New Risk • May 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (S$115.0m market cap, or US$89.8m). Declared Dividend • May 11
Dividend reduced to S$0.0044 Dividend of S$0.0044 is 39% lower than last year. Ex-date: 18th May 2026 Payment date: 26th May 2026 Dividend yield will be 2.0%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is covered by earnings (9% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 4 years. However, payments have been volatile during that time. Earnings per share has grown by 48% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 18
Full year 2025 earnings released: EPS: S$0.05 (vs S$0.022 in FY 2024) Full year 2025 results: EPS: S$0.05 (up from S$0.022 in FY 2024). Revenue: S$119.9m (up 50% from FY 2024). Net income: S$24.8m (up 141% from FY 2024). Profit margin: 21% (up from 13% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Apr 15
Resources Global Development Limited, Annual General Meeting, Apr 29, 2026 Resources Global Development Limited, Annual General Meeting, Apr 29, 2026, at 14:00 Singapore Standard Time. Location: 160 robinson road, 06-01 sbf centre, singapore 068914, padang room 2, Singapore New Risk • Mar 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (S$110.0m market cap, or US$86.0m). Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: S$0.025 (vs S$0.022 in FY 2024) Full year 2025 results: EPS: S$0.025 (up from S$0.022 in FY 2024). Revenue: S$119.9m (up 50% from FY 2024). Net income: S$12.5m (up 21% from FY 2024). Profit margin: 10% (down from 13% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Paying a dividend despite having no free cash flows. Market cap is less than US$100m (S$120.0m market cap, or US$94.5m). Reported Earnings • Aug 19
First half 2025 earnings released: EPS: S$0.016 (vs S$0.01 in 1H 2024) First half 2025 results: EPS: S$0.016 (up from S$0.01 in 1H 2024). Revenue: S$50.7m (up 74% from 1H 2024). Net income: S$8.10m (up 80% from 1H 2024). Profit margin: 16% (in line with 1H 2024). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Board Change • May 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Simon Cheong was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 29
Resources Global Development Limited Approves Final Tax-Exempt (One-Tier) Dividend for the Financial Year Ended 31 December 2024 Resources Global Development Limited approved a final tax-exempt (one-tier) dividend of SGD 0.0072 per ordinary share for the financial year ended 31 December 2024, at its AGM held on 28 April 2025. Reported Earnings • Apr 15
Full year 2024 earnings released: EPS: S$0.022 (vs S$0.029 in FY 2023) Full year 2024 results: EPS: S$0.022 (down from S$0.029 in FY 2023). Revenue: S$79.9m (down 24% from FY 2023). Net income: S$10.3m (down 20% from FY 2023). Profit margin: 13% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Apr 11
Resources Global Development Limited, Annual General Meeting, Apr 28, 2025 Resources Global Development Limited, Annual General Meeting, Apr 28, 2025, at 14:00 Singapore Standard Time. Location: 160 robinson road, 06-01 sbf centre, singapore 068914, seminar room 1, Singapore Board Change • Mar 05
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Simon Cheong was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: S$0.021 (vs S$0.029 in FY 2023) Full year 2024 results: EPS: S$0.021 (down from S$0.029 in FY 2023). Revenue: S$79.9m (down 24% from FY 2023). Net income: S$10.5m (down 19% from FY 2023). Profit margin: 13% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Board Change • Feb 10
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Simon Cheong was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Simon Cheong was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Simon Cheong was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jul 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (S$115.0m market cap, or US$85.0m). Reported Earnings • Apr 16
Full year 2023 earnings released: EPS: S$0.14 (vs S$0.22 in FY 2022) Full year 2023 results: EPS: S$0.14 (down from S$0.22 in FY 2022). Revenue: S$105.6m (down 41% from FY 2022). Net income: S$12.9m (down 36% from FY 2022). Profit margin: 12% (up from 11% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 12
Resources Global Development Limited, Annual General Meeting, Apr 29, 2024 Resources Global Development Limited, Annual General Meeting, Apr 29, 2024, at 14:00 Singapore Standard Time. Location: 21 Collyer Quay, 049320, Wewok Level 1 Auditorium Singapore Singapore Agenda: To consider adoption of the Audited Financial Statements of the Company for the financial year ended 31 December 2023, together with the Directors' Statement and the Independent Auditors' Report thereon; to consider re-election of Mr Salim Limanto as a Director of the Company; to consider re-election of Mr Cheong Hock Wee as a Director of the Company; to consider approval of the payment of Directors' fees of S$150,000 for the financial year ending 31 December 2024, payable quarterly in arrears; to consider approval of a final tax-exempt (one-tier) dividend of S$0.035 per ordinary share for the financial year ended 31 December 2023; to consider re-appointment of Messrs Baker Tilly TFW LLP as Auditors of the Company and to authorize the Directors to fix their remuneration; and to consider other matters. New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (S$94.5m market cap, or US$70.2m). Reported Earnings • Aug 15
First half 2023 earnings released: EPS: S$0.079 (vs S$0.093 in 1H 2022) First half 2023 results: EPS: S$0.079 (down from S$0.093 in 1H 2022). Revenue: S$69.3m (flat on 1H 2022). Net income: S$7.10m (down 15% from 1H 2022). Profit margin: 10% (down from 12% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 09
