDF p. 85 |
| SubtotalUS$ thousand | 400,388 | 725,681 | 9,984 | – | PDF p. 85 |
Original report: PDF p. 85 ↗
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| Metric / unit | 2025Group — consolidated | 2024Group — combined carve-out comparative | Source |
|---|---|---|---|
| Financial highlights and supporting notes | |||
| Beginning of financial yearUS$ thousand | 576,726 | 242,868 | PDF p. 85 |
| AdditionsUS$ thousand | 546,192 | 449,011 | PDF p. 85 |
| DisposalsUS$ thousand | (489,016) | (137,122) | PDF p. 85 |
| Fair value gain through profit or lossUS$ thousand | 12,881 | 21,639 | PDF p. 85 |
| Currency translation differenceUS$ thousand | – | 330 | PDF p. 85 |
| End of financial yearUS$ thousand | 646,783 | 576,726 | PDF p. 85 |
Original report: PDF p. 85 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — consolidated | 2024Group — combined carve-out comparative | Source |
|---|---|---|---|
| Financial highlights and supporting notes | |||
| Beginning of financial yearUS$ thousand | 94,536 | – | PDF p. 89 |
| AdditionsUS$ thousand | 78,504 | 94,451 | PDF p. 89 |
| Share of profitsUS$ thousand | 18,019 | 1,060 | PDF p. 89 |
| DividendUS$ thousand | (17,162) | (975) | PDF p. 89 |
| Return of capitalUS$ thousand | (23,393) | – | PDF p. 89 |
| End of financial yearUS$ thousand | 150,504 | 94,536 | PDF p. 89 |
Original report: PDF p. 89 ↗
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| Metric / unit | 2025Company — recommendation, not recognised dividend paid | Source |
|---|---|---|
| Financial highlights and supporting notes | ||
| Recommended first and final one-tier tax-exempt dividendSGD per ordinary share | 0.0050 | PDF p. 51 |
Original report: PDF p. 51 ↗
Where the money comes from
| Item / unit | 2025Cash management | 2025Maritime fund and maritime investments business | 2025Other non-maritime investments | 2025Total | Source |
|---|---|---|---|---|---|
| 2025 | |||||
| Segment incomeUS$'000 | 33,471 | 69,889 | 38,992 | 142,352 | PDF p. 112 |
| 2025 Segment income including | |||||
| – Income from maritime fund assetsUS$'000 | – | 69,311 | – | 69,311 | PDF p. 112 |
| – Interest incomeUS$'000 | 31,573 | 452 | 20,606 | 52,631 | PDF p. 112 |
| – Other net changes in fair value on financial assets and financial liabilities at fair value through profit or lossUS$'000 | 1,898 | 126 | 18,386 | 20,410 | PDF p. 112 |
| 2025 | |||||
| Segment expensesUS$'000 | 5,306 | 29,916 | 993 | 36,215 | PDF p. 112 |
| 2025 Segment expenses including | |||||
| – Operating costs of maritime fund assetsUS$'000 | – | 20,483 | – | 20,483 | PDF p. 112 |
| – Depreciation of property, plant and equipmentUS$'000 | – | 7,120 | – | 7,120 | PDF p. 112 |
| 2025 | |||||
| Segment assetsUS$'000 | 649,582 | 786,881 | 381,099 | 1,817,562 | PDF p. 112 |
| 2025 Segment assets including | |||||
| – Cash and cash equivalentsUS$'000 | 358,211 | 17,842 | 24,335 | 400,388 | PDF p. 112 |
| – Debt investments at amortised costUS$'000 | – | – | – | – | PDF p. 112 |
| – Financial assets, at fair value through profit or lossUS$'000 | 289,129 | 1,251 | 356,403 | 646,783 | PDF p. 112 |
| – Investments in associated companiesUS$'000 | – | 14,197 | – | 14,197 | PDF p. 112 |
| – Investments in joint venturesUS$'000 | – | 150,504 | – | 150,504 | PDF p. 112 |
| – Property, plant and equipmentUS$'000 | – | 181,961 | – | 181,961 | PDF p. 112 |
| 2025 Additions to | |||||
| – Investments in associated companiesUS$'000 | – | 14,197 | – | 14,197 | PDF p. 112 |
| – Investments in joint venturesUS$'000 | – | 78,504 | – | 78,504 | PDF p. 112 |
| – Property, plant and equipmentUS$'000 | – | 66,956 | – | 66,956 | PDF p. 112 |
| 2025 | |||||
| Segment net assetsUS$'000 | 633,284 | 752,106 | 375,241 | 1,760,631 | PDF p. 112 |
* Other non-maritime investments mainly include fund-of fund investments and private credit investments that do not involve maritime investments, ship agency, ship broking, or the provision of ship financing services.
