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Full Year Results Financial Statement And Related Announcement

Financials Archive

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Condensed Interim Financial Statements For the six months and full year ended 31 December 2025

Condensed consolidated statement of profit or loss

Condensed consolidated statement of comprehensive income

Review of performance of the Group

2H 2025

Group revenue for 2H 2025 totalled $103.0 million, 9% higher than 2H 2024. The increase in revenue was primarily attributed to higher earnings from Logistics and Ship repair and marine engineering segments. The increase in revenue from Ship repair and marine engineering segment was mainly due to increase in ship repair activities.

Gross profit increased by 4% from $22.4 million in 2H 2024 to $23.4 million in 2H 2025 mainly due to higher margins from Logistics segment as a result of lower operational costs.

Other income was higher by 10% from $2.7 million in 2H 2024 to $3.0 million in 2H 2025 mainly due to higher sundry income and settlement income. Other gains and losses in 2H 2025 were lower than 2H 2024 mainly due to foreign exchange losses in 2H 2025.

Distribution expenses increased by 11% in 2H 2025 compared to 2H 2024 due to increased business volume in 2H 2025. Administrative expenses decreased by 3% in 2H 2025 compared to 2H 2024, primarily due to cost control system implemented in 2025.

Finance costs decreased by 52% to $2.7 million in 2H 2025 mainly due to lower borrowing costs resulting from decrease in principal amounts and lower interest rates.

Group's profit before tax for 2H 2025 amounted to $8.2 million, as compared to $4.4 million in 2H 2024. The increase in profits was mainly due to higher gross profit, higher other income and lower finance costs, partially offset by lower share of profit from associates.

FY 2024

Group revenue for FY2025 totalled $194.0 million, 12% higher than FY2024. The increase of revenue was attributed to the increase in revenue from the Logistics segment as well as Ship repair and marine engineering segments.

Logistics activities accounted for approximately 85% of the Group's revenue in FY2025. Revenue from logistics activities increased by 10% from $150.1 million to $165.5 million. This increase was mainly attributed to a higher revenue contribution from automotive logistics and container depot management services compared to FY2024 due to an increased volume of business activities from key customers.

Revenue from the property management segment decreased by 25% from $2.91 million to $2.18 million mainly due to the decrease in revenue from CLC and CRC under Cogent.

The increase in revenue from ship repair and marine engineering by 30% from $20.1 million to $26.3 million was driven by an increase in volume of ship repair jobs in Singapore.

Costs and Profitability

For FY2025, the cost of sales increased by 13% while revenue increased by 12% as compared to FY2024, mainly due to the increase in staff costs because of global inflation.

The gross profit margin decreased slightly from 25% in FY2024 to 24% in FY2025 due to lower margins from the Ship repair and marine engineering segments.

The decrease in other income was mainly due to decrease in sundry income and government grants, partly offset by an increase in interest income. Interest income increased by 83% in FY2025 mainly due to increase in bank deposit placements with the proceeds from rights issue in July 2025.

There were other losses in FY2025 primarily due to an increase in foreign exchange losses and losses in disposal of property, plant and equipment.

Distribution expenses increased by 14% due to business volume increased in year 2025. Whereas administrative expenses increased by 1% mainly due to higher staff costs and global inflation.

Finance costs decreased by 35% to $7.5 million mainly due to lower borrowing costs resulting from repayment of most of the borrowings.

Share of profit of associates of $4.3 million was contributed by the Group's 40% shareholdings in COSCO SHIPPING Bulk SEA, 40% shareholdings in PT. Ocean Global Shipping Logistics and 30% shareholdings in SINOVNL Company Limited. The decrease in share of profit of associates was mainly due to lower profit contribution from COSCO SHIPPING Bulk SEA.

Income tax expense increased by 78% as compared to FY2024 mainly due to higher profit before tax.

In FY2025, the net profit attributable to equity holders amounted to $7.9 million, a significant increase compared to the net profit of $5.5 million in FY2024. The increase was mainly attributed to higher sales revenue from Logistics, Ship repair and marine engineering segment, as well as lower distribution and finance costs.

