Intraco Limited 2025 Financial Results: Revenue Drops 15.5% YoY, Final Dividend of 0.75 Cents per Share Announced

Intraco Limited FY2025 Financial Review: Navigating Through Challenging Markets

Intraco Limited released its condensed interim financial statements for the full year ended 31 December 2025. The report highlights a year of significant transitions, including divestments, new contract wins, and continued expansion into digital and advisory services. Below, we break down the key financial metrics, trends, and notable corporate events to help investors understand the company’s performance and outlook.

Key Financial Metrics & YoY/QoQ Comparisons

Metric	H2 2025	H1 2025	H2 2024	YoY Change (H2)	QoQ Change
Revenue (S\$’000)	80,770	73,790	91,355	-11.6%	+9.5%
Net Profit After Tax (S\$’000)	730	870	1,799	-59.4%	-16.1%
EPS (cents, Basic/Diluted)	0.67	0.8	1.46	-54.1%	-16.3%
Final Dividend (cents per share)	0.75	–	0.50	+50.0%	n/a

Metric	FY2025	FY2024	YoY Change
Revenue (S\$’000)	154,560	182,845	-15.5%
Net Profit After Tax (S\$’000)	1,600	2,058	-22.3%
EPS (cents, Basic/Diluted)	1.50	1.82	-17.6%
Final Dividend (cents per share)	0.75	0.50	+50.0%
Net Asset Value/Share (cents)	50.8	57.6	-11.8%

Historical Performance Trends

Revenue: Declined significantly in FY2025 (-15.5% YoY), mainly due to reduced trading and distribution activity, especially in plastic resins across Vietnam, Malaysia, and Indonesia. Revenue for H2 FY2025 was also down 11.6% YoY, reflecting ongoing challenging conditions.
Profitability: Net profit after tax fell 22.3% YoY, and EPS dropped 17.6% YoY, as the company faced lower gross profits, higher finance costs, and absence of one-off impairment reversals that boosted the prior year’s results.
Margins: Gross profit margin declined, mainly attributed to the trading and distribution business. Other income increased due to higher trade finance and supply chain solutions activity.
Dividends: Despite lower profits, the Board proposed a higher final dividend of 0.75 cents per share, up 50% from the previous year, signaling a commitment to shareholder returns.

Divestments, Asset Sales, and Investments

In May 2025, Intraco completed the disposal of its passive fire protection business (K.A. Group Holdings Pte. Ltd.) for S\$6.9 million, realizing a gain and freeing up cash for redeployment.
The company also sold industrial properties at Tuas View Place in December, with a net gain on disposal.
There was an increase in short-term investments, focusing on tokenized commercial papers and digital assets, as well as further investments in the digital payment space (notably iChange Pte Ltd).

Corporate Actions and Capital Management

Intraco reduced its share capital by S\$6.5 million and continued its buyback program, increasing treasury shares to 6.1 million (5.4% of total shares).
Sales of treasury shares to accredited investors and share-based compensation were also executed during the year.
The company raised S\$9 million through digital commercial paper issuance to fund working capital, with significant participation from related parties (approx. 36% of total).

Exceptional and Non-Recurring Items

FY2024 earnings were boosted by a S\$1.1 million reversal of impairment on trade receivables, which did not recur in FY2025, impacting YoY profit comparability.
FY2025 includes gains from asset divestments but was also affected by a fair value loss on financial assets at FVTPL (S\$0.1 million).

Segmental and Geographical Insights

Trading and Distribution: Remains the largest segment but saw significant pressure from weaker demand and lower prices, especially in key ASEAN markets.
Mobile Radio Infrastructure Management & Corporate Advisory: Saw increased revenue due to new contracts (notably for Singapore’s MRT North-East Line), partially offsetting declines elsewhere.
Geographically: Vietnam, Indonesia, and Malaysia continue to be major markets, but all recorded lower YoY sales.

Events and Outlook

Post year-end, Intraco exercised an exchange option to acquire an additional 60.1% of iChange Pte Ltd, taking its stake to 80%. iChange is a regulated electronic payments provider with plans for expansion.
Tradetok Pte Ltd (Intraco’s subsidiary) arranged US\$234 million in trade finance for energy sector clients and plans to launch a private trade fund with partners, potentially unlocking new revenue streams.
Taurus Point Capital Pte Ltd, now fully owned, raised S\$1.2 billion for corporate clients via digital commercial papers and is set to broaden its pipeline.
The group is considering discontinuing the distribution of certain liquor brands in Singapore to focus on higher-growth areas.
No material impact was reported from legal or natural disaster events.

