Gallant Venture Ltd swung back to the black in the 12 months ended Dec 31 2025, posting a net profit attributable to shareholders of S$10.0 million, compared with a loss of S$46.7 million a year earlier. The turnaround was driven mainly by higher rental and utilities contributions from its Batam and Bintan industrial parks as well as favourable foreign-exchange movements.
Full-year revenue rose 12.7% year-on-year to S$215.1 million. Basic earnings per share came in at 0.183 Singapore cent, versus a loss per share of 0.855 cent in FY2024. The board did not recommend any dividend, as it continues to channel cash toward expanding the industrial-park and utilities platforms.
By segment, industrial parks remained the core earner, lifting operating profit 84% YoY to S$37.8 million on increased leased space and better rental yields. Utilities’ operating profit grew 34% to S$48.3 million, supported by higher electricity and water sales to new tenants and recently opened hotels on Bintan. Resort operations recorded an operating profit of S$1.2 million, reversing the previous year’s S$2.1 million loss on a 26% jump in ferry passenger volume. Property development booked an operating loss of S$17.5 million, wider than FY2024’s S$15.5 million, as no land sales were recognised during the year. The newly acquired coconut-products unit, grouped under “Others”, contributed S$6.0 million of revenue but incurred a S$9.5 million operating loss as it ramps up production.
Foreign-exchange gains of S$33.5 million, insurance recoveries and gains on assignment of receivables boosted other income to S$52.7 million, offsetting a S$4.0 million goodwill write-off and higher depreciation linked to new assets.
Looking ahead, the group is pressing on with several growth initiatives. Construction of committed factory units, logistics centres and a new power plant is under way to raise capacity and support future demand in its industrial parks. On the tourism front, management is targeting over one million tourist arrivals by end-2026 through additional large-scale events and enhanced resort offerings. It is also in talks with investors for land sales aimed at new tourism developments in Bintan Resorts.
Capital expenditure will be funded by advance lease payments, investor contributions and bank facilities. The company is renegotiating loan covenants after reclassifying S$506.4 million of borrowings as current liabilities due to a year-end covenant breach, and expects revised terms to be finalised in the second quarter of 2026.
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