On Dec 4, Marco Polo Marine : 5LY 0% executive director and CEO Sean Lee acquired two million shares at S$0.053 per share. This increased his total interest from 4.72 per cent to 4.78 per cent.

 

Lee is a key co-founder of the group, overseeing overall management, daily operations, and strategic direction. He has been pivotal to Marco Polo Marine, spearheading the shipbuilding operations since their inception in December 2005. He also led efforts to enter new markets in shipping and shipyard operations, and helped launch the offshore ship chartering operation in 2011, which remains the group&rsquo s main growth engine.

 

On Dec 2, Marco Polo Marine non-executive director Darren Teo acquired 800,000 shares at S$0.052 apiece. This increased his direct interest from 0.17 per cent to 0.19 per cent.

 

He also holds deemed interest through Apricot Capital, which holds a total of 607,142,857 of the shares in Marco Polo Marine. Teo indirectly owns 20 per cent of the issued and paid-up share capital of the company. His preceding acquisition was a year ago, with one million shares acquired at S$0.049 per share on Dec 1, 2023.

 

In the week prior to the acquisitions, Lee acknowledged the challenges of FY2024 but highlighted the resilience in key business areas. He emphasised that the focus on operational efficiency and strategic expansion in renewable energy position Marco Polo Marine well to handle market uncertainties.

 

The group reported revenue of S$123.5 million for FY2024 (ended Sep 30), a slight decrease from S$127.1 million in FY2023, with gross profit increasing by 6.1 per cent to S$48.5 million. The shipyard segment faced lower revenue due to the construction of a new commissioning service operation vessel, while ship chartering continued to drive growth with higher charter rates and utilisation.

 

The group also maintained a strong net cash position of S$35.8 million as at Sep 30, 2024.

 

Marco Polo Marine is optimistic about future growth, supported by demand from offshore wind farms and oil-and-gas markets, and the completion of a fourth dry dock in early 2025. Its diversified business model and strategic pivot to renewables are expected to enhance profitability and asset utilisation.

 

It maintains a price-to-earnings ratio of 9.2 times and return on equity of 12.4 per cent. It was established in 1991, and maintains about 400 employees, with its corporate office in Singapore and operations located in Batam, Indonesia.

 

The stock has been among the 100 most-traded counters this year, ranking just outside the 50 stocks that booked the highest net institutional inflow.