CWT International Limited (CWT International, 00521) released its audited results for the year ended 31 December 2025.
Financial Highlights • Revenue rose 18.4% to HK$46.62 billion (2024: HK$39.36 billion). • Gross profit edged up 1.7% to HK$1.96 billion; gross margin narrowed to 4.21% (2024: 4.90%). • Profit attributable to owners increased 22.0% to HK$371.35 million; group net profit climbed 16.6% to HK$405.99 million. • EPS improved to 3.26 HK cents (2024: 2.67 HK cents). • Profit before tax slipped 2.8% to HK$476.78 million, offset by a 50.2% drop in income-tax expense to HK$70.79 million. • Total comprehensive income surged to HK$620.62 million (2024: HK$167.79 million) on positive FX translation effects. • No final dividend was declared.
Segment Performance (PBT basis) 1. Logistics Services: Profit fell 34.8% to HK$186.55 million on a 5.1% revenue decline to HK$5.22 billion, as freight logistics faced softer rates and volumes amid geopolitical disruptions. 2. Commodity Marketing: Profit climbed 39.4% to HK$130.29 million; revenue jumped 23.1% to HK$39.52 billion, buoyed by stronger copper and gold concentrate volumes and improved margins. 3. Financial Services: Profit marginally higher at HK$200.12 million (+0.7%) despite a 2.5% revenue dip to HK$1.08 billion, reflecting lower interest income offset by increased trading volumes. 4. Engineering Services: Profit advanced 16.7% to HK$44.69 million on 23.2% revenue growth to HK$799.16 million, supported by contract renewals and new wins.
Balance Sheet and Liquidity • Cash and cash equivalents stood at HK$2.28 billion (2024: HK$2.27 billion). • Total loans and borrowings expanded to HK$8.87 billion (2024: HK$5.92 billion), mainly due to higher short-term trade facilities (HK$6.90 billion). • Net debt was broadly stable at HK$1.64 billion; gearing improved to 17.3% (2024: 18.6%). • Current ratio measured 1.12x, with current assets of HK$27.62 billion against current liabilities of HK$24.71 billion. • Net assets increased 11.8% to HK$5.48 billion.
Operational Notes • Warehousing utilisation remained near 100%; cold-chain logistics sustained market-leading position with regulatory certifications. • Commodity logistics blended concentrate volumes rose 92.6%, offsetting softness in soft-commodities storage. • Straits Financial secured a Major Payment Institution licence in Singapore and launched small-sized derivatives via Asia Mercantile Exchange. • Engineering Services secured new and renewed contracts totalling HK$1.15 billion.
Outlook Management will prioritise risk control, operational efficiency and expansion in Southeast Asia, Africa, Europe and the Americas. The group has established entities in Hainan Free Trade Port to capture mainland China opportunities and signed cooperation agreements with HNA Technology and SF Express (Singapore) to broaden its commodity marketing and logistics networks.
No material acquisitions or disposals were reported during the year.
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