直近財務状況

Full Year Financial Statement And Dividend Announcement 2025

Financials Archive

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CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SIX MONTHS AND FULL YEAR ENDED 31 DECEMBER 2025

N/M: Not meaningful

¹Tokumei Kumiai (“TK”) refers to a form of silent partnership structure used in Japan. Allocation to TK investors refers to share of profit and loss attributable to other TK investors of the TK structure.

CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITIONS AS AT 31 DECEMBER 2025

Review of Performance

Review of Consolidated Statement of Profit or Loss

Total Income

Total income of the Group increased to US$49.9 million for the year ended 31 December 2025 (“FY2025”), representing a 108% increase from US$24.0 million for the year ended 31 December 2024 (“FY2024”). The movements in the major components of total income — namely charter income, fee income, sale of properties under development, investment returns, interest income, and other income — are explained below.

(i) Charter Income

The Group’s total charter income decreased by 15% to US$27.6 million in FY2025 (FY2024: US$32.5 million), primarily due to the transitional impact of our ongoing fleet renewal program and unscheduled offhire days in particular for MV Glengyle.

First, the disposal of older tonnage—specifically the sale of MV Victoria Harbour in late 2024, followed by MV Uni Challenge and MV Clearwater Bay during FY2025—resulted in a reduction of revenue-generating days compared to the previous year. While the Group successfully acquired four younger, more efficient vessels (MV Kellett Island, MV Uni Sunshine, MV Uni Horizon, and MV Trident Star) during the year, their staggered delivery dates between February and December 2025 meant they contributed only partial-year income, which did not fully offset the revenue gap left by the sold vessels.

Second, charter income was materially impacted by the operational downtime of MV Glengyle. The vessel underwent significant unscheduled off-hire following a collision incident in April 2025, which necessitated extensive repairs and kept the vessel out of service for the majority of the financial year. This resulted in a steep year-on-year decline in hire days for this specific vessel.

Finally, the broader small handy-size dry bulk market witnessed a correction in FY2025 following the robust levels seen in FY2024. Consequently, the Group’s continuing vessels achieved lower weighted average daily charter rates, reflecting the general weaker market sentiment and spot rates especially during 1H2025.

(ii) Fee Income

Total fee income increased to US$5.3 million in FY2025, representing a 39% increase from US$3.8 million in FY2024. A breakdown of fee income for FY2025 and FY2024 is set out in Note 10 of the Notes to the Condensed Interim Consolidated Financial Statements.

Asset management and administration fee income declined by 18% to US$2.2 million in FY2025, compared with US$2.7 million in FY2024. This decrease was mainly attributable to the exit of four ship joint investments during the year.

Arrangement and agency fee income increased in FY2025, following the completion of transactions during the year.

(iii) Sale Of Properties Under Development

Sale of properties under development decreased by 43% to US$8.4 million in FY2025 from US$14.8 million in FY2024, mainly due to the sale of two smaller projects in FY2025 compared to three larger projects in FY2024.

(iv) Investment Returns

Investment returns amounted to US$5.9 million in FY2025, comprising mainly realised gains of US$3.4 million from ship joint investment projects and US$1.7 million from the sale of investment properties and small residential property investments. Please refer to Note 11 of the Notes to the Condensed Interim Consolidated Financial Statements for a breakdown of investment returns for FY2025 and FY2024.

(v) Interest Income.

Interest income decreased from US$1.2 million in FY2024 to US$0.9 million in FY2025, mainly due to lower average cash balances and lower interest rates during FY2025.

(vi) Other Income

Other income of US$1.8 million in FY2025 was mainly attributable to insurance payouts received during the year.

Total Operating Expenses

Employee benefits expenses increased slightly to US$6.7 million for FY2025 from US$6.4 million in FY2024.

Depreciation expense increased by 7% to US$9.7 million in FY2025 (FY2024: US$9.0 million), primarily due to the acquisition of four younger and more efficient vessels – MV Kellett Island, MV Uni Sunshine, MV Uni Horizon, and MV Trident Star. This was partially offset by the disposal of two older and smaller vessels – MV Uni Challenge and MV Clearwater Bay – during the year.

Despite the overall increase in fleet size, vessel operating expenses remained stable at US$14.9 million in FY2025, compared to US$14.6 million in FY2024.

