Interim Financial Statements for the Quarter ended 31st December 2025

‌Colombo Dockyard PLC

"…An Odyssey of Excellence…"

Quarter ended 31 December

Year Ended 31 st December

2025

2024

Variance %

2025

2024

Variance %

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Revenue

7,528,900

6,604,498

14.00%

28,586,482

25,447,069

12.34%

Cost of Sales

(6,394,392)

(5,579,955)

-14.60%

(25,363,606)

(24,843,987)

-2.09%

Gross Profit

1,134,508

1,024,543

-10.73%

3,222,876

603,082

434.40%

Other Income

89,660

(319,028)

128.10%

434,999

650,294

-33.11%

Distribution Expenses

(20,550)

(13,577)

-51.36%

(85,821)

(94,834)

9.50%

Administrative Expenses

(993,105)

(1,173,976)

15.41%

(3,749,975)

(3,901,427)

3.88%

Other Operating Income / (Expenses)

(175,004)

(48,319)

-262.18%

(158,130)

(50,216)

-214.90%

Net Finance Income / (Expenses)

(496,184)

(660,744)

24.91%

(2,079,038)

(2,109,267)

1.43%

Profit / (Loss) before Tax

(460,675)

(1,191,101)

61.32%

(2,415,089)

(4,902,368)

50.74%

Income Tax Expense

(14,860)

77,381

-119.20%

(74,575)

2,159,471

-103.45%

Profit / (Loss) for the period

(475,535)

(1,113,720)

57.30%

(2,489,664)

(2,742,897)

9.23%

Other Comprehensive Income

Revaluation of free hold land/ Dry Dock and Machinery

Fair Value Change of instruments valued at FVOCI

Foreign Currency Translation Differences - Foreign Operations

Defined benefit plan actuarial gains / (losses)

Differed Tax on Other Comprehensive Income / (Expenses)

Other Comprehensive Income For The Period - Net of Taxes

-

232,674.00

-

7,172,973

-

(994)

-

(994)

(19,665)

(12,386)

11,183

(40,331)

(15,321)

(52,974)

(15,321)

(52,974)

4,596

(4,218,090)

4,596

(2,136,000)

(30,390)

(4,051,770)

458

4,942,674

(505,925)

(5,165,490) (2,489,206) 2,199,777

Profits Attributable to :

Owners of The Company

(1,917,638)

(1,112,607)

(2,481,215)

(2,741,639)

Non - Controlling Interest

(6,800)

(1,113)

(8,449)

(1,258)

Profit for the period

(1,924,438)

(1,113,720)

(2,489,664)

(2,742,897)

Total Comprehensive Income Attributable to :

Equity holders of the parent

Non - Controlling Interest

Total Comprehensive Income for The Period

(1,940,484)

(989,430)

(2,486,237)

2,225,189

11,106

(11,880)

(2,969)

(25,412)

(1,929,378)

(1,001,310)

(2,489,206)

2,199,777

(26.69)

(15.48)

(34.53)

(38.15)

Note : Figures in brackets indicate deductions

The above figures are subject to audit

As at 31st December 2025

2024

Rs,'000

Rs,'000

Property, Plant and Equipment

20,784,641

20,880,199

Intangible Assets

10,382

2,944

Right - of - Use asset

268,919

273,101

Investments Classified as Fair Value through OCI

21,574

21,574

Other Financial Assets Including Derivatives

544,462

506,128

Total Non-Current Assets

21,629,978

21,683,946

Current Assets

Inventories

2,932,854

3,511,463

Trade and Other Receivables

8,537,332

11,800,015

Other Financial Assets Including Derivatives

210,889

206,849

Investments classified as Fair value Through Profit or Loss

-

30,474

Cash and Cash Equivalents

4,073,809

6,627,953

Total Current Assets

15,754,884

22,176,754

Total Assets

37,384,862

43,860,700

EQUITY AND LIABILITIES

Stated Capital

714,396

714,396

Exchange Equalisation Reserve

90,593

84,890

Fair Value through OCI Reserve

20,844

20,844

Retained Earnings

(8,920,536)

(6,573,293)

