Penguin International Limited posted a net profit of S$35.5 million for the year ended 31 Dec 2025, almost unchanged from a year earlier, even as revenue rose 13.2 per cent to a record S$267.0 million, boosted by higher vessel-chartering activity.
Basic earnings per share came in at 16.11 Singapore cents, versus 16.14 cents in FY2024. The board has proposed a final, one-tier tax-exempt cash dividend of 5.0 cents per share (FY2024: 4.84 cents); the book-closure and payment dates will be announced later.
Shipbuilding, ship repair and maintenance remained the largest contributor with revenue of S$196.4 million, up 4.6 per cent year-on-year (YoY). Pre-tax earnings from this segment advanced to S$37.2 million from S$34.6 million. Vessel chartering revenue surged 46.6 per cent YoY to S$70.6 million, lifting pre-tax profit to S$9.2 million (FY2024: S$6.4 million).
Higher charter demand and gains from vessel disposals lifted other income to S$14.9 million (FY2024: S$7.9 million). These positives offset a S$4.7 million net foreign-exchange loss (FY2024: S$2.0 million gain) and a 15.0 per cent rise in administrative expenses to S$35.1 million, resulting in flat bottom-line performance.
During the year the group sold 14 stock vessels and added 11 “Pelican” crewboats to its own fleet, bringing the charter fleet to 34 units with an average age of 2.4 years. Capital expenditure on property, plant and equipment totalled S$73.6 million, while bank loans rose to S$54.9 million from S$50.5 million to fund yard development and fleet expansion.
Management said demand for its “Flex” series crewboats is strengthening in the Middle East on the back of multi-year gas developments, while security-boat orders remain resilient amid continued piracy risks in West Africa. Enquiries for crew-transfer vessels in Europe are also recovering following a large eight-unit contract signed in late 2025. The group plans to maintain healthy stock-vessel production, continue fleet growth and pursue “green-shipping” opportunities, including hybrid and electric propulsion projects, while monitoring potential headwinds from inflation, supply-chain disruptions and geopolitical tensions.