Yangzijiang Shipbuilding H1 net profit rises 28.4% to US$800 million on higher-margin vessels

[SINGAPORE] Yangzijiang Shipbuilding posted a 28.4 per cent rise in net profit to 5.4 billion yuan (US$800 million) for its first half-year ended Jun 30, 2026, from 4.2 billion yuan in the previous corresponding period.

This was mainly due to higher shipbuilding revenue from the progressive construction of vessels secured at higher contract prices, and a favourable shift in product mix towards ultra-large liquefied natural gas (LNG) dual-fuel container ships and very large ethane carriers.

The start of shipbuilding activities at the group’s new Hongyuan yard also contributed to the higher net profit recorded, the mainboard-listed company said in a regulatory filing on Thursday (Aug 6).

Earnings per share stood at 136.4 fen for the half year, up from 106.02 fen the previous year.

Revenue for the first half rose 36.2 per cent to 17.5 billion yuan, from 12.9 billion yuan a year earlier. This was mainly due to the same factors which drove profit growth, with the Hongyuan yard contributing about 3 per cent of group shipbuilding revenue during the period.

No dividend was declared for the half-year, unchanged from the year before, as it is the company’s policy to declare dividend on an annual basis.

By segment, the shipbuilding business contributed 16.5 billion yuan in revenue, up 35 per cent from 12.3 billion yuan the previous year. Meanwhile, the shipping segment’s revenue rose 14 per cent to 585.4 million yuan from 511.4 million yuan, supported by higher charter rates.

Revenue from the group’s other businesses – including trading, steel pipe manufacturing and property – rose sharply to 435.7 million yuan, from 117.1 million yuan, driven by higher trading volumes and the consolidation of Jiangsu Yangzhou Chengkang Marine Heavy Industry.

As at Jun 30, 2026, the group had secured US$1.8 billion in new orders for the year. It secured a further US$210 million in July for four oil tankers, bringing total new order wins for 2026 to about US$2 billion as at end-July.

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This is against a full-year target of US$4.5 billion.

Its outstanding book order stood at US$22.4 billion as at end-June, with 27 vessels delivered in H1 out of a full-year target of 58.

Shares of Yangzijiang Shipbuilding closed S$0.02 or 0.5 per cent lower at S$3.94 on Thursday, before the announcement.