Fuji Offset Plates Manufacturing Ltd: FY2025 Financial Analysis and Outlook
Fuji Offset Plates Manufacturing Ltd, a Singapore-listed company, has released its condensed interim financial statements for the year ended 31 December 2025. This report provides a comprehensive review of the Group’s performance, including key financial metrics, earnings trends, dividend declarations, and strategic developments affecting its future outlook.
Key Financial Metrics & Performance Table
| Metric |
H2 2025 |
H1 2025 |
H2 2024 |
FY2025 |
FY2024 |
YoY Change |
QoQ Change |
| Revenue (S\$’000) |
1,704 |
1,570 |
1,809 |
3,274 |
3,628 |
-9.8% |
-5.8% |
| Net Profit (S\$’000) |
73 |
766 |
-327 |
839 |
1,004 |
-16.4% |
NM |
| EPS (SGD cent, Basic) |
0.19 |
1.32 |
-0.62 |
1.51 |
1.93 |
-21.8% |
NM |
| Dividend per share (cent) |
0.5 (proposed) |
– |
0.5 |
0.5 |
0.5 |
0% |
0% |
| Net Asset Value/share (cents) |
64.18 |
– |
65.61 |
64.18 |
65.61 |
-2.2% |
– |
Historical Performance Trends
- Revenue: Declined YoY by 9.8%, primarily due to lower sales in Malaysia, Singapore, and Indonesia. The Group faced keen competition and the impact of non-recurring orders from the closure of a competitor in Singapore in 2024.
- Net Profit: Dropped by 16.4% YoY, reflecting lower sales and the absence of a sizeable gain from asset sales recorded in FY2024.
- Gross Profit Margin: Marginally improved from 30.9% in FY2024 to 31.0% in FY2025, due to more optimal use of raw materials and cheaper sources of supply, partially offset by higher fixed costs.
- EPS: Fell by 21.8% YoY, aligning with the decrease in net profit.
- Dividend: Maintained at 0.5 cents per share for FY2025, in line with FY2024.
Exceptional Earnings and Expenses
- Other Gains: Dropped from S\$1.00 million in FY2024 to S\$0.15 million in FY2025. The previous year included a non-recurring gain from the disposal of investment property, which was absent in FY2025. This was partially offset by a gain on disposal of property, plant, and equipment.
- Foreign Exchange Loss: Increased to S\$0.45 million in FY2025, reversing the previous year’s gain, due to a weaker US dollar versus the Singapore dollar.
- Fair Value Losses: Lower fair value loss on financial assets at FVPL, and higher allowance for expected credit loss on trade receivables (S\$0.12 million).
- Share of Profits from Associate: Strong growth in share of profit from investment in associated company, up to S\$1.65 million from S\$0.72 million in FY2024.
Divestments, Fundraising, and Asset Sales
- Asset Sales: No asset sales in FY2025, but FY2024 included the disposal of investment property at PLO 210.
- Fundraising: Issued 10 million new shares, raising S\$4.348 million in July 2025. The proceeds are earmarked for expansion, growth, and business development but remain unutilized as of the report date.
Related-Party Transactions
- Interested Person Transactions: Total value under shareholders’ mandate was S\$292,849, involving supply of printing cylinders, technical services, and lease agreements with Fuji Roto Gravure Sdn Bhd, where a related party is a director and shareholder.
Business Segment Outlook and Strategic Developments
- Printing Cylinders: Outlook remains challenging due to intense competition.
- Property Development: Segment performance depends on regional economic growth, but faces challenges from US tariffs and political tensions in Southeast Asia.
- IPark Associate: Strong sales, with 83 out of 87 units sold or rented. The associate paid out RM7 million in dividends (S\$2.126 million) in H1 2025.
- Star City: No new developments; management continues to seek buyers for property assets.
Fund Flows and Liquidity
- Cash Position: Cash and cash equivalents increased to S\$23.55 million, up S\$5.97 million from the prior year, fueled by fundraising and dividend receipts from IPark.
- Net Asset Value: Slightly decreased to 64.18 cents per share from 65.61 cents per share YoY.
Chairman’s Statement
“With the available funds from the receipts of its investments in IPark and the injection of funds from the issuance of ordinary shares in July 2025, the Company is well placed to source for potential business investments and/or acquisitions, after careful evaluation by the Audit Committee and the Board, as and when such opportunities arise. Meanwhile, the proceeds have been placed in deposits with reputable banks in Malaysia and Singapore.”
The tone of the Chairman’s Statement is cautiously optimistic, emphasizing liquidity and readiness for future investments, while acknowledging sectoral headwinds.
Conclusion and Investment Recommendations
Overall Assessment: Fuji Offset Plates Manufacturing Ltd’s financial performance for FY2025 appears neutral to slightly weak. The Group faced lower sales, increased competitive pressures, and the absence of exceptional asset sale gains. However, strong liquidity, a healthy dividend from its property associate, and fundraising efforts have positioned the company for future investment opportunities.
- For Current Shareholders: Investors holding this stock may consider maintaining their position. The company is well-capitalized and continues to pay dividends, but underlying business growth remains challenged. Monitor for new investments or acquisitions which could drive future performance.
- For Prospective Investors: Those not currently holding the stock should exercise caution. The Group’s core business faces competitive and macroeconomic headwinds, and future upside depends on successful deployment of newly raised capital and strategic investments.
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 and consider their risk tolerance before making any investment decisions.
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