Marco Polo Marine (SGX:5LY) Stock Soars After 170% Profit Jump – Latest Share Price, Earnings and 2026 Outlook

As of 2 December 2025, Marco Polo Marine Ltd (SGX:5LY), a Singapore-based offshore marine logistics and shipyard group, has become one of the hottest small-cap names on the SGX Mainboard. The stock jumped about 7.5% in Tuesday trading to around S$0.129, after the company reported a 169.7% surge in full-year net profit to S$58.5 million for FY2025 and a four-fold jump in second-half earnings. ^[1]

The rally caps an extraordinary 12‑month run: based on exchange data and consensus platforms, Marco Polo Marine’s share price has climbed roughly 120–140% over the past year, and now trades near the top of its 52‑week range. ^[2]

Below is a breakdown of the latest share price, earnings, forecasts and key risks that investors are watching right now.

Marco Polo Marine share price today (2 December 2025)

On 2 December 2025, Marco Polo Marine shares were last quoted at S$0.129 on the Singapore Exchange, up S$0.009 on the day, a gain of 7.5%. Turnover was heavy, with roughly 50 million shares changing hands, far above the stock’s typical daily volume. ^[3]

Key trading metrics from SGX-linked and data-provider platforms:

Last traded price: S$0.129
Intraday range (2 Dec 2025): S$0.120 – S$0.130 ^[4]
52‑week range: about S$0.033 – S$0.130 ^[5]
Market capitalisation: roughly S$450–480 million, depending on the exact intraday price ^[6]

The stock is also traded over-the-counter in the U.S. under the ticker MRPMF, but liquidity and pricing remain centred on the SGX listing. ^[7]

FY2025 results: profit almost triples, helped by one-off gains

Marco Polo Marine’s latest rally is anchored in a set of headline numbers that are, frankly, eye-catching.

For the financial year ended 30 September 2025, the company reported: ^[8]

Revenue: S$122.8 million (slightly down from S$123.5 million in FY2024, a 0.6% decline)
Net profit: S$58.5 million (up from S$21.7 million, a 169.7% increase)
Net profit margin: about 47.6%, up sharply from 17.6% a year earlier ^[9]

The growth was even more dramatic in the second half (H2 FY2025):

H2 revenue: S$70.1 million, up about 13% year-on-year
H2 net profit: S$47.9 million, up 348% from S$10.7 million in the prior-year period
H2 earnings per share (EPS): S$0.0046 vs S$0.0028 a year earlier ^[10]

Management and local media highlight that this surge in profitability was driven by both stronger operations and a series of exceptional gains:

Reversal of impairment losses on certain vessels of about S$22.4 million
Reversal of impairment on a joint-venture receivable of about S$5.9 million
Gains from the disposal of an investment in a joint venture and net foreign-exchange gains ^[11]

Stripping out these non-core items (impairment reversals, FX and other extraordinary gains), the adjusted FY2025 net profit is around S$25.2 million, according to Business Times’ tally. That implies an underlying net margin of roughly 20% on S$122.8 million of revenue – still solid, but far less explosive than the headline 47.6%. ^[12]

On the shareholder-return front, the board declared a final dividend of S$0.0015 per share, up 50% from S$0.001 last year. At the current share price near S$0.129, that works out to a modest yield of around 1.2%, signalling that the investment case is still primarily about growth rather than income. ^[13]

Business profile: from oil & gas support to offshore wind and specialised vessels

Marco Polo Marine operates across two main segments:

Ship chartering: offshore support vessels (OSVs), tugboats and barges chartered to customers across Southeast and Northeast Asia (including Thailand, Malaysia, Indonesia and Taiwan).
Shipyard operations: shipbuilding, repair, maintenance and conversion at its 34‑hectare yard in Batam, Indonesia, which now houses four dry docks. ^[14]

Over the past few years, the group has been pivoting away from a pure oil & gas exposure toward offshore wind and specialised marine assets:

Its first commissioning service operation vessel (CSOV), MP Wind Archer, is deployed into the offshore wind market and has been cited by management as a key growth driver. ^[15]
The company is investing in dual-use vessels that can serve both offshore wind and traditional oil & gas projects, making its fleet more flexible across economic cycles. ^[16]

This strategic pivot underpins many of the contracts and capital projects announced in 2025.

Major 2025 catalysts: record Taiwan contract, new vessels and dry dock ramp-up

1. Record NT$4.7 billion Taiwan research vessel contract

In November 2025, Marco Polo Marine’s shipyard secured its largest-ever contract: a NT$4.7 billion (about S$198 million) deal from Taiwan’s National Academy of Marine Research (NAMR) to design and build a sophisticated oceanographic research vessel. ^[17]

The vessel, to be built at the Batam yard, will support advanced marine research and is seen as Marco Polo’s strategic entry into high-value, specialised vessel construction within the “blue economy” and marine science sectors. ^[18]

This single project significantly boosts the shipyard division’s multi‑year order book and diversifies revenue beyond the cyclical offshore support market.