Revaluation Reserves

10,919,810

11,064,507

Equity Attributable to Equity Holders of the Parent

2,825,107

5,311,344

Non Controlling Interest

176,242

179,211

Total Equity

3,001,349

5,490,555

Non-Current Liabilities

Interest Bearing Borrowings

4,021,422

7,457,850

Differed Tax Liability

195,040

195,040

Lease liability

242,074

155,135

Employee Benefits

1,517,947

1,377,151

Total Non-Current Liabilities

5,976,483

9,185,176

Current Liabilities

Interest Bearing Borrowings

22,496,313

21,210,067

Trade and Other Payables

4,910,244

6,478,522

Lease liability

69,587

90,290

Income Tax Payable

52,118

29,945

Dividends Payable

10,484

10,484

Bank Overdrafts

868,284

1,365,661

Total current Liabilities

28,407,030

29,184,969

Total Equity and Liabilities

37,384,862

43,860,700

39.31

73.91

Note :The above figures are subject to audit

These Financial Statements have been prepared in compliance with the Companies Act No. 7 of 2007

(Sgd.) P D Gihan Ravinatha

General Manager (Finance) / CFO

(Sgd.) G A D L H Ganlath

Chairman

(Sgd,) Thimira. S Godakumbura

Managing Director / CEO

For the year 31st December

Stated Capital

Retained earnings

Fair Value Through OCI Reserves

Exchange fluctuation Reserve

Revaluation Reserve

Total

Non Controlling Interest

Total Equity

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Rs,'000

As at 1 January 2025

714,396

(6,573,293)

20,844

84,890

11,064,507

5,311,344

179,211

5,490,555

Net Profit for the Period

-

(2,481,215)

-

-

-

(2,481,215)

(8,449)

(2,489,664)

Other Comprehensive Income

-

(15,321)

-

5,703

-

(9,618)

5,480

(4,138)

Differed Tax on Other Comprehensive Income/(Expense)

-

4,596

-

-

-

4,596

-

4,596

Realisation of revaluation surplus

-

144,697

-

-

(144,697)

-

-

-

Dividend Paid

-

-

-

-

-

-

-

-

As at 31 December 2025

714,396

(8,920,536)

20,844

90,593

10,919,810

2,825,107

176,242

3,001,349

As at 1 January 2024

714,396

(3,854,830)

21,838

101,067

6,103,684

3,086,155

204,623

3,290,778

Net Profit / (Loss) for the Period

-

(2,741,639)

-

-

-

(2,741,639)

(1,258)

(2,742,897)

Other Comprehensive Income

-

(52,974)

(994)

(16,177)

-

(70,145)

(24,154)

(94,299)

Revaluation Reserves

-

-

-

-

7,172,973

7,172,973

-

7,172,973

Differed Tax on Other Comprehensive Income/(Expense)

-

15,892

-

-

(2,151,892)

(2,136,000)

-

(2,136,000)

Realisation of revaluation surplus

-

60,258

-

-

(60,258)

-

-

-

Dividends Paid

-

-

-

-

-

-

-

-

As at 31December 2024

714,396

(6,573,293)

20,844

84,890

11,064,507

5,311,344

179,211

5,490,555

For the year ended 31st December 2025

2024

Rs,'000

Rs,'000

Cash Flow from Operating Activities

Net Profit Before Tax

(2,415,089)

(4,902,368)

Adjustment for ;

Depreciation of Property, Plant & Equipment

742,733

630,500

Amortisation of Intangible Assets

2,436

14,551

Provision for Retirement Benefit Obligations

220,424

228,008

Provision / (reversal) for Bad and Doubtful Debts

10,778

22,733

Provision / (reversal) for Obsolete Stocks

(34,647)

55,983

(Profit) / Loss on Disposal of Property, Plant and Equipment

(1,267)

(7,395)

Provision for /(Reversal) of Warranty Provision

17,538

(13,542)

Foreign Exchange (Gain) / Loss (Unrealized)

11,183

16,177

Net Change in Fair Value of Financial Instruments

524

(29,480)

Interest expense on lease

25,631

38,872

Amortization of right -of-use assets

54,019

65,345

Amortization of prepaid staff benefits

46,628

39,877

Interest Income

(276,332)

