Singamas Container Holdings Limited reported revenue of USD 193.81 million for the six months ended 30 June 2026, down 23.0% from a year earlier, as the prolonged decline in dry-freight container prices and reduced production volume weighed on the top line.
Profit attributable to shareholders dropped 56.5% to USD 5.84 million, and basic earnings per share fell to US 0.25 cent from US 0.56 cent. Annualised return on equity slipped to 2.10% from 4.84%, while net asset value per share was stable at US 23.31 cents.
Segment analysis shows manufacturing & leasing revenue retreating 24.5% to USD 178.28 million, representing 92.0% of group turnover. Profit before tax for the segment decreased 69.5% to around USD 4.83 million. Sales volume of dry-freight and ISO specialised containers halved to roughly 43,000 TEUs, and the average selling price of a 20-foot dry container fell to USD 1,613 (1H 2025: USD 1,845). Revenue from specialised and customised containers, buoyed by energy-storage system (ESS) units, grew 17.0% to USD 106.33 million and accounted for 63.6% of the manufacturing mix.
Logistics services remained resilient: revenue edged up 1.0% to USD 15.54 million and delivered pre-tax profit of USD 4.36 million. The segment handled about 368,000 TEUs (-2.9% year on year) and repaired 94,000 TEUs (+32.4%), with average daily storage rising to 41,000 TEUs.
Total borrowings expanded to USD 158.50 million (31 Dec 2025: USD 53.12 million) following investment in leasing assets and new customised-container capacity. Cash and bank balances stood at USD 206.94 million, giving a current ratio of 2.21 and lifting the gearing ratio to 0.29 from 0.09 six months earlier.
The board declared an interim dividend of HK 1.5 cents per share, half of last year’s HK 3 cents, payable on 25 September 2026 to shareholders on record as of 18 September 2026.
Legal overhang: In May the U.S. Department of Justice filed criminal antitrust charges against several container makers and individuals, including Singamas and its Chairman & CEO Teo Siong Seng. The company has formed a special committee of independent directors and engaged external counsel; it expects higher legal and professional costs to impact full-year earnings.
Post-period event: On 10 August 2026 Singamas agreed to sell 50.68% of its wholly owned Singamas Logistics (Tianjin) Co. to SITC Logistics (HK) Limited for approximately CNY 36.32 million, with the buyer injecting an additional CNY 16.70 million into the unit. Completion will leave Singamas with a 40% stake, turning the subsidiary into an associate.
Management signals that cost control, operational efficiency and further expansion of specialised-container capacity—particularly for ESS products—remain strategic priorities amid a challenging dry-container market.