Geographically, management manages and monitors the business in Singapore; the Group operates in various business segments at one geographical location. No single customer contributed more than 10% of total revenue in 2025 and 2024.
| Item / unit | 2024Cash management | 2024Maritime fund and maritime investments business | 2024Other non-maritime investments | 2024Total | Source |
|---|---|---|---|---|---|
| 2024 | |||||
| Segment incomeUS$'000 | 75,886 | 43,345 | 29,232 | 148,463 | PDF p. 113 |
| 2024 Segment income including | |||||
| – Income from maritime fund assetsUS$'000 | – | 43,345 | – | 43,345 | PDF p. 113 |
| – Interest incomeUS$'000 | 50,892 | – | 10,710 | 61,602 | PDF p. 113 |
| – Other net changes in fair value on financial assets and financial liabilities at fair value through profit or lossUS$'000 | 24,994 | – | 18,399 | 43,393 | PDF p. 113 |
| 2024 | |||||
| Segment expensesUS$'000 | 832 | 20,862 | 3,441 | 25,135 | PDF p. 113 |
| 2024 Segment expenses including | |||||
| – Operating costs of maritime fund assetsUS$'000 | – | 14,331 | – | 14,331 | PDF p. 113 |
| – Depreciation of property, plant and equipmentUS$'000 | – | 5,529 | – | 5,529 | PDF p. 113 |
| 2024 | |||||
| Segment assetsUS$'000 | 1,019,638 | 457,196 | 302,816 | 1,779,650 | PDF p. 113 |
| 2024 Segment assets including | |||||
| – Cash and cash equivalentsUS$'000 | 689,505 | 30,808 | 5,368 | 725,681 | PDF p. 113 |
| – Debt investments at amortised costUS$'000 | 31,444 | – | – | 31,444 | PDF p. 113 |
| – Financial assets, at fair value through profit or lossUS$'000 | 277,513 | 5,017 | 294,196 | 576,726 | PDF p. 113 |
| – Investments in joint venturesUS$'000 | – | 94,536 | – | 94,536 | PDF p. 113 |
| – Property, plant and equipmentUS$'000 | – | 122,125 | – | 122,125 | PDF p. 113 |
| 2024 Additions to | |||||
| – Investments in joint venturesUS$'000 | – | 94,451 | – | 94,451 | PDF p. 113 |
| – Property, plant and equipmentUS$'000 | – | 32,445 | – | 32,445 | PDF p. 113 |
| 2024 | |||||
| Segment net assetsUS$'000 | 987,059 | 452,689 | 301,708 | 1,741,456 | PDF p. 113 |
* Other non-maritime investments mainly include fund-of fund investments and private credit investments that do not involve maritime investments, ship agency, ship broking, or the provision of ship financing services.
No separate 2024 row for Investments in associated companies is printed.
Debt
| Item / unit | 2024Less than 1 year | 2024Between 1 and 2 years | 2024Between 2 and 5 years | 2024Over 5 years | Source |
|---|---|---|---|---|---|
| As at 31 December 2024 | |||||
| Bank borrowingsUS$'000 | 17,444 | – | – | – | PDF p. 106 |
No bank borrowings listed as at 31 December 2025 (all repaid). No lease liability maturity table found in the pages read; no secured/unsecured or currency split disclosed for borrowings. Balances due within 12 months equal carrying balances as the impact of discounting is not significant.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Current | |||
| Bank borrowingsUS$'000 | – | 17,444 | PDF p. 94 |
As at 31 December 2025, all the borrowings have been fully repaid (31 December 2024: borrowings are measured at amortised cost with interest rates range from 5.60% to 5.67%). Information about the Group’s exposure to interest rate and liquidity risks is included in Note 28.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy (Provision 11.6) | The Company has adopted a dividend policy of paying out at least 40% of the Group’s net profit after tax, excluding non-recurring, one-off and exceptional items, as dividends. | Group | PDF p. 51 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| first and final one-tier tax-exempt dividend | SGD0.0050 | FY2025 final (first and final) dividend per ordinary share, proposed; subject to shareholder approval at 1st AGM | PDF p. 51 |
| Resolution 2 – final dividend | S$0.0050 | FY2025 final dividend per ordinary share, proposed in AGM notice (Resolution 2) | PDF p. 121 |
Extracted from Yangzijiang Maritime Development Ltd. Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Engagement partner | Lim Kheng Wah | Group | PDF p. 63 |
| Auditor's report date | 27 March 2026 | Group · As at 2026-03-27 | PDF p. 63 |
| Our opinion | In our opinion, the accompanying consolidated financial statements of Yangzijiang Maritime Development Ltd. | Group and Company | PDF p. 58 |
Extracted from Yangzijiang Maritime Development Ltd. Annual Report 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Yangzijiang Maritime Development Ltd. Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Primary statements use US$ thousands. Financial highlights use US$ millions; per-share amounts, weighted-average shares in thousands and recommended dividend in SGD retain their separate units.
The Company was incorporated on 28 April 2025 and spun off on 18 November 2025. FY2024 Group comparatives are combined carve-out financial statements; FY2025 includes financial performance before the spin-off (PDF pp.68–70 and116).
The Company FY2024 balance sheet shows pre-incorporation dash placeholders. The FY2024 investments-in-associates cell is unprinted; its FY2025 value is shown separately. The FY2024 equity movement table has an unprinted Other reserves column, which is omitted without adding zeros (PDF pp.65–66).
Weighted-average shares for EPS are retrospectively adjusted for reorganisation. Diluted EPS equals basic EPS because no dilutive potential ordinary shares are reported (PDF p.85).
The US$4.450 million FY2025 dividend paid in the consolidated cash flow statement is to non-controlling shareholders of GEM Growth Fund VCC and its subsidiaries. The Company recommends a first and final FY2025 dividend of SGD0.0050 per ordinary share, subject to shareholder approval (PDF pp.66 and51).
The report discloses FY2024–FY2025 comparisons; a five-year financial series is not separately provided. Share-buyback illustrations in the appendix are hypothetical scenarios and are not reported results.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.