- We continue to be positive on Marco Polo Marine (SGX:5LY) due to its accelerating growth outlook. 1QFY26 revenue and gross profit remain on track to meet our estimates.
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1QFY26 revenue and gross profit in line.
- Marco Polo Marine’s 1QFY26 gross profit of S$14m (+32% y-o-y) was in line with our forecast.
- Revenue of S$33m (+27% y-o-y) was driven by ship chartering (S$23m, +53% y-o-y), while the shipbuilding and repair segment registered a slight decline in revenue to S$10m (-9% y-o-y), dragged by lower shipbuilding activities, but mitigated by more ship repair projects. Growth from the ship chartering segment mainly stemmed from a larger fleet size, where it deployed its Commissioning Service Operation Vessel (CSOV) and three Crew Transfer Vessels (CTVs) in 2HFY25.
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- Gross profit margin rose by 1.6ppts from 41.1% to 42.7%. This was due to better rates received by the new vessels, which led to a more favourable sales mix.
Outlook remains positive.
- Read more at SGinvestors.io.
