Marco Polo Marine net profit climbs 9% as offshore fleet expands

Revenue rose to $74.0m on increased output.

Marco Polo Marine reported net profit attributable to equity holders of $11.6m for the half year ended 31 March 2026, up 9% from $10.6m in the prior year period, according to its financial report.

Earnings before interest, tax, depreciation, and amortisation rose 87% to $28.8m, whilst revenue increased 40% to $74.0m.

Adjusted net profit to owners was $13.8m, compared with $9.6m in the previous corresponding period, after excluding foreign exchange losses of S$2.9m and gains arising from the disposal of property, plant, and equipment. Adjusted net profit rose 44% year on year.

Gross profit increased to $31.4m from $21.6m, whilst gross margin was 42%, compared with 41% previously.

Net cash generated from operating activities totalled $65.6m, whilst cash and cash equivalents stood at $135.6m as at 31 March 2026, up from $52.2m as at 30 September 2025.

Net asset value per share increased to 7.5 Singapore cents from 7.0 cents.

Ship chartering revenue rose to $44.3m from $32.0m, supported by the expansion of the offshore vessel fleet and the deployment of the commissioning service operation vessel MP Wind Archer and three crew transfer vessels.

Shipyard revenue increased to $29.7m from $20.7m, driven by higher ship repair activity and additional capacity from Drydock 4 in Batam, Indonesia.

Fleet utilisation reached 71% in the period, alongside high drydock utilisation following the commissioning of the new facility.

The offshore oil and gas segment remained stable, whilst the offshore wind segment contributed revenue from vessels deployed in North Asia.

The company expects two anchor handling tug supply vessels to enter service in the financial year 2026 and continues fleet renewal of offshore support vessels.

The shipyard division progressed work on an oceanographic research vessel and received enquiries for specialised newbuild vessels.

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