ZICO Holdings FY2025 Results: Return to Profit, Strategic Pivot, and Strengthened Balance Sheet

Highlights for Investors

• Return to Profitability: ZICO Holdings Inc. reported a net profit of S\$0.9 million for the financial year ended 31 December 2025, reversing a significant loss of S\$5.6 million in FY2024.
• Strategic Sale and One-Time Gain: The Group disposed of its corporate secretarial business to Ascentium Global Services Holdings Pte. Ltd. for S\$10.7 million, resulting in a one-time gain of S\$6.8 million. This transaction has fundamentally strengthened ZICO’s balance sheet.
• Improved Operational Efficiency: There was a reduction in retainer and consultancy expenses due to streamlining efforts, and finance costs were lowered following repayment of borrowings.
• Strengthened Balance Sheet: Cash and cash equivalents increased to S\$3.8 million as at 31 December 2025, with lower gearing. Net asset value per share rose to 7.08 Singapore cents, up from 6.0 cents the previous year. Earnings per share improved markedly to 0.25 Singapore cents, compared to a loss per share of 1.41 cents in FY2024.
• Strategic Pivot: ZICO is accelerating its focus on regulated capital markets, wealth management, and trust services. The Group aims to capture growth opportunities in Malaysia, Singapore, and the broader ASEAN region, offering private/family/corporate trusts, onshore/offshore trusts, custodian, fund administration, and escrow services.
• Leadership Enhancement: The wealth management arm has been strengthened with the appointment of Mr. Pg Aziz bin Pg Hj Ali Hassan as CEO of ZICO Asset Management Pte Ltd, and efforts are underway to further bolster the Board and management team.
• Capital Markets Activity: ZICO Capital Pte Ltd. acted as issue manager for two successful IPOs in Singapore during FY2025, reflecting the company’s intention to build a robust pipeline of capital market deals amid the Monetary Authority of Singapore’s initiatives to rejuvenate the local equity market.
• Regional Expansion and Diversified Services: The Group operates across Indonesia, Lao PDR, Malaysia (including Labuan), Myanmar, Singapore, Thailand, and the Philippines, providing multidisciplinary services including wealth management, trust advisory, corporate finance advisory, corporate services, consulting, investor services, legal, shariah advisory, and immigration services.

Key Points for Shareholders

1. Profit Turnaround: The return to profitability, driven by both underlying improvements and a substantial gain from the business disposal, is a major positive for shareholders and is likely to affect market sentiment and share price positively.
2. Balance Sheet Strength: The company’s cash position and reduced gearing provide a solid foundation for growth and future investments, reducing financial risk.
3. Strategic Focus on Growth Sectors: The pivot towards regulated activities in capital markets, wealth management, and trust services aligns ZICO with high-growth, high-value sectors in the ASEAN region. This is a forward-looking move that could enhance shareholder value if successfully executed.
4. Leadership and Management Changes: The appointment of a new CEO in asset management and ongoing management strengthening signal a commitment to operational excellence and strategic execution.
5. Capital Markets Momentum: Participation in IPOs and efforts to build a pipeline of deals suggest potential for revenue growth and increased visibility in Singapore’s capital markets.
6. Potential Price Sensitivity: The combination of a profitable turnaround, enhanced balance sheet, strategic pivot to regulated markets, and management upgrades are all factors that can be considered price sensitive and may drive share value. Shareholders should monitor future announcements closely for updates on new business wins, further divestments, or expansion moves.

Management Commentary

Mohamed Nasser Bin Ismail, Independent Chairman of ZICO, stated: “FY2025 was a very significant year for ZICO. The sale of the corporate secretarial business resulted in a substantial gain on disposal, which strengthened our balance sheet amid efforts to manage operating and finance costs and improve efficiency. Our strategy moving forward is to broaden and deepen our regulated services offerings in Singapore and Malaysia whilst evaluating opportunities in other countries in the ASEAN region.”

Datuk Ng Hock Heng, Group CEO, added: “Regulated activities such as capital markets, wealth management and trust services offer potential in the ASEAN region. Our pivot towards these activities is taking place amid heightened market activity at a time when the Monetary Authority of Singapore is taking steps to invigorate the equity capital markets. Looking ahead, we are focused on growth; with a refreshed asset management leadership, and improving conditions in the capital markets, we are confident our new strategic focus will translate into improved performance and sustainable value creation for shareholders.”

About ZICO Holdings Inc.

ZICO Holdings Inc. is an integrated provider of multidisciplinary professional services focused on the ASEAN region. The Group delivers advisory and transactional services in wealth management, trust advisory, corporate finance advisory, corporate services, consulting, investor services, legal services, shariah advisory, and immigration services. ZICO also licenses its trademarks within the Group and operates in multiple ASEAN countries, positioning itself to capitalize on regional opportunities.

Investor Contact

WeR1 Consultants Pte Ltd
9 Raffles Place, Level 6, Republic Plaza, Singapore 048619
Tel: (65) 6677 3032
Email: Isaac Tang, [email protected]

Disclaimer

This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. The information is based on the official news release by ZICO Holdings Inc. and may be subject to further clarifications or updates. Investors should conduct their own due diligence and consult with professional advisors before making any investment decisions. The Singapore Exchange Securities Trading Limited assumes no responsibility for the contents of this article, including the correctness of any statements or opinions made herein.

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