Balance Sheet
(31 December 2025 vs 31 December 2024)

Cash and cash equivalents increased from $47.6 million to $179.0 million mainly due to the cash proceeds from rights issue. This was partially offset by the net cash generated from investing activities. Please refer to Consolidated Statement of Cash Flows for more details.

Trade and other receivables decreased to $45.9 million (compared to $46.4 million on 31 December 2024). The decrease in trade and other receivables is primarily attributable to faster payments from non-trade debtors during the year.

Property, plant and equipment increased by $4.6 million to $662.2 million mainly due to additions, offset by depreciation expense recognised in FY 2025.

Trade and other payables have increased by $14.1 million to $40.9 million, primarily due to increase in business activities.

Total borrowings decreased by $160.5 million to $93.5 million mainly due to the repayment of bank borrowings and lease liabilities.

Shareholder's equity increased by $279.5 million to $776.0 million mainly due to issuance of rights shares and increased profit for the year.

Cash Flow

Net cash provided by operating activities for FY2025 was $57.2 million. This was mainly due to operating profits generated during the financial year. Please refer to Consolidated Statement of Cash Flows for details.

Net cash used in investing activities for FY2025 was $16.7 million. This was mainly due to payments for property, plant and equipment and further investment in an associates, offset by dividend income received from associates.

Net cash generated in financing activities for FY2025 was $91.4 million. This was mainly due to the proceeds from rights issue offset by repayment of bank borrowings and lease liabilities.

Commentary

The global economic environment in 2025 continues to face heightened uncertainty, driven by persistent geopolitical tensions, evolving trade policies, and uneven economic recovery across major economies. While global economic activity has shown resilience, these factors continue to contribute to volatility in the global markets and present ongoing challenges to international trade flows and supply chain operations.

According to the International Monetary Fund (IMF) World Economic Outlook Update published in January 2026, global economic growth is estimated to be 3.3% in 2025, and projected at 3.3% in 2026, reflecting a modest improvement compared with earlier forecasts, supported by the resilient domestic demand in certain economies and continued investments in infrastructure and technology. Locally, Singapore's Ministry of Trade and Industry (MTI) announced on 10 February 2026 that the Singapore economy expanded by 5.0% for the whole of 2025, easing from the 5.3% growth in 2024. The operating environment for the logistics and supply chain sector remains competitive, with cost pressures and demand volatility continuing to impact industry participants.

The Company had announced in August 2024 that it undertook a renounceable non-underwritten rights issue (the "Rights Issue") to raise gross proceeds of approximately S$273.2 million, in response to capital needs for the development of Jurong Island Logistics Hub ("JILH") Phase II and the repayment of bank borrowings.

The Rights Issue closed on 22 July 2025, and the Company announced the results of the Rights Issue on 25 July 2025. The net proceeds from the Rights Issue completed in July 2025 have substantially been deployed towards the development of JILH Phase II and the repayment of bank borrowings. This has strengthened the Group's capital structure and financial flexibility, positioning the Company to better support its long-term growth objectives amid a challenging external environment.

The construction of JILH Phase II officially commenced in June 2025, and the piling works were completed in December 2025. The project is expected to complete in the last quarter of 2026, and operations of JILH Phase II is expected to commence in 2027.

In FY2025, the Company made great efforts to keep its business operation stable and made good progress by focusing on business expansion initiatives aimed at increasing revenue and improving profit margins. The Group's operating revenue increased by 12% year-on-year compared to 2024, and net profit attributable to shareholders increased by 45%. Among the various business segments, the Group's integrated logistics business in Singapore achieved year-on-year revenue and profit growth, mainly in the warehousing, automotive logistics, and container yard segments. Whereas the marine engineering business, including ship repair, inspection, and steel structure manufacturing, saw some growth in revenue and with a slight decline in profit compared to FY2024.

The Company will continue to make efforts in optimising and streamlining the Group's operations in Malaysia by continuing to centralise its warehousing, container depot and land transportation businesses. With that, the Company's primary task in 2026 is to advance the restructuring and integration of its Malaysian logistics business, to strive for growth in revenue and profit through the integration.

In 2026, the Company will continue to work to improve its Singapore logistics, marine engineering and other joint venture operations, striving for continued growth in overall revenue and profit, and focusing on investment and construction opportunities in the logistics and supply chain industry.

Condensed Balance Sheets - Group