APAC Resources (01104) released its FY25/26 interim results for the six months ended 31 December 2025. Net profit attributable to shareholders reached HK$1.86 billion, reversing a net loss of HK$309.88 million a year earlier. Earnings per share were HK130.21 cents, versus a loss of HK22.84 cents in the prior period.

Revenue was HK$466.81 million, up 2.16 times year-on-year, driven by commodity trading. Turnover, which includes HK$2.41 billion gross proceeds from resource investment disposals, totalled HK$2.88 billion.

Segment performance • Resource Investment recorded a HK$1.30 billion segment profit (1H FY24/25: loss of HK$183.61 million) and a HK$1.44 billion net fair-value gain. • Commodity Business posted a HK$44.04 million profit versus a HK$6.47 million loss. • Principal Investment & Financial Services contributed HK$5.73 million, up from HK$3.60 million.

Key portfolio movements • A HK$475.03 million impairment reversal on interests in MGX Resources lifted earnings. • Fair-value gains of HK$1.14 billion came from precious-metals equities; base-metals and energy investments added HK$88.41 million and HK$47.44 million respectively. • Listed stake in Shougang Fushan generated a HK$9.99 million gain, with a period-end carrying value of HK$409.17 million.

Financial position • Total assets stood at HK$6.72 billion; equity attributable to owners was HK$5.83 billion. • Net current assets were HK$3.69 billion, with a current ratio of 5.2 times. • Bank and other loans totalled HK$563.00 million; gearing remained nil on a net-debt basis. • Cash and cash equivalents were HK$675.28 million, supplemented by HK$201.56 million in short-term deposits.

Capital actions • 68.60 million shares were issued upon exercise of bonus warrants, raising HK$68.60 million. Outstanding 2027 warrants totalled 150.39 million units at period-end. • A final dividend of HK11 cents per share for FY24/25 (HK$162.40 million) was paid on 16 December 2025. The Board did not declare an interim dividend.

Prospects Management cites continued structural support for commodities from electrification, AI-driven demand, and tight supply balances, while cautioning on macro volatility and geopolitical factors.