Marco Polo Marine has published its financial results for the first six months of the financial year ended March 31, 2026.
The group recorded a revenue of SG$74 million (US$58 million) in H1 FY2026, an increase of 40 per cent from the SG$52.7 million (US$45 million) registered in H1 FY2025. Both the ship chartering and shipyard divisions delivered improved performance during the period.
Gross profit increased by 45 per cent to SG$31.4 million (US$24.5 million) in H1 FY2026 from SG$21.6 million (US$16.9 million) in H1 FY2025. The gross profit margin also improved to 42 per cent from 41 per cent.
This growth was mainly attributable to stronger operating performance driven by the expansion of the offshore vessel fleet and stronger ship repair activities.
Net profit attributable to equity holders rose nine per cent to SG$11.6 million (US$9.06 million). Excluding foreign exchange losses of SG$2.9 million (US$2.3 million) (which were largely unrealised in nature) and extraordinary gains outside of the group’s normal operations such as a SG$0.7 million (US$0.55 million) gain on the disposal of property, plant and equipment, the group’s adjusted net profit stood at SG$13.8 million (US$10.8 million) in H1 FY2026, up from SG$9.6 million (US$7.5 million) in H1 FY2025.
Gross operating profit, which strips out interest, taxes, depreciation, amortisation, and foreign exchange impacts, grew significantly by 87 per cent to SG$28.8 million (US$22.5 million) in H1 FY2026 from SG$15.4 million (US$12 million) in H1 FY2025.
Marco Polo Marine said its financial position remains robust, reporting net cash generated from operating activities of SG$65.6 million (US$51.2 million) for the period, reflecting strong operating performance and favourable working capital movements.
As at March 31, 2026, the group held cash and cash equivalents of SG$135.6 million (US$105.9 million), an increase from SG$52.2 million (US$40.8 million) as at September 30, 2025. Net asset value per share increased to 7.5 Singapore cents from 7.0 cents as at September 30, 2025.
The group’s ship chartering operations recorded a 38 per cent increase in revenue to SG$44.3 million (US$34.6 million) in H1 FY2026 from SG$32 million (US$25 million) in H1 FY2025. The increase was primarily attributable to the expansion of the group’s offshore vessel fleet in the second half of the previous financial year.
Specifically, revenue was bolstered by the deployment of the company's first commissioning service operation vessel (CSOV), MP Wind Archer, and three additional crewboats, which contributed to higher charter income in the current period.
The group recorded an average fleet utilisation rate of approximately 71 per cent in H1 FY2026 (65 per cent in Q2 FY2026), compared to 68 per cent in H1 FY2025 (65 per cent in Q2 FY2025). Alongside the improved blended utilisation rate, the segment successfully captured higher revenue through the strategic deployment of the expanded offshore wind fleet, which yielded stronger charter income contributions.
The group’s ship building and repair operations recorded a 43 per cent increase in revenue to SG$29.7 million (US$23.2 million) in H1 FY2026 from SG$20.7 million (US$16.2 million) in H1 FY2025. This increase was mainly attributable to a higher volume of ship repair projects, coupled with higher contract value.
This volume growth was supported by expanded shipyard capacity following the commissioning of the new drydock number four at the Batam shipyard in August 2025. Drydock utilisation at the facility remained consistently high throughout the period.
The offshore oil and gas sector maintains a broadly stable outlook. Elevated oil prices are generally supportive of upstream spending and offshore support vessel (OSV) demand. The group expects charter rate stability and firm utilisation levels across its Southeast Asian operating markets to be sustained in the near term, though it remains vigilant to macroeconomic risks and geopolitical developments.
In the offshore wind segment, the group has continued to identify long-term growth opportunities, underpinned by the ongoing global energy transition and heightened energy security priorities. The group's CSOV and three crewboats deployed in North Asia continued to contribute to revenue during the period.
Marco Polo Marine said a significant long-term charter secured during the period provides a durable and recurring earnings base for the division. Two additional anchor handling tug supply vessels are expected to be delivered and enter service in FY2026, which will further strengthen the group's fleet capacity and regional market presence.
In addition, the group is embarking on a fleet renewal programme to modernise its OSV fleet and progressively replace older tonnage, reinforcing its operational capabilities and long-term competitive positioning.
Within the shipyard division, the fourth drydock has added incremental repair capacity and is expected to underpin revenue growth in the periods ahead. On the shipbuilding front, the execution of the oceanographic research vessel project is progressing on schedule.
The group has also continued to receive enquiries for specialised newbuild tonnage across a range of vessel types, including OSVs, cable lay vessels, dredgers and other marine infrastructure vessels.