Advanced Holdings Ltd FY2025 Financial Results: Revenue Growth, Losses, and No Dividend Declared

Advanced Holdings Ltd: FY2025 Financial Results Analysis

Advanced Holdings Ltd released its condensed consolidated interim financial statements for the six months and full year ended 31 December 2025. The company, now focused solely on its Agri-Tech segment after divesting its Engineering Service and Manufacturing (ESM) business in late 2024, operates primarily in Indonesia through PT Advanced Agri Indonesia’s corn processing facility. Below is a detailed analysis of the key metrics, performance trends, and strategic outlook for investors.

Key Financial Metrics and Performance Table

Metric	2H 2025	1H 2025	2H 2024	YoY Change	QoQ Change
Revenue	\$3.19m	\$3.09m	\$2.26m	+41%	+3%
Operating Loss After Tax	(\$2.37m)	(\$2.29m)	(\$1.90m)	+25%	+3%
EPS (continuing, cents)	(1.60)	(1.56)	(1.35)	+18%	+3%
Dividend (declared)	None	None	None	N/A	N/A

Historical Performance and Trends

Revenue: Full-year revenue grew 50% YoY to \$6.3 million, driven by a full year’s operation at the Sulawesi corn drying facility, compared to partial operation in FY2024.
Profitability: The Group incurred operating losses, with the loss after tax rising 17% YoY to \$4.65 million. Gross margin was negative for the full year, but positive (5%) in 2H 2025 due to improved supply and operational efficiency.
EPS: Losses per share increased, reflecting continued operational challenges and foreign exchange impacts.
Cash Position: Cash and cash equivalents decreased by \$3.6 million to \$23.5 million, mainly due to loan repayments and reduced working capital.
Dividends: No dividends were declared for FY2025 or FY2024 due to ongoing losses.

Exceptional Items and Notable Events

Divestment: The disposal of Advanced CAE Saudi Arabia Company Limited (CAEKSA) in late 2024 marked a strategic exit from the ESM segment, refocusing on Agri-Tech.
Impairment: PPE impairment of \$492,000 was recognized in FY2025 due to lower recoverable amounts. At the company level, further impairment of \$716,000 was recognized on investments in subsidiaries.
Foreign Exchange Losses: The Group suffered \$1.1 million in FX losses, mainly from IDR/SGD and USD/SGD revaluation, impacting profitability.
Loan Repayment: Bank borrowings were fully repaid, reducing finance costs.
Related Party Loan: A short-term loan of \$0.5 million was extended to non-controlling interests for a feasibility study in corn milling.

Chairman’s Statement

“Corn remains a key staple crop in Indonesia and a critical raw material for the domestic animal feed industry… During 2025, the domestic corn market experienced heightened volatility, reflecting a combination of supply-side constraints, seasonal variability and policy developments… Looking ahead over the next 12 months, the domestic corn market is expected to continue to be shaped by structurally strong demand from the feed and poultry sector, ongoing food security priorities, and policy-driven interventions influencing supply, pricing and trade dynamics. Supply conditions are likely to remain sensitive to seasonal patterns, regional production outcomes, farmer crop selection behaviour and the timing and implementation of government measures. Competitive conditions in corn sourcing are therefore expected to remain challenging and availability continuing to respond to changes in both physical supply and policy signals. It is expected that average corn prices will remain above the Feed Supply and Price Stabilisation (SPHP) levels in view of the supply volatility and strong demand from the feed and poultry sector.”

Tone: The statement is cautiously optimistic on demand fundamentals, but acknowledges supply volatility, policy uncertainty, and competitive challenges.

Divestments and Corporate Actions

Disposal of CAEKSA completed in late 2024.
No new acquisitions, IPOs, or fundraising disclosed for FY2025.
No share buybacks, placements, or new mandates reported.

Operational Risks and Events Affecting Performance

Farmer crop selection shifted away from corn, limiting supply and impacting production volumes.
Finished inventory losses occurred due to extended storage and damage at port depots.
Policy changes, such as BULOG’s administered prices and corn reserve releases, influenced market dynamics.
Regional production volatility, especially in North Sulawesi, affected supply.
No reported natural disasters, legal disputes, or tax changes directly affecting the business.

Cash Flow and Balance Sheet Analysis

Healthy net working capital of \$23.5 million, but declining asset base due to impairments and FX translation.
Non-current liabilities decreased due to loan repayments and currency effects.
Operating cash flows improved YoY with inventory reductions and receivable collections.

Directors’ Remuneration

No specific details on directors’ pay or remuneration were disclosed.

Dividend Policy

No dividend proposed for FY2025 or FY2024 due to losses. The company has not declared or recommended dividends for two consecutive years.

Outlook and Guidance

Demand for corn remains structurally strong, supported by Indonesia’s poultry sector and food security initiatives.
Supply constraints, seasonal volatility, and policy interventions will continue to affect operating conditions and margins.
Corn prices expected to stay above government stabilization levels, but competitive conditions remain tough.

Conclusion and Investor Recommendations

Overall Financial Performance: The Group’s results for FY2025 show increased revenue but continued operating losses, worsened by supply-side constraints, FX losses, and asset impairments. The outlook remains challenging given persistent supply volatility and competitive pressures. The company maintains a healthy cash position but lacks profitability, and no dividends have been paid.

If you are currently holding Advanced Holdings Ltd stock: Consider holding only if you believe in the long-term structural demand for feed-grade corn in Indonesia and expect supply conditions to improve. However, monitor closely for signs of operational turnaround, improved profitability, or strategic action to address supply volatility and margin pressures.
If you are not holding Advanced Holdings Ltd stock: Exercise caution. The company is not profitable, faces ongoing industry risks, and pays no dividend. Wait for evidence of sustained profitability, supply-side improvements, or strategic shifts before considering entry.

Disclaimer: This analysis is based strictly on the company’s published financial statements and does not constitute investment advice. Investors should conduct their own due diligence, consider their risk tolerance, and consult professional advisors before making any investment decisions.