All-Link H1 2026 net profit sinks 19.8% despite revenue jump

Malaysia added $3.53m in revenue after the 2025 acquisition.

All-Link Air & Sea Limited’s (All-Link) net profit attributable to owners of the company fell 19.8% year-on-year (YoY) to $2.95m (US$2.32m) in the first half (H1) of 2026.

Revenue rose 38.2% to $50.93m (US$40.1m), driven by organic volume expansion across existing operations and the initial full-period contribution from its Malaysia operations.

The Malaysia operations contributed $3.53m (US$2.78m) following the August 2025 acquisition of MF Logistics Sdn Bhd’s freight forwarding business.

Gross profit rose 28% YoY to $3.01m (US$4.62m), whilst gross profit margin fell 0.9 percentage points (ppt) to 11.5%.

Profit after tax (PAT) decreased 21.4% to (US$2.37m), whilst adjusted PAT grew 11.6% to $4.29m (US$3.38m).

Adjusted net profit margin slipped 2 ppt to 8.4%. Basic and diluted earnings per share were 2.64 Singapore cents (2.08 US cents), down 19.7% YoY from 3.29 Singapore cents (2.59 US cents).

Core freight forwarding services expanded by 34.4% YoY to $47.63m (US$37.5m), representing 93.6% of H1’s total revenue.

Other third-party logistics services surged by 133.2% YoY to $3.26m (US$2.57m) from $1.40m (US$1.10m), driven by heightened demand for cross-border logistics management and value-added warehousing support within the regional e-commerce supply chain.

Other income grew by 66.4% YoY to $0.90m (US$0.71m) from $0.55m (US$0.43m), primarily lifted by a $0.48m (US$0.38m) non-operating gain recognised on the final settlement of contingent purchase consideration for the Malaysia acquisition.

The group’s cash and bank balances stood at $25.27m (US$19.9m) as at 30 June, whilst its SGX Mainboard listing subsequently raised $20.1m in gross proceeds, strengthening its financial position.

It is also advancing its proposed acquisition of a 30% stake in Vietnam ALLLink-TNR International Logistics Co., Ltd., whilst expanding into Thailand and intending to establish a subsidiary in Indonesia.

“Looking ahead, the Group expects a stronger second half, reflecting the seasonal peak in shipment volumes during the key festive periods in the fourth quarter,” All-Link said.

It expects FY2026 revenue to be higher than FY2025, barring unforeseen circumstances.

(US$1 = SG$1.27)

Follow the link for more news on

Financial Statements

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia