Penguin International Limited posted a net profit of S$9.1 million for the six months ended Jun 30, up 30.1 per cent year-on-year, driven chiefly by a rebound in vessel-chartering contributions that more than offset softer shipbuilding revenue.

Basic earnings per share rose to 4.14 Singapore cents from 3.19 cents a year earlier. The board did not declare an interim dividend, consistent with last year, as the group prioritises cash for ongoing fleet and shipyard expansion.

By segment, vessel chartering revenue more than doubled to S$54.3 million (1H2025: S$25.7 million), lifting pre-tax earnings for the unit to S$6.6 million from a S$7.3 million loss a year ago. Shipbuilding, ship repair and maintenance revenue fell 13.8 per cent to S$83.1 million, with segment profit before tax easing to S$9.5 million from S$14.3 million. Overall, group profit before tax climbed 38.0 per cent to S$13.8 million.

Operationally, the company delivered five build-for-stock vessels (down from six) and added four crewboats while selling none; its charter fleet expanded to 38 vessels with utilisation improving to 82.1 per cent (1H2025: 75.6 per cent). Gross profit margin widened on the back of the higher-margin chartering mix, while other income fell after last year’s gain on vessel sales was not repeated. Administrative expenses increased, reflecting higher staff costs and a S$2.6 million share-based payment charge, and the group recognised a S$1.2 million expected credit loss on charter receivables.

Looking ahead, the company expects demand for high-speed aluminium vessels in offshore energy, maritime security, government and tourism segments to remain “healthy”. Management plans to expand the charter fleet, advance the phased development of its new Batam shipyard, and invest in automation and digital tools to mitigate skilled-labour constraints. Geopolitical tensions in the Middle East, foreign-exchange volatility and supply-chain disruptions remain key risk factors, though Penguin highlighted its diversified customer base and growing charter income as buffers against potential headwinds.