At a glance
Salt Investments Limited, led by CEO Dennis Goh and subsidiaries Apex Excel Engineering, TT Oil (Singapore), Harbourworld Energy, and Prosper Excel Engineering
Group revenue surged 303% to S$36,994,000, swinging the company to a S$107,000 net profit from a S$507,000 loss a year earlier
During the six months ended 30 September 2026 (1H FY2027), compared against 1H FY2026, with subsequent receivables and payables settled in October 2026
Singapore-listed maritime and energy investment holding company, operating across regional marine fuel, lubricant, and offshore engineering supply chains in Asia
The company pivoted toward high-volume marine fuel trading to capture regional energy demand. Despite narrowing margins, scale drove a bottom-line turnaround
Subsidiary Apex Excel Engineering scaled fuel sales to S$31,532,000, funded via S$20,000,000 in unsecured promissory notes and a S$4,571,000 share placement
Salt Investments 1H FY2027 Turnaround Driven by Marine Fuel Expansion
Salt Investments Limited has released its unaudited financial results for the six months ended 30 September 2026 (1H FY2027). The Singapore-listed maritime investment holding company posted a sharp increase in top-line revenue and swung back into profitability during the half-year period.
Revenue Surge and Return to Profitability
For 1H FY2027, Salt Investments recorded group revenue of S$36,994,000, up 303% compared to S$9,180,000 in 1H FY2026. Gross profit more than doubled, rising 101% to S$2,446,000 from S$1,219,000 in the prior year. However, gross profit margin narrowed from 13.3% to 6.6% as the business shifted toward higher-volume, lower-margin marine fuel trading.
The group achieved a net profit after tax of S$107,000, reversing a net loss of S$507,000 in 1H FY2026. Net profit attributable to equity holders stood at S$36,000, compared to a loss of S$782,000 a year earlier. Earnings per share came in at 0.00014 Singapore cents.
| Financial Metric (S$’000) | 1H FY2027 | 1H FY2026 | Change |
|---|---|---|---|
| Revenue | 36,994 | 9,180 | +303% |
| Gross Profit | 2,446 | 1,219 | +101% |
| Profit / (Loss) Before Tax | 208 | (409) | n.m. |
| Profit / (Loss) After Tax | 107 | (507) | n.m. |
| Profit / (Loss) Attributable to Owners | 36 | (782) | n.m. |
Administrative expenses rose 21% to S$2,104,000, mainly due to S$200,000 in amortisation for the Salt-Lyte digital platform intangible asset, higher professional fees of S$447,000, and staff costs of S$1,043,000. Finance costs also increased to S$224,000 from nil in the previous year due to interest and fees on newly issued promissory notes.
Core Segment Performance
The group operates across two main business segments alongside corporate holding activities.
- Oil Trading and Supply This segment generated S$34,505,000 in external sales, up from S$1,650,000 in 1H FY2026. Marine fuel trading through wholly-owned subsidiary Apex Excel Engineering Pte. Ltd. accounted for S$31,532,000, or roughly 85% of total group revenue. TT Oil (Singapore) Pte. Ltd. contributed S$2,162,000 over a full six months of consolidation, while newly operational Harbourworld Energy Pte. Ltd. added S$811,000. Segment profit before tax reached S$744,000.
- Engineering and Repair Operated through Prosper Excel Engineering Pte. Ltd., this segment recorded external sales of S$2,489,000, down from S$7,530,000 in 1H FY2026. Profit before tax for the division was S$213,000.
Balance Sheet Expansion and Working Capital
Rapid growth in fuel trading substantially expanded the group’s balance sheet between 31 March 2026 and 30 September 2026. Total assets rose from S$20,028,000 to S$59,497,000. Current trade and other receivables jumped from S$4,168,000 to S$33,669,000. By 15 October 2026, the group had collected S$24,761,000 of its net trade receivables from fuel trading. Fixed assets also increased from S$30,000 to S$1,654,000 following the purchase of the vessel Golden Legacy by Apex Excel Engineering, alongside S$992,000 in prepayments for vessel works.
Total liabilities increased from S$4,863,000 to S$39,626,000. Trade payables rose to S$16,732,000 from S$1,311,000, with roughly 90% paid off in October 2026. To fund fuel trading working capital, the company issued S$20,000,000 in six-month unsecured promissory notes, carrying a balance of S$20,222,000 including accrued interest and fees.
Operating activities used S$18,201,000 in net cash due to working capital requirements. However, financing activities brought in S$24,508,000 from the promissory notes and a May 2026 share placement that raised net proceeds of S$4,571,000. As a result, cash and bank balances grew from S$4,788,000 to S$8,450,000. Net asset value per share increased from 0.0628 Singapore cents to 0.0762 Singapore cents. No interim dividend was declared.
Looking Ahead to the Second Half
Salt Investments delivered strong top-line momentum and a return to bottom-line profitability in 1H FY2027, supported by its expansion into marine fuel supply. While fuel trading requires heavy working capital and careful credit management, the board confirmed the group holds sufficient resources to meet its obligations.
Over the next 12 months, management plans to focus on operational execution, expanding TT Oil’s lubricant distribution across ASEAN and African markets, advancing its Salt-Lyte digital maritime platform ahead of an expected October 2027 commercial launch, and launching oily-waste collection and management operations.
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