Marco Polo Marine has posted its financial results for the fiscal year ended September 30, 2025 (FY2025).
The group’s revenue fell marginally to SG$122.8 million (US$94.69 milion) in FY2025 from SG$123.5 million (US$95.23 million) in FY2024. This slight decrease was a result of a 17.4 per cent decline in shipyard revenue, which was almost entirely offset by a robust 11.5 per cent growth in the ship chartering division.
Gross profit increased by 11.8 per cent year-on-year to SG$54.2 million (US$41.8 million), while gross profit margin rose by 4.8 percentage points to reach 44.1 per cent in FY2025. Marco Polo said this improvement was largely attributable to the robust performance of the group’s ship chartering operations.
The enhancement in gross margin primarily reflects a greater revenue contribution from ship chartering, which typically yields higher margins than shipbuilding and repair operations. The deployment of a commissioning service operation vessel (CSOV) and newly added crewboats augmented fleet capacity and improved the revenue mix towards higher-margin chartering activities, thereby boosting the group's overall gross profitability.
Net profit attributable to equity holders surged 169.7 per cent to SG$58.5 million (US$45.1 million) driven by a combination of stronger underlying performance and the recognition of several extraordinary gains outside the group’s normal business operations. These include a SG$22.4 million (US$17.3 million) reversal of impairment loss on certain vessels and a SG$5.9 million (US$4.6 million) reversal of impairment loss on an amount due from a joint venture.
Excluding these extraordinary gains, as well as net foreign exchange effects and other non-core operational gains or losses, the adjusted net profit attributable to equity holders stood at SG$25.2 million (US$19.4 million), a slight drop from the FY2024 figure of SG$26.3 million (US$20.3 million).
Gross operating profit, which strips out extraordinary items, interest, taxes, depreciation, and amortisation, grew 17.3 per cent to SG$50.1 million (US$38.6 million), reflecting strong core business profitability despite a slight dip in adjusted net profit.
Net cash generated from operating activities was SG$40.8 million (US$31.5 million) for FY2025. As at September 30, 2025, the group's balance sheet remained robust with cash and cash equivalents of SG$52.2 million (US$40.3 million), compared to SG$68.8 million (US$53.1 million) in FY2024.
Net asset value per share increased to 7.0 Singapore cents from 5.4 cents in FY2024.
Revenue from the group’s ship chartering operations increased by 11.5 per cent to SG$80.2 million (US$61.8 million) in FY2025 from SG$71.9 million (US$55.4 million) in FY2024. The increase was driven by the expansion of the group’s offshore vessel fleet, following the deployment of the first CSOV Wind Archer, and three additional crewboats, which contributed to higher charter income during the year.
The group also saw an improvement in the average fleet utilisation rate of 71 per cent in FY2025 (77 per cent in Q4 FY2025) versus 68 per cent in FY2024 (68 per cent in Q4 FY2024).
Revenue from the group’s shipbuilding and repair operations decreased by 17.4 per cent to SG$42.6 million (US$32.9 million) in FY2025 from SG$51.6 million (US$39.8 million) in FY2024. The decrease was due to a reduction in the number of third-party ship building projects, partially offset by an increase in ship repair projects with higher contract values.
The average utilisation rate of the shipyard (pertaining to ship repair) stood at 83 per cent in FY2025 (87 per cent in Q4 FY2025). The utilisation rate includes the increased capacity afforded by the addition of the fourth dry dock towards the end of August 2025.
Marco Polo Marine maintains a positive outlook for its key business segments in FY2026, supported by strong market fundamentals and a series of significant strategic developments announced in recent months.
For ship chartering, the group's outlook is significantly bolstered by a robust order book, which, as announced in September 2025, stood at approximately SG$100 million (US$80 million) as of June 30, 2025), providing clear revenue visibility for the next three years.
Demand for its OSV fleet in the Southeast Asian oil and gas sector is expected to remain firm, supported by sustained exploration and production activities. The group is expanding its fleet to meet this demand, having announced in September 2025 the acquisition of two new anchor handling tug supply vessels, which are expected to join the fleet in 2026.
The shipyard segment is also positioned for significant growth following a series of recent announcements. In mid-November 2025, the group announced its largest-ever contract win, an approximately SG$198 million (US$153 million) project secured from Taiwan's National Academy of Marine Research. This contract is for the design and construction of an advanced 4,000-tonne oceanographic research vessel at the group's Batam shipyard, marking its entry into high-value, specialised vessel construction.
The shipyard's ship repair and maintenance operations are also expanding, following the successful launch of its fourth dry dock.
As announced in August 2025, the group secured a three-year master service agreement with Cyan Renewables to service its fleet of offshore wind vessels.