Costs of properties under development sold amounted to US$7.7 million in FY2025, down from US$14.0 million in FY2024, as two smaller projects were sold in FY2025 compared to three larger projects in FY2024.

In FY2025, the Group recognised a loss on disposal of property, plant and equipment amounting to US$0.7 million, arising from the disposal of the older vessel MV Clearwater Bay.

No significant foreign exchange gains or losses were recognised in FY2025, as the Group did not have any material non-USD foreign currency exposure. Translation adjustments related to the Group’s foreign subsidiaries are reflected in reserves rather than the income statement.

Other expenses increased by 39%, from US$2.8 million to US$3.9 million. In addition to routine miscellaneous items, this increase includes professional fee incurred for new investment projects.

As a result of the above factors, net operating expenses for FY2025 decreased by 8%, from US$48.0 million in FY2024 to US$44.3 million in FY2025.

Operating Profit

The Group recorded an operating profit of US$5.6 million for FY2025, a significant improvement from the operating loss of US$24.0 million in FY2024. The prior year’s performance was adversely impacted by valuation losses on the Group’s Hong Kong property projects.

Finance Costs and Other Costs

Finance costs remained stable, with interest on borrowings amounting to US$3.1 million in FY2025, unchanged from FY2024.

Net Profit After Tax

The Group reported a net profit after tax of US$0.8 million for FY2025, compared to a net loss of US$28.2 million in FY2024.

Review of Statement of Financial Positions

Non-current assets

As at 31 December 2025, the Group’s non-current assets stood at US$159.6 million, representing a 64% increase from US$97.4 million as at 31 December 2024.

Investment properties decreased by US$3.1 million, from US$7.9 million to US$4.8 million, primarily due to the disposal of a wholly owned ALERO project that had been classified as an investment property.

Non-current investments rose to US$4.6 million from US$4.2 million, mainly due to a new property investment acquisition during the year.

Property, plant and equipment increased significantly by US$65.4 million, from US$83.5 million as at 31 December 2024 to US$148.9 million as at 31 December 2025. This was largely attributed to the acquisition of four younger, more efficient vessels – MV Kellett Island, MV Uni Sunshine, MV Uni Horizon, and MV Trident Star. The increase was partially offset by the disposal of the older and smaller MV Clearwater Bay.

Right-of-use assets, which primarily relate to office leases in Hong Kong, Singapore, and Japan, decreased by US$0.5 million due to amortisation during the year.

Current assets

As at 31 December 2025, the Group’s current assets amounted to US$62.5 million, a decrease of US$6.0 million compared to US$68.5 million as at 31 December 2024. Key variances include:

1. Short-Term Investments
   Short-term investments decreased by US$2.3 million, from US$4.1 million to US$1.8 million, due to the disposal of certain investment holdings during the year.


2. Properties Under Development for Sale
   Properties under development for sale increased significantly from US$2.7 million to US$13.6 million, driven by the addition of new development projects.


3. Prepayments, Deposits and Other Receivables
   This item increased from US$4.8 million to US$12.2 million, primarily due to payments made in relation to the MV Glengyle incident.


4. Asset Held for Sale
   A decrease of US$10.5 million was recorded following the disposal of MV Uni Challenge in early 2025. The vessel had been classified as an asset held for sale as at 31 December 2024.


5. Cash and Bank Balances
   Cash and bank balances declined by US$11.5 million. Further details are provided in the review of the consolidated statement of cash flows.

Total liabilities

As at 31 December 2025, the Group’s total liabilities amounted to US$97.8 million, an increase of US$48.7 million compared to US$49.1 million as at 31 December 2024.

This increase was primarily driven by a US$45.8 million rise in total borrowings (comprising both current and non-current portions), which was mainly used to finance the Group’s new vessel acquisitions.

In addition, current other payables and accruals increased by US$3.1 million, from US$4.3 million as at 31 December 2024 to US$7.4 million as at 31 December 2025, largely due to the accrual of repair costs related to the MV Glengyle incident.

Review of Statement of Cash Flows

The Group’s cash and bank balances decreased by US$11.5 million in FY2025, after taking into account the effects of foreign exchange movements. The key contributors are summarised below.

