Dear Shareholders,

RGD delivered an encouraging set of results for the financial year ended 31 December 2024 (“FY2024”). This was despite the absence of Trading revenue as we ceased the Trading business carried out by our subsidiary, DNS. For a quick overview of our FY2024 results, you may click here.

FY2024 was a milestone year with key developments to unlock shareholder value. Notably, we acquired interests in five coal mines in Central Kalimantan; our move upstream into Coal Mining adds a synergistic income stream, enabling us to build a and vertically integrated model. This enables us to capture value across the supply chain, secure steady coal supply, and enhance logistics efficiency – all of which are expected to contribute to the Group’s overall profitability.

In September 2024, TRIOP’s mine commenced coal production and completed its maiden coal shipment and sales, in line with the Group’s earlier guidance. This initial shipment of 48,000 tonnes (GAR 4,200 kcal/kg) was exported to China, with China Resources Group as the buyer.

The impact of our ongoing fleet expansion is evident from Shipping Services’ expanding contribution. Year after year, revenue and gross profit from this segment have been consistently growing, driven by higher capacity and business activity. As at 31 December 2024, we have ordered 12 additional sets of TBBG, which are scheduled for delivery over 2025 and 2026.

More recently, in March 2025, we divested 15% of our issued shares in SINI, an IDX-listed entity, realising a gain of approximately S$4.27 million above the book value¹. This strategic move unlocks shareholder value and enables the Group to reallocate resources to enhance asset utilisation. We retain a 16.22% stake in SINI and continue to hold interests in its four coal mines.

Overall, we are very excited about our twin growth engines – Shipping Services and Coal Mining which are complementary in nature. Once production across the five mines progressively commences production and reaches a steady state, we can leverage economies of scale and enhance operational synergies.

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
April 2025

¹ The book value is based on SINI’S unaudited consolidated financial statement for the financial year ended 31 December 2024.