Oceanus Group (579) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 1% YoY to SGD121.0m; net loss was SGD1.9m, while adjusted for H1 2025 one-off gains, the underlying result improved by ~SGD2.4m YoY.

• A net profit after tax of SGD0.96m in 2Q followed a SGD2.84m net loss in 1Q, as cost rationalisation and portfolio streamlining began to take effect.

Financial highlights

• Gross profit increased 26% YoY to SGD9.6m; gross margin improved to 7.9% from 6.4%.

• EBITDA was SGD3.3m versus SGD4.7m in H1 2025; loss before tax was SGD1.6m versus profit of SGD0.8m.

• Net loss was SGD1.9m versus net profit of SGD0.3m; H1 2025 included ~SGD4.6m of one-off gains.

• Other operating expenses fell 25% to SGD6.4m; other operating income declined 98% to SGD0.1m after H1 2025 supplier rebates and a farm-asset disposal gain did not recur.

Outlook and guidance

• Focus remains on operational excellence, core businesses, further cost rationalisation and completing portfolio streamlining; most losses from wound-down operations are not expected to recur from 3Q 2026.

• Working capital management remains a priority as Trade & Distribution expands; inventory was built ahead of the seasonally stronger second half.

• A tax-structure review is underway to improve tax efficiency; technology investment supporting ODIN remains part of the longer-term strategy.