Marco Polo Marine has reported earnings of $58.5 million for its FY2025, up 169.7% y-o-y. The company managed operational improvements but the bottom line was also lifted by one-off items.
Revenue in the same period was down 0.6% y-o-y to $122.8 million, as it booked lower revenue for its shipyard operations, somewhat offset by higher ship chartering revenue.
According to Marco Polo Marine, the one-offs include a $22.4 million reversal of impairment loss on certain vessels, a $5.9 million reversal of impairment loss on an amount due from a joint venture.
Excluding these items, forex movements and so on, adjusted net profit attributable to equity holders for FY2025 was $25.2 million, down 4.2% y-o-y.
One-offs aside, the company enjoyed improvements in its ebitda margin, reaching 40.8% for FY2025, up 6.2 ppt, thanks to a bigger proportion of higher margin ship chartering income.
“While this year’s net profit was boosted by several exceptional gains, our underlying operational performance remains strong," says CEO Sean Lee.
See also: ASL Marine reports earnings of $20.4 mil for 1QFY2026 up 13.3% y-o-y
The company maintains a "positive outlook" for the current FY2026. Its ship chartering segment has built up an order book of $100 million, which gives revenue visibility for three years out.
Demand for its offshore support vessel fleet by the oil and gas industry will remain "firm" thanks to sustained exploration and production activities in southeast Asia. To meet growing demand, Marco Polo Marine had in Sept acquired two new vessels.
In addition, it is capturing growth in the offshore wind market as well, specifically via its commissioning service operation vessel, MP Wind Archer, that is now deployed in North Asia.
Marco Polo Marine expects "robust" long-term demand for more CSOVs in this region.
To capitalise on this, its 49%-owned subsidiary, PKR Offshore Co, had in August announced plans for a listing in Taiwan so as to raise funds for the expansion of its specialised offshore wind vessel fleet.
The company's yards suffered from lower revenue in FY2025 but it remains upbeat about the prospects.
Earlier this month, Marco Polo Marine won a $198 million contract from Taiwan's National Academy of Marine Research.
This contract, the company's largest ever, is for the design and construction of an advanced 4,000-tonne oceanographic research vessel at Marco Polo Marine's Batam shipyard.
Also, with a fourth dry dock in business, the company can take on a bigger volume of ship repair and maintenance jobs as well, including from customers signing multi-year deals, such as Cyan Renewables.
Marco Polo Marine shares closed at 12 cents on Nov 28, down 1.68% for the day but up 134% year to date.
