This is mainly due to impairment loss reversals on certain vessels and the disposal of its stake in Marco Polo Offshore
[SINGAPORE] Marine logistics company Marco Polo Marine on Monday (Nov 24) said it expects “significantly higher” net profit after tax for the 2025 financial year, compared to 2024.
The anticipated jump in net profit is due to the reversal of impairment losses on certain vessels and the disposal of the group’s shareholding interest in its joint venture company, Marco Polo Offshore.
Marco Polo Marine’s unaudited financial results for FY2025 are expected on or before Nov 29. In 2024, it posted net profit of S$21.7 million, down 4 per cent from S$22.6 million in the previous year.
Shares of the shipyard, offshore energy and marine transportation company rose 3.7 per cent or S$0.004 to S$0.112 on Monday as at 9.15 am.
On Nov 14, the company reported that its unit secured a NT$4.7 billion (S$198 million) contact from the National Academy of Marine Research in Taiwan to build an advanced research vessel.
It was the largest contract win in the Marco Polo Shipyard division’s history.
This came after its executive director and chief executive Sean Lee acquired one million shares at an average price of S$0.054 per share in February, taking his total interest in Marco Polo Marine to 4.8 per cent, up from 4.78 per cent.
In December, he also bought two million shares at S$0.053 apiece, and non-executive director Darren Teo acquired 800,000 shares at S$0.052 apiece.
Shares of Marco Polo Marine closed 2.7 per cent or S$0.003 lower at S$0.108 on Friday.
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