ASL Marine Holdings Ltd. posted a net profit of S$17.1 million for the half-year ended 31 December 2025 (1H FY2026), surging 721.3% year-on-year, as higher-margin ship-repair work and sharply lower finance costs lifted earnings.
Revenue rose 5.5% year-on-year to S$181.6 million, while earnings per share improved to 3.71 Singapore cents from 0.46 cent a year earlier. The board declared an interim dividend of 0.13 SG cent per share; payment details were not disclosed in the announcement.
Ship Repairs remained the largest contributor, with revenue up 9.7% to S$93.3 million and accounting for 51.4% of group turnover. Ship Chartering revenue inched 2.5% higher to S$51.6 million, buoyed by local infrastructure work and trade services, though the segment’s share of group sales slipped to 28.4% following vessel disposals. Shipbuilding revenue was broadly stable at S$36.8 million, or 20.2% of total revenue. Group gross profit expanded 24.4% to S$35.1 million as the margin widened to 19.3% from 16.4%. Profit before tax climbed 268.5% to S$19.6 million, aided by a 72.8% reduction in finance costs to S$4.0 million after the continued repayment of borrowings.
The company generated S$31.7 million of operating cash flow and realised S$18.4 million from asset sales, lifting cash and cash equivalents to S$48.0 million at end-December, up from S$22.8 million six months earlier. Net gearing improved to 0.77 times, compared with 1.32 times at end-June. Outstanding order books stood at about S$49 million for shipbuilding and S$107 million for ship chartering.
Management linked the earnings recovery to the recalibration towards higher-value repair projects, stringent cost control and ongoing deleveraging. It intends to pare the outstanding balance of its five-year US$132 million “Club Deal 2” loan to roughly US$51.5 million in the second half through proceeds from vessel sales, and will pursue further growth by expanding chartering and shipbuilding orders that align with its core capabilities.
The group remains upbeat on medium-term prospects, citing sustained demand in the regional marine repair market and opportunities arising from Singapore’s planned S$100 billion coastal protection programme.