Dear Shareholders,

Amidst softer global freight rates and coal prices, the Group delivered a set of encouraging results for the half year ended 30 June 2025. Revenue rose 74.3% to S$50.7 million (H1 2024: S$29.1 million), while gross profit improved 20.2% to S$17.7 million (H1 2024: S$14.8 million). We added 5 more sets of tugboat and barge (TBBG)  year-on-year (H1 2024: 26 vessels), raising our total fleet size to 31 vessels. The additional tonnage helped cushion the impact of weaker freight rates. At the same time, our Coal Mining business recorded its first half-year revenue contribution. Due to a one-time gain of S$4.4 million arising from the sale of a 15% equity interest in PT Singaraja Putra Tbk (SINI), the Group’s net profit grew 24.4% to S$13.6 million (H1 2024: S$10.9 million). For a quick overview of our H1 2025 results, you may click here.

We completed the partial divestment of SINI during a period of softer coal demand in India and China – the world’s two largest import markets. Apart from realising an immediate S$4.4 million gain, we have de-risked our asset portfolio. The move has allowed us to improve resource allocation, and focus our efforts on TRIOP, in which we have management control. Nevertheless, we retained 16.22% stake in SINI and an effective interest of 9.7% its four mines.

Looking ahead, the Group will navigate industry headwinds prudently by focusing on factors we can influence and control. For Shipping Services, we will continue to enhance operational efficiency and service reliability to cement our position as a trusted provider of chartering and transshipment services, supported by a growing fleet of tugboats and barges across Indonesia. By end-2025, we expect delivery of five additional sets of TBBG (+40,000 DWT), with a further five sets (+40,000 DWT) in 2026. This expansion is expected to lift total carrying capacity by 27% to about 372,000 DWT by end-2026.

For coal mining, TRIOP will continue to improve cost efficiency by adopting industry best practices to lower unit mining costs. Following a price decline in the first half of 2025, the international thermal coal prices have since experienced a modest pickup. Notwithstanding shifting market dynamics as renewables like wind and solar gain momentum, we believe coal remains a key baseload option for energy security, particularly in rapidly industrialising countries.

Our two complementary pillars — Shipping Services and Coal Mining — set us apart from our peers. We will continue to unlock operational synergies to drive growth, and most importantly, manage the business with the prudence that has defined RGD since our 2020 listing.

We look forward to your continued support. If you have any feedback or questions, feel free to reach out to Adrian Hartanto at IR@rgd.sg.

Mr Francis Lee
Executive Director and CEO
September 2025