(325,194)

Dividend Income

-

(24)

Interest Expense

2,258,843

2,435,940

Operating Profit Before Working Capital Changes

663,402

(1,730,017)

(Increase) / Decrease in Inventories

613,256

148,867

(Increase) / Decrease in Trade and Other Receivables

3,214,388

4,478,467

(Increase) / Decrease in Other Financial Assets

(42,374)

(96,630)

Increase / (Decrease) in Trade and Other Payables

(1,605,592)

(2,321,272)

Cash Generated from / (used in) Operating Activities

2,843,080

479,415

Interest Paid

(2,258,843)

(2,435,940)

Gratuity Paid

(94,949)

(212,696)

Tax paid

(46,564)

(14,080)

Net Cash Generated from / (used in) Operating Activities

442,724

(2,183,301)

Cash Flow from Investing Activities

Purchase of Property Plant and Equipment

(657,488)

(382,481)

Proceeds From Disposal of Property Plant and Equipment

1,706

7,395

Interest Received

306,473

383,817

Dividends Received

-

24

Net Cash Generated from / (used in) Investing Activities

(349,309)

8,755

Cash Flow from Financing Activities

Loans Obtained/ (Paid) during The Period (Net)

(2,150,182)

4,816,919

Dividends Paid

-

(3)

Net Cash Generated from / (used in) Financing Activities

(2,150,182)

4,816,916

Net Increase / (Decrease) in Cash and Cash Equivalents

(2,056,767)

2,642,370

Cash and Cash Equivalent at the Beginning of the period

5,262,292

2,619,922

Cash and Cash Equivalent at the end of the period

3,205,525

5,262,292

Analysis of Cash and Cash Equivalents

Cash in Hand and Bank / Short Term Investments

4,073,809

6,627,953

Bank Overdrafts

(868,284)

(1,365,661)

Note : Figures in brackets indicate deductions

The above figures are subject to audit

Quarter ended 31 December

Year Ended 31 st December

2025

2024

Variance %

2025

2024

Variance %

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Revenue

6,921,133

6,140,464

12.71%

26,141,010

23,695,590

10.32%

Cost of Sales

(5,835,268)

(5,307,841)

-9.94%

(23,475,624)

(23,576,118)

0.43%

Gross Profit

1,085,865

832,623

30.41%

2,665,386

119,472

2130.97%

Other Income

300,455

(311,882)

-196.34%

662,143

631,194

4.90%

Distribution Expenses

(22,664)

(15,094)

-50.15%

(76,127)

(85,269)

10.72%

Administrative Expenses

(851,739)

(1,047,578)

18.69%

(3,217,888)

(3,406,030)

5.52%

Other Operating Income / (Expenses)

(158,130)

(48,319)

227.26%

(158,130)

(50,216)

-214.90%

Net Finance Income / (Expenses)

(497,383)

(655,920)

24.17%

(2,091,045)

(2,103,266)

0.58%

Profit / (Loss) before Tax

(143,596)

(1,246,170)

88.48%

(2,215,661)

(4,894,115)

54.73%

Income Tax (Expense) / Reversal

(40,251)

54,621

-173.69%

(40,251)

2,136,711

-101.88%

Profit / (Loss) for the period

(183,847)

(1,191,549)

84.57%

(2,255,912)

(2,757,404)

18.19%

Other Comprehensive Income

Revaluation of free hold land/ Dry Dock and Machinery

-

1,074,915

-

8,015,214

Fair Value Change of instruments valued at FVOCI

-

311

-

311

Defined benefit plan actuarial gains / (losses)

(15,321)

155,238

(15,321)

155,238

Differed Tax on Other Comprehensive Income / (Expenses)

4,596

(369,046)

4,596

(2,451,136)

Other Comprehensive Income For the Period - Net of Taxes

(10,725)

861,418

(10,725)

5,719,627

Total Comprehensive Income for The Period (194,572)

(330,131) (2,266,637) 2,962,223

(2.56)

(16.58)

(31.39)

(38.37)

