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Marco Polo Marine says wage jump in line with expansion plans
The Straits Times
|January 18, 2025
Marine logistics company Marco Polo Marine said the increase in its wages, salaries and bonuses in financial year 2024 is "in line with the expansion plans" that the group took in recent years.
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It was responding to questions from the Securities Investors Association (Singapore), or Sias, ahead of its annual general meeting on Jan 17.
Sias asked the company to justify its "significant increase" in wages, salaries and bonuses from $8.2 million in financial year (FY) 2023 to about $11 million in FY2024, given that total revenue fell by 3 per cent, including a substantial drop from ship repair.
Marco Polo Marine replied that a large part of the bonuses paid out in FY2024 was based on the group's performance in FY2023, when its revenue and adjusted profit after tax went up by 48 per cent and 83 per cent year on year, respectively.
Dit verhaal komt uit de January 18, 2025-editie van The Straits Times.
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