Gallant Venture (5IG) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 12.6% YoY to S$215.0m; EBITDA more than doubled to S$97.0m and profit attributable to owners was S$10.7m, versus a S$46.7m loss in FY2024.

• Industrial parks, utilities and resort operations drove core earnings; reported results also benefited from a S$33.5m foreign-exchange gain.

Financial highlights

• Gross profit increased to S$80.4m from S$74.9m; cost of sales rose to S$134.7m from S$116.0m, lifting the cost-of-sales-to-revenue ratio to 0.63 from 0.61.

• Profit for the year was S$9.2m, versus a S$46.5m loss; basic and diluted EPS were 0.195 cents and 0.186 cents, respectively, versus losses of 0.855 cents each.

• Net cash from operations was S$164.6m, compared with S$39.4m used in FY2024; investing outflow increased to S$173.7m, mainly reflecting power-plant capital expenditure.

• Cash and cash equivalents were S$119.7m at year-end, versus S$117.8m; total assets rose to S$2,029.3m and total liabilities to S$1,419.7m.

Outlook and guidance

• 2026 priorities include expanding industrial parks, utilities and logistics, and developing Bintan tourism; management entered 2026 confident in existing assets and the Indonesia-focused strategy.

• Tourist arrivals are expected to exceed 1 million in 2026; power consumption is expected to grow after factory handovers and the planned 2026 opening of Mövenpick Bintan Lagoon Resort.

• Setokok power-plant construction is on schedule, with operations targeted for 2H2027; the project is expected to serve industrial parks, resorts and digital-industry tenants.

• Land sales from tourism investors, if finalised, are expected to contribute significantly to 2026 results; the coconut-products business targets processing capacity of 250,000 coconuts per day.