Image source: Shutterstock

Highlights

  • Net operating profit of MLN reached NZD 8.1 million after tax for the half-year ended 31 December 2024.
  • Total revenue from continuing operations stood at NZD 11.29 million in 1HFY25, reflecting a 9% drop YoY.
  • Net profit from continuing operations fell 21% YoY in 1HFY25 to NZD 8.07 million.
  • Dividend income increased to NZD 0.43 million (vs. NZD 0.23 million in 1HFY24).

Marlin Global Limited (NZX:MLN), a NZX-listed investment company focused on international equities, has reported a net operating profit after tax of NZD 8.1 million for the first half of the financial year 2025 (1HFY25).

MLN’s performance in 1HFY25

Marlin Global’s total revenue from continuing operations for the six-month period stood at NZD 11.29 million, reflecting a 9% decline compared to the previous year. The company’s net profit from continuing operations also experienced a downturn, falling 21% YoY to NZD 8.07 million.

The financial performance of MLN in 1HFY25 was driven by profits on investments totalling NZD 10.4 million, alongside NZD 0.9 million in dividend, interest, and other income. However, higher operating expenses and tax costs of NZD 3.2 million weighed on overall profitability.

Operational Performance

The company significantly reduced its cash cycle from 20.4 days in 1HFY24 to just 1.4 days in 1HFY25. Additionally, the company experienced an increase in dividend income, reporting NZD 0.43 million in 1HFY25, up from NZD 0.23 million in the previous year. Marlin Global remained committed to providing shareholder returns, continuing its policy of distributing 2% of average NAV per quarter.

On 21 February 2025, the MLN board announced an additional dividend of 2.05 cents per share, with a pay date of 28 March 2025.

However, margin pressures were evident as the net margin declined to 71.5% from 82.5%, and EBITDA margin dropped to 81.9% from 85.8%.

Market Outlook

Looking ahead, Marlin Global’s portfolio management team remains focused on investing in high-quality, well-managed businesses while maintaining a disciplined approach. Despite macroeconomic challenges including inflation, increase in interest rates, and geopolitical conflicts, the company remains optimistic about growth opportunities in international equity markets.

The resilience of global markets has provided Marlin with opportunities to allocate capital effectively.

Share performance of MLN

MLN shares closed at NZD 0.89 per share on 20 March 2025. Over the past year, MLN’s share price has dropped by almost 10%, and in the last three months, it has decreased by approximately 2%.

52-week high of MLN is NZD 1.04, recorded on 22 May 2024 and 52-week low is NZD 0.86, recorded on 6 August 2024.

Resistance and support summary

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 20 March 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.