Alternative investment manager Uni-Asia Group has reported net profit after tax of US$0.8 million for FY2025 ended Dec 31, a reversal from the US$28.2 million loss from FY2024. In a bourse filing on Feb 26, the company which focuses on real estate and shipping, attributes the better performance to the absence of significant non-cash fair value losses recognised in the prior year and positive investment returns during FY2025.
On the back of investment returns of US$5.9 million, total income more than doubled to US$49.9 million from FY2024’s US$24 million. The investment returns comprised realised gains from ship joint investment projects and the sale of investment properties and small residential property investments. Property rental income and fee-based income from asset management and administration fees continued to provide recurring contributions to total income.
For the shipping business, chartering income declined 15% y-o-y to US$27.6 million. The weaker performance was attributed to the fleet renewal programme, dry dockings off-hire, and extended off-hire following the collision involving MV Glengyle in April 2025.
Uni-Asia updates that it acquired four vessels and disposed of all its remaining 29k DWT vessels, completing its exit from the smaller Handysize segment in FY2025. It adds that the transition resulted in fewer operating days during the year but represented a strategic shift towards a younger and larger-tonnage fleet profile.
Total operating expenses decreased 8% y-o-y to US$44.3 million, mainly due to lower costs of properties under development sold as two smaller projects were sold in FY2025 compared to three larger projects in FY2024. Consequently, Uni-Asia recorded an operating profit of US$5.6 million in FY2025, compared to an operating loss in the prior year.
The company held US$222 million in assets against US$97.8 million in liabilities with net asset value increasing nine cents to $1.58 during FY2025.
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In line with investment activity, total borrowings increased to US$87.5 million from FY2024’s US$41.6 million. This resulted in a higher gearing level but Uni-Asia believes it is at a “manageable”, supported by its underlying asset base and cash flow profile. The company held cash of US$34 million at end-2025, down from US$45.5 million at the start of the year.
Reviewing the year, Uni-Asia completed nine Alero residential projects, added four more and had 11 under development at end-FY2025. Its subsidiary in Japan, Uni-Asia Capital (Japan) Ltd managed JPY62.0 billion by contract value in assets as at 31 December 2025.
The company secured two new private finance initiative projects in Narita City and Niiza City, Japan, worth JPY9.1 billion and JPY5.0 billion respectively. Similar to its three PIF projects secured over the past few years, the new projects will develop infrastructure for public use, with Uni-Asia earning recurring income from managing these projects.
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Uni-Asia has put in JPY170 million for a stake in the Ebisu-Higashi Inbound Hotel in Osaka. The company also brought other non-Japan based investors to co-invest alongside it in this Japanese hospitality asset, reinforcing its track record for such transactions.
The company also completed two group homes in FY2025 under an investment fund. It also continues to hold two parcels of undeveloped resort land in Niseko and Furano, waiting for the right opportunity to either sell or develop the land.
In its outlook, Uni-Asia says that the MV Glengyle is expected to return to service by around April 2026, following completion of repairs, and to resume contributing to charter income and fleet utilisation.
Meanwhile, Uni-Asia observes that the Japanese property market remained resilient in 2025, competitive conditions remained “challenging” due to higher construction costs and labour constraints, while funding conditions continued to be monitored amid evolving monetary policy expectations. The business will continue to develop its Japan property platform, encompassing ALERO residential projects and the expansion of PFI investments, which provide longer-dated, recurring income under government-backed concession structures.
Uni-Asia has proposed a final dividend of one cent per share. Including the interim dividend paid for 1HFY2025, total dividend payout for FY2025 is two cents per share. The record date is May 18 and the proposed payout date is May 29.
As at 1:26 pm on Feb 27, shares in Uni-Asia were trading at 89 cents, down 1.5 cents or 1.7%.
