Marco Polo Marine H1 profit up 9% at S$11.6 million on stronger revenue; proposes shipyard business sale
The top-line growth is driven by a robust performance across both its ship chartering and shipyard segments
[SINGAPORE] Integrated marine logistics company Marco Polo Marine on Friday (May 15) posted a 9 per cent rise in net profit to S$11.6 million for its first half ended Mar 31, up from S$10.6 million in the year-ago period.
Separately, it announced a proposed reverse takeover of Catalist-listed Fuji Offset Plates Manufacturing. The aluminium offset plates manufacturer is proposing to acquire Marco Polo Shipyard and MP Marine, which wholly own and operate the group’s shipyard business, in a deal valued at S$139 million.
Revenue for the half-year jumped 40 per cent year on year to S$74 million, from S$52.7 million in the year-ago period, the company said.
The top-line growth was driven by a robust performance across both its ship chartering and shipyard segments.
Ship chartering revenue rose 38 per cent to S$44.3 million, from S$32 million previously. This was supported by the expansion of its offshore support vessel fleet, higher average charter income and an increase in average utilisation rates to 71 per cent from 68 per cent.
Meanwhile, shipyard revenue increased 43 per cent year on year to S$29.7 million from S$20.7 million in the previous corresponding period. The segment benefited from an increase in ship repair projects with higher contract values, which offset a reduction in the number of third-party shipbuilding projects.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Earnings before interest, taxes, depreciation and amortisation surged 87 per cent to S$28.8 million.
Excluding foreign exchange effects and one-off items, adjusted net profit stood 44 per cent higher at S$13.8 million.
Net asset value stood at S$0.075 a share as at end-March. The group maintained a net cash position of S$46.9 million.
The company provided an optimistic outlook for FY 2026, noting that the offshore oil and gas industry continues to project a favorable outlook due to supply constraints caused by prolonged underinvestment. Additionally, the offshore wind sector is experiencing growth driven by energy transition investments.
Marco Polo Marine in November secured a contract valued at about S$198 million to design and construct an oceanographic research vessel for Taiwan’s National Academy of Marine Research.
The group is also expanding its fleet with two new anchor handling tug supply vessels, valued at a combined US$34 million. They are expected to join in 2026.
Marco Polo Marine also highlighted plans to submit a listing application for its Taiwan subsidiary, PKR Offshore, by Q3 2026, with proceeds dedicated to developing its wind vessel fleet.
The counter ended Thursday 2.3 per cent or S$0.004 higher at S$0.18.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