Note : Figures in brackets indicate deductions

The above figures are subject to audit

Property, Plant and Equipment

19,386,437

19,551,585

Investment Property

2,865

2,865

Intangible Assets

10,284

2,529

Right - of - Use asset

186,337

240,356

Investments In Subsidiaries

14,659

14,659

Investments Classified as Fair Value through OCI

21,574

21,574

Other Financial Assets Including Derivatives

534,408

493,657

Total Non-Current Assets

20,156,564

20,327,225

Current Assets

Inventories

2,439,826

2,976,760

Trade and Other Receivables

6,473,647

10,046,016

Other Financial Assets Including Derivatives

207,585

201,758

Amounts Due from Related Parties

90,425

608,815

Cash and Cash Equivalents

3,825,071

6,149,968

Total Current Assets

13,036,554

19,983,317

Total Assets

33,193,118

40,310,542

EQUITY AND LIABILITIES

Stated Capital

714,396

714,396

Fair Value through OCI Reserve

21,464

21,464

Retained Earnings

(10,728,572)

(8,606,632)

Revaluation Reserves

10,426,777

10,571,474

Total Equity

434,065

2,700,702

Non-Current Liabilities

Interest Bearing Borrowings

3,886,892

7,457,850

Lease liability

139,805

127,508

Employee Benefits

1,464,697

1,330,333

Total Non-Current Liabilities

5,491,394

8,915,691

Current Liabilities

Interest Bearing Borrowings

22,492,842

21,210,067

Trade and Other Payables

3,533,886

5,314,869

Lease liability

41,555

83,010

Other Financial Liabilities Including Derivatives

1,530

1,006

Amounts due to Related Parties

406,970

714,941

Dividends Payable

10,484

10,484

Bank Overdrafts

780,392

1,359,772

Total current Liabilities

27,267,659

28,694,149

Total Equity and Liabilities

33,193,118

40,310,542

6.04

37.58

Note :The above figures are subject to audit

These Financial Statements have been prepared in compliance with the Companies Act No. 7 of 2007

(Sgd.) P D Gihan Ravinatha

General Manager (Finance) / CFO

(Sgd.) G A D L H Ganlath

Chairman

(Sgd,) Thimira. S Godakumbura

Managing Director / CEO

As at 1 January 2025

714,396

(8,606,632)

21,464

10,571,474

2,700,702

Net Profit / (Loss) for the Period

-

(2,255,912)

-

-

(2,255,912)

Other Comprehensive Income

-

(15,321)

-

-

(15,321)

Differed Tax on Other Comprehensive Income/(Expense)

-

4,596

-

-

4,596

Realisation of revaluation surplus

-

144,697

-

(144,697)

-

Dividends Paid

-

-

-

-

-

As at 31 December 2025

714,396

(10,728,572)

21,464

10,426,777

434,065

As at 1 January 2024

714,396

(5,874,062)

22,458

5,610,650

473,442

Net Profit / (Loss) for the Period

-

(2,757,404)

-

-

(2,757,404)

Other Comprehensive Income

-

(35,424)

(994)

-

(36,418)

Revaluation Reserves

-

-

-

7,172,973

7,172,973

Realisation of revaluation surplus

-

60,258

-

(60,258)

-

Differed Tax on Land Re-Valuation

-

-

-

(2,151,891)

(2,151,891)

Dividends Paid

-

-

-

-

-

As at 31December 2024

714,396

(8,606,632)

21,464

10,571,474

2,700,702

For the year ended 31st December

2025

2024

Rs,'000

Rs,'000

Cash Flow from Operating Activities

Net Profit Before Tax

(2,215,661)

(4,894,115)

Adjustment for ;

Depreciation of Property, Plant & Equipment

653,252

550,515

Amortisation of Intangible Assets

2,429

13,749

Provision for Retirement Benefit Obligations

212,957

216,932

Provision / (reversal) for Bad and Doubtful Debts

10,221

22,517

Provision / (reversal) for Obsolete Stocks

(34,647)

50,703

Provision for /(Reversal) of Warranty Provision

17,538

(11,028)

Net Change in Fair Value of Financial Instruments

524

994

Amortization of Corporate Guarantees

(1,006)

(1,751)