Dividends

The Board proposed a final dividend of 0.75 cents per share, tax-exempt, up from 0.5 cents last year. Payment and record dates are yet to be announced.
Total dividend payout for FY2025 is S\$807,000, up from S\$542,000 in FY2024.

Related-Party Transactions & Unusual Fund Flows

Significant portions of the company’s short-term securities loan (digital commercial paper) were subscribed by related parties, including directors and key management, representing ~36% of the total outstanding, upholding liquidity but raising governance considerations.
No material directors’ pay or remuneration details were disclosed in the report.

Chairman’s Statement

On 2 January 2026, the Company had completed the acquisition of an additional 60.1% of equity
interest in iChange Pte. Ltd. (formerly known as Slidesg Pte. Ltd. (“iChange”)). iChange offers
regulated payment services, from domestic and cross-border transfers to merchant acquisition,
e-money issuance and money changing. It will focus on strengthening its business value
proposition, expand its product offerings, improve customer experiences, and strengthen its
operations in the next 12 months.

In FY2025, the Company’s wholly owned subsidiary Tradetok Pte Ltd (“Tradetok”) had
successfully assisted its trade customers in the energy sector to arrange trade finance
amounting to approximately US\$234.0m. Tradetok will continue to build on this positive
momentum. It plans to establish a private trade fund with a strategic partner and licensed fund
manager to provide a structured vehicle for institutional capital deployment in trade and supply
chain financing is progressing well and is expected to launch in the coming months.

In 2025, the Company’s wholly owned subsidiary Taurus Point Capital Pte Ltd (“Taurus Point”)
assisted its accredited corporate clients to raise approximately S\$1.2 billion through short term
digital commercial papers listed on regulated digital exchanges in Singapore. Taurus Point will
continue to pursue new corporate issuers and broaden its digital debt origination pipeline.

The Group’s trading and distribution business continues to face a challenging operating
environment, resulting in lower demand for its plastic resins products and declining prices in
certain of its key markets. It has taken proactive steps to manage its operational costs and
improve its operational efficiency to remain competitive. The Company is also in discussion with
the principal to discontinue the distribution of the National Cellar 国窖 1573 series of Chinese
白酒 baijiu in Singapore.

In FY2025, the Group’s mobile radio infrastructure management services secured S\$1.8 million
worth of contracts for the North-East Line (NEL) for the installation, upgrading, and integration
of advanced telecommunications system in support of the NELs ongoing modernisation and
capacity expansion initiatives. These contracts are expected to end in Q4 FY2026.

The Group will continue to identify new opportunities, allocate its capital resources prudently,
exercise cost discipline and manage its risks appropriately with a view to enhance returns to
shareholders.

Tone: The Chairman’s statement is cautiously optimistic. Despite acknowledging challenging trading conditions and weak demand in key markets, management is upbeat about digital expansion, new contracts, and upcoming fund launches. The focus is on capital discipline and seeking higher-value growth opportunities.

Conclusion & Investment Recommendations

Overall Assessment: Intraco Limited’s FY2025 results reflect a year of transformation and headwinds. The company’s traditional trading business is under pressure, but investments in digital finance, advisory, and infrastructure services are starting to contribute more significantly. Despite a decline in headline revenue and profit, the company is raising its dividend, has healthy cash flow from operations, and is repositioning for growth in higher-margin segments.

Strengths: Strong cash flows, reduced leverage through divestments, new digital business momentum, and increased dividend payout.
Weaknesses: Declining core business, lower asset base, and reliance on related-party funding for working capital.
Risks: Ongoing market weakness in trading, execution risk in digital and advisory expansion, and concentration risks in short-term funding sources.

Investor Recommendations

If you currently hold Intraco stock:
- Maintain a hold stance. The company is navigating legacy business headwinds but is actively redeploying capital into higher growth areas. The increased dividend and strong cash flows support a neutral-to-positive outlook, but caution is warranted due to volatility in core trading segments and execution risks in new ventures.
If you do not hold Intraco stock:
- Adopt a wait-and-see approach. The transformation story has merits, especially if digital payments and trade finance initiatives gain traction. However, topline and profit weakness, along with uncertainty around core business recovery, suggest waiting for clearer evidence of sustained growth and margin improvement before initiating a position.

Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult professional advisors before making investment decisions. All views are strictly based on the attached financial statements.