[A] Operating Activities

Net cash flows generated from operating activities amounted to US$0.2 million in FY2025, a decrease of US$16.9 million from US$17.1 million in FY2024. The decrease was mainly attributable to:

1. lower net charter income arising from the transitional impact of the Group’s ongoing fleet renewal programme, as well as unscheduled off-hire days, in particular relating to MV Glengyle;
2. prepayments made in connection with the MV Glengyle incident; and
3. the sale of two smaller projects in FY2025, compared to the sale of three larger projects in FY2024.

[B] Investing Activities

Net cash outflows from investing activities amounted to US$55.7 million in FY2025.

Major cash inflows from investing activities included:

1. proceeds of US$4.1 million from the sale of an investment property in Japan;
2. proceeds of US$3.5 million from the redemption and sale of investments in Japan;
3. proceeds of US$8.8 million from the disposal of property, plant and equipment, mainly arising from the disposal of the wholly-owned bulker MV Clearwater Bay;
4. proceeds of US$10.6 million from the disposal of an asset held for sale, being the wholly-owned bulker MV Uni Challenge; and
5. investment income of US$5.4 million, mainly from distributions from joint ship investments

Major cash outflows from investing activities included:

1. purchase of property-related investments in Japan amounting to US$3.9 million; and
2. purchase of property, plant and equipment amounting to US$84.6 million, mainly relating to the acquisition of four vessels during the year.

[C] Financing Activities

Net cash flows generated from financing activities amounted to US$44.1 million in FY2025.

Key financing cash flows comprised:

1. proceeds from borrowings of US$68.1 million, mainly to fund ship and property investments;
2. prepayments of borrowings amounting to US$25.8 million;
3. payment of interest and other finance costs of US$3.8 million;
4. contributions from non-controlling interests of US$8.0 million, mainly relating to new ship investments; and
5. payment of the FY2024 final dividend and FY2025 interim dividend, totalling US$1.8 million.

Commentary

Shipping (Dry Bulk)

The global dry bulk shipping market continues to experience fluctuations, with the Handysize and Supramax segments supported by diversified demand from agricultural commodities, minor bulks and intra-regional trades. At the same time, charter rate volatility persists amid macroeconomic uncertainty, evolving trade flows and geopolitical developments. On the supply side, net fleet growth remains moderate due to constrained shipyard capacity, elevated newbuilding prices and the impact of environmental regulations on vessel deployment and operating speeds.

Regulatory developments, including the IMO’s Carbon Intensity Indicator (“CII”), Energy Efficiency Existing Ship Index (“EEXI”), the EU Emissions Trading System (“EU-ETS”) and FuelEU Maritime, continue to influence operating and investment decisions, particularly for older and less fuel-efficient vessels. In this environment, the Group continues to implement its fleet renewal strategy, focusing on replacing older tonnage with younger, higher-quality vessels under a wholly owned or majority-owned structure.

Following completion of repairs, MV Glengyle is expected to return to service by around April 2026, and to resume contributing to charter income and fleet utilisation. Together with the Group’s younger fleet profile following recent acquisitions, this is expected to support operational normalisation over the next 12 months. The Group will continue to focus on operational execution, regulatory compliance and prudent capital management in navigating prevailing market conditions.

Japan Property

The Japanese property market continues to be supported by structural demand, particularly in residential and specialised asset classes in major metropolitan areas. However, competitive conditions remain challenging, with higher construction costs, labour constraints and competition for development sites affecting project economics. Interest rates in Japan remain low by international standards, though funding and cost considerations continue to be monitored.

Within this environment, the Group continues to diversify its Japan property platform beyond ALERO residential projects into assets with longer-dated, recurring income characteristics. In particular, Private Finance Initiative (“PFI”) projects form an increasingly important component of the portfolio, providing stable cash flows under government-backed concession structures while contributing to social infrastructure development.

Over the next 12 months, the Group will continue to monitor and manage its Japan property portfolio, including projects under development and its PFI-related projects. The Group remains mindful of execution risks related to construction costs, regulatory requirements and funding conditions, and will continue to manage its Japan property activities on a disciplined and selective basis.

Cyber Security and Operational Resilience

During FY2025, the Group experienced a cyber security incident, which did not have a material impact on its financial position nor operations. Notwithstanding this, the incident highlighted the importance of maintaining robust IT governance and controls. The Group has since engaged external advisers to review its systems and to provide recommendations on enhancements to its cyber security framework. The Group is in the process of evaluating and implementing appropriate measures to strengthen IT governance and operational resilience.