Interest expense on lease

25,631

27,810

Amortization of right -of-use assets

54,019

53,588

Amortization of prepaid staff benefits

46,578

39,825

Interest Income

(258,760)

(319,558)

Dividend Income

(237,700)

(24)

Interest Expense

2,256,715

2,434,839

Operating Profit Before Working Capital Changes

532,090

(1,815,004)

(Increase) / Decrease in Inventories

571,581

216,340

(Increase) / Decrease in Trade and Other Receivables

3,485,408

3,934,261

(Increase) / Decrease in Amounts Due From Related Parties

518,390

326,454

(Increase) / Decrease in Other Financial Assets

(46,578)

(90,440)

Increase / (Decrease) in Trade and Other Payables

(1,852,304)

(1,648,806)

Increase / (Decrease) in Amounts Due to Related Parties

(307,971)

(973,800)

Cash Generated from / (used in) Operating Activities

2,900,616

(50,995)

Interest Paid

(2,256,715)

(2,434,839)

Gratuity Paid

(93,914)

(209,947)

Tax paid

(35,655)

-

Net Cash Generated from / (used in) Operating Activities

514,332

(2,695,781)

Cash Flow from Investing Activities

Purchase of Property Plant and Equipment

(498,288)

(302,817)

Interest Received

288,922

378,181

Dividends Received

237,700

24

Net Cash Generated from / (used in) Investing Activities

28,334

75,388

Cash Flow from Financing Activities

Loans Obtained/ (Paid) during The Period (Net)

(2,288,183)

4,816,919

Dividends Paid

-

(3)

Net Cash Generated from / (used in) Financing Activities

(2,288,183)

4,816,916

Net Increase / (Decrease) in Cash and Cash Equivalents

(1,745,517)

2,196,523

Cash and Cash Equivalent at the Beginning of the period

4,790,196

2,593,673

Cash and Cash Equivalent at the end of the period

3,044,679

4,790,196

Analysis of Cash and Cash Equivalents

Cash in Hand and Bank / Short Term Investments

3,825,071

6,149,968

Bank Overdrafts

(780,392)

(1,359,772)

3,044,679

4,790,196

Note : All values in Rupees '000s, unless otherwise stated

Figures in brackets indicate deductions

The above figures are subject to audit

01. Corporate Information

Colombo Dockyard PLC, is a public limited company incorporated and domiciled in Sri

Lanka and listed in Colombo Stock Exchange.

Company Subsidiaries are :

Dockyard General Engineering Services (Pvt) Ltd - Sri Lanka

Dockyard Total Solutions (Pvt) Ltd

Ceylon Shipping Agency (Pte) Ltd - Singapore

The interim financial statements of the Group and the Company for the twelve months period

ended 31 December 2025 were authorized for issue by the board of directors on March 02, 2026

02. Basis Of Preparation

The condensed consolidated interim financial statements have been prepared in accordance with

Sri Lanka Accounting Standards - LKAS 34 Interim Financial reporting.

The accounting policies have been consistently applied by the Group and are consistent with those used

in the previous financial year.

Certain comparative figures have been re-classified to conform with the current year's

presentation

03. Borrowing Cost, contingencies, capital and other commitments

As per LKAS 23 (Borrowing cost ) interest costs amounting to Rs 356 Mn which was related to shipbuilding projects

(qualifying assets) were charged to the cost of sales.

04. Contingencies, capital and other commitments

Detailed disclosure will be made in the annual audited Financial Statement, which will be published

in due course.

05. Post balance sheet events

During January 2026, the Company raised Rs. 12,934,606,320 by way of a Rights Issue

(323,365,158 Number of Shares at a price of Rs.40)

06. Current Status of the Company

The latest update on the current status of the company has been published via a public announcements

made through the Colombo Stock Exchange .

For the year ended 31st December 2025

2024

Group

Company

Group

Company

Shipbuilding

(2,065,991)

(2,091,344)

(3,614,328)

(3,614,328)

Ship Repairing

4,321,293

4,254,724

3,668,147

3,668,147

Heavy Engineering

827,782

502,006

253,766

65,653

Material and Other Sales

139,792

-

295,497

-

Total

3,222,876

2,665,386

603,082

119,472