Resources Global Development Limited Announces First and Final Tax-Exempt (One-Tier) Cash Dividend for the Financial Year Ended 31 December 2022, Payable on or About 23 May 2023 NOTICE IS HEREBY GIVEN that the Share Transfer Books and Register of Members of Resources Global Development Limited will be closed at 5.00 p.m. (Singapore time) on 16 May 2023 for the purpose of determining the entitlements of the Company's shareholders to a first and final tax-exempt (one-tier) cash dividend of SGD 0.03 per ordinary share in the capital of the Company in respect of the financial year ended 31 December 2022. The Dividend was approved by Shareholders at the Annual General Meeting of the Company held on 28 April 2023. Shareholders whose securities accounts with The Central Depository (Pte) Limited are credited with Shares or whose names appear in the Register of Members of the Company, as at 5.00 p.m. on the Record Date will be entitled to the Dividend on the basis of the number of Shares standing to the credit of their securities accounts with CDP or the number of Shares held by them as stated in the Register of Members of the Company, as the case may be. Duly completed and stamped registrable transfers in respect of the Shares received by the Company's Share Registrar, B.A.C.S. Private Limited at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, up to 5.00 p.m. on the Record Date will be registered to determine Shareholders' entitlement to the Dividend. The Dividend shall be paid on or about 23 May 2023. Recent Insider Transactions • Sep 08
Insider recently bought S$118k worth of stock On the 5th of September, Yaw Loong Lee bought around 100k shares on-market at roughly S$1.18 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 19
First half 2022 earnings released: EPS: S$0.09 (vs S$0.066 in 1H 2021) First half 2022 results: EPS: S$0.09 (up from S$0.066 in 1H 2021). Revenue: S$69.1m (up 11% from 1H 2021). Net income: S$8.12m (up 38% from 1H 2021). Profit margin: 12% (up from 9.5% in 1H 2021). The increase in margin was driven by higher revenue. Announcement • May 02
Resources Global Development Limited Approves Final Dividend for the Financial Year Ended December 31, 2021 Resources Global Development Limited at the AGM held on April 29, 2022, the shareholders approved the payment of a final tax-exempt (one-tier) dividend of SGD 0.01 per ordinary share for the financial year ended December 31, 2021. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. COO & Executive Director Salim Limanto is the most experienced director on the board, commencing their role in 2018. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 15
Full year 2021 earnings released: EPS: S$0.17 (vs S$0.035 in FY 2020) Full year 2021 results: EPS: S$0.17 (up from S$0.035 in FY 2020). Revenue: S$133.3m (up 82% from FY 2020). Net income: S$14.8m (up 381% from FY 2020). Profit margin: 11% (up from 4.2% in FY 2020). The increase in margin was driven by higher revenue. Board Change • Apr 06
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. COO & Executive Director Salim Limanto is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Mar 07
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. COO & Executive Director Salim Limanto is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Feb 07
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. COO & Executive Director Salim Limanto is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Dec 09
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. COO & Executive Director Salim Limanto is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Nov 23
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. COO & Executive Director Salim Limanto is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Oct 05
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. COO & Executive Director Salim Limanto is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Executive Departure • Jul 14
Independent Non-Executive Director Petrus Sucipto has left the company On the 4th of July, Petrus Sucipto's tenure as Independent Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Petrus' name. A total of 2 executives have left over the last 12 months. Announcement • Jan 31
Resources Global Development Limited Announces Update on the Impact of the Covid-19 Pandemic on the Group's Business and Operations The Board of Resources Global Development Limited announced that the Authority has, in accordance with the local Indonesia regulations, lifted the temporary grounding of Pacific Five tugboat. This was subsequent to the negative Covid-19 Polymerase Chain Reaction Test results of six out of the seven infected crew members from Pacific Five tugboat, while the one remaining infected crew member was placed in self-quarantine at a hotel. As at the date of this announcement, Pacific Five tugboat has resumed coal shipping operations and the rest of the Group's fleet of vessels remain fully operational. The Management will continue to ensure precautionary safety measures are in place to minimize disruptions to the supply chain of the Group's customers, while preserving the well-being and safety of the Group's staff and crew members. The Board will continue to monitor the situation closely and assess the impact of the COVID-19 pandemic on the Group. The Board will update Shareholders as and when there are material updates on the situation and developments. Announcement • Jan 13
Resources Global Development Limited Announces Demise of Mr. Gouw Eng Seng as Independent Non-Executive Chairman and Chairman of the Nominating Committee The board of directors of Resources Global Development Limited announced the passing of Mr. Gouw Eng Seng, the Independent Chairman and Independent Non-Executive Director of the Company and Chairman of the Nominating Committee, on 12 January 2021.