2. Next-generation “CSOV Plus” for offshore wind and oil & gas

In September 2025, Marco Polo Marine announced a collaboration with Norway’s Salt Ship Design to build a “CSOV Plus”, billed as the first CSOV designed from the keel up for dual-sector operations in both offshore wind and oil & gas. ^[19]

Key features highlighted by industry publications include:

Ability to support the full lifecycle of offshore wind projects – from construction and cable installation to maintenance and technician transfers
A 100‑tonne active heave-compensated crane for heavy subsea and wind-farm components
Expansive deck space and flexible lifting systems for diverse project needs

Construction is scheduled to start at Batam in 2Q 2026, with delivery expected in 2Q 2028, after which the vessel will be operated by subsidiary PKR Offshore and is expected to contribute to chartering revenue. ^[20]

3. Fleet expansion: two high-spec AHTS vessels

In September 2025, Marco Polo Marine announced the purchase of two new Anchor Handling Tug Supply (AHTS) vessels, with a combined value of about US$34 million, to be delivered in 2026. ^[21]

The newbuild AHTSs will:

Increase the group’s offshore fleet from 19 to 21 vessels
Feature DP2, Fire Fighting Class 1, and bollard pulls of 80 and 135 tonnes, respectively
Primarily support oil & gas activities in Southeast Asia while retaining the ability to be deployed for offshore wind projects in Northeast Asia ^[22]

These investments are intended to strengthen the fleet ahead of anticipated demand from both conventional energy and renewables.

4. New dry dock and Cyan Renewables service agreement

In August 2025, the group launched its fourth dry dock at the Batam shipyard and quickly secured an inaugural ship repair contract worth around S$5 million. At the same time, its shipyard won a three-year master service agreement with Cyan Renewables, a Singapore-based offshore wind vessel owner, to provide repair and maintenance services for Cyan’s fleet. ^[23]

This combination gives the shipyard recurring work from a specialised offshore wind client, further embedding Marco Polo Marine in the renewables value chain.

5. PKR Offshore’s planned Taiwan listing and institutional inflows

To fund its expanding offshore wind vessel fleet, Marco Polo Marine plans to seek a listing of its 49%-owned subsidiary PKR Offshore Co. Ltd. (PKRO) on a Taiwan exchange, targeted for the second half of 2026. The goal is to raise capital specifically for next-generation offshore wind assets and deepen its presence in North Asian wind markets. ^[24]

Separately, investor-relations updates in October 2025 highlighted that Marco Polo Marine was among SGX stocks with one of the highest net institutional inflows, supported by around S$100 million in new ship chartering contracts, its offshore-wind exposure and the growing order book. ^[25]

Balance sheet and sustainability positioning

On the balance-sheet side, Marco Polo Marine ended FY2025 with cash and cash equivalents of about S$49–52 million, even after heavy capital expenditure on new vessels and yard investments. ^[26]

Fundamental data from independent platforms suggest that:

Short-term assets exceed short-term liabilities, and
Cash exceeds total debt, leaving the group in a net cash position rather than being heavily leveraged. ^[27]

This relatively strong financial position is important for a capital-intensive, cyclical industry.

From an ESG and long-term positioning perspective, Marco Polo’s 2024 sustainability report emphasises:

A gradual transition toward renewable energy support, particularly offshore wind
Use of hybrid battery setups on certain vessels to lower fuel consumption and emissions ^[28]

Earlier, the company also explored ammonia-based zero-emission solutions for its offshore wind fleet through a collaboration with clean-tech firm Amogy, signalling a willingness to experiment with emerging green technologies. ^[29]

How cheap or expensive is Marco Polo Marine stock now?

Valuation is where things get interesting.

A recent Simply Wall St analysis, using data up to late November 2025, indicates that: ^[30]

Marco Polo Marine trades at a price-to-earnings (P/E) ratio of around 7.5x, below the average for Asian marine and shipping stocks.
The stock’s price (then about S$0.117) sat well below a discounted cash flow (DCF) “fair value” estimate of around S$0.29, implying significant upside on that particular model.

At today’s price around S$0.129 and using the adjusted FY2025 net profit (S$25.2 million) instead of the one inflated by one-off impairments, the underlying P/E multiple is higher than the headline suggests, but still not obviously stretched for a company with a growing order book and strong balance sheet.

Several data providers also flag robust profitability metrics, including a trailing return on equity (ROE) in the high 20s, again boosted by the strong FY2025 result. ^[31]

Analyst ratings and price targets: clustered around S$0.13–0.14

Across multiple platforms, the sell-side view on Marco Polo Marine is broadly positive:

MarketScreener aggregates four covering brokers (Maybank, UOB Kay Hian, CGS International and RHB). The mean consensus is “BUY”, with an average target price of S$0.137, a high of S$0.14 and a low of S$0.13, implying roughly 14% upside from a reference price of S$0.12. ^[32]
Investing.com shows a similar stance, with its consensus pointing to a Strong Buy rating and an average 12‑month target of about S$0.1325 (range S$0.122–0.14). ^[33]
Beansprout, a Singapore-focused research portal, cites a consensus target of S$0.135, representing about 5.5% upside from a share price of S$0.128 as of the morning of 2 December 2025. ^[34]
Other aggregators like Fintel, TradingView and ValueInvesting.io quote somewhat lower average targets near S$0.11, with ranges stretching from S$0.09 to S$0.15, suggesting some dispersion in analyst models and update timings. ^[35]

On top of that, post-results research notes show that RHB raised its target price from S$0.122 to S$0.14 and lifted FY2026 and FY2027 earnings forecasts by 15% and 13%, citing “accelerating growth” from the new dry dock and four new vessels, including the CSOV. ^[36]

Taken together, the current analyst consensus sits roughly in the S$0.13–0.14 band, not far above the current market price after the post-earnings surge.

Why some forecasts flag declining earnings despite strong revenue growth

One subtle but important nuance in the forecasts: several models project strong revenue growth but declining earnings over the next few years.

Simply Wall St’s consensus-based analysis highlights that: ^[37]

Revenue is forecast to grow at roughly 23% per year, faster than the broader Singapore market.
Earnings, however, are expected to decline by about 20–25% per year on average over the next three years.

The main reason is that FY2025 earnings are unusually high due to non-cash, one-off reversals of impairments and other exceptional items. As those fade, net income is expected to normalise closer to the adjusted S$25 million range unless operational growth more than compensates.

In other words, revenue, fleet size and order book may march upward, but headline EPS could retreat from 2025’s peak, creating a potentially confusing picture for investors who focus only on bottom-line growth.

Key risks investors should watch

Despite the optimism around growth and contracts, Marco Polo Marine is not a risk-free ride. Among the main issues flagged by analysts and data platforms: ^[38]

Quality and sustainability of earnings
- A large portion of FY2025 profit stems from impairment reversals and other extraordinary gains, which are unlikely to recur annually.
- Core earnings are materially lower than the headline figure, and consensus models therefore assume some degree of earnings “give back” in the next few years.
Cyclical and project risk in offshore and shipyard markets
- Charter rates, vessel utilisation and shipyard order books can swing with global energy and trade cycles.
- The group has taken on large, complex projects (e.g., the NAMR research vessel and the CSOV Plus) that carry execution risks around timelines, costs and specifications.
Customer and geographic concentration
- A growing part of the opportunity set lies in North Asian offshore wind markets, especially Taiwan. Concentrated exposure to a handful of large clients or regions can amplify volatility if projects are delayed or policy winds shift.
Currency and interest-rate sensitivity
- FY2025 earnings benefited from net foreign-exchange gains; the same FX swings could hurt in future years. ^[39]
- While the balance sheet is currently in net cash, the group is investing heavily in new vessels and shipyard upgrades, and future funding choices could alter its risk profile.
Small-cap and liquidity dynamics
- The absolute share price and historical trading volumes place Marco Polo Marine in the small-cap/penny-stock bracket, which often comes with sharper price swings, even on modest news flow. ^[40]

Bottom line: how does Marco Polo Marine look at today’s price?

As of 2 December 2025, Marco Polo Marine sits at an interesting intersection:

Operationally, it is riding strong demand for offshore vessels and ship repair, anchored by a growing presence in offshore wind and a record research-vessel contract in Taiwan. ^[41]
Financially, it boasts a net cash balance sheet, robust profit margins (even on an adjusted basis) and improving return metrics. ^[42]
From a valuation perspective, the stock still trades at single-digit P/E multiples on adjusted earnings and at a discount to some intrinsic-value estimates, even after a year of triple-digit share price appreciation. ^[43]
Analysts, on average, see moderate further upside from today’s price, with most 12‑month targets clustered just above the current level. ^[44]

The main complication for investors is separating durable, operating performance from the optical boost provided by one-off impairment reversals in FY2025. Any investment thesis on Marco Polo Marine now has to answer a simple question: does the expanding offshore wind and specialised vessel franchise justify looking past the likely “normalisation” of earnings in the next few years?

That answer will depend on each investor’s risk tolerance, time horizon and view on the offshore and renewables cycle. What’s clear is that Marco Polo Marine has moved from a niche name on the SGX to a closely watched small-cap in the marine and offshore wind space, with 2026 set to test whether its recent momentum can translate into sustainable, cash-backed growth.