Bhagwan said Riverside is forecasting FY26 revenue of AU$63 million (US$44 million) and gross operating profit of AU$26 million (US$18 million).
Among other things, the acquisition will ensure further diversification across services including third-party vessel operations, harbour tugs, sand dredging and commercial ferries; give Bhagwan an established presence in North Queensland, with additional operations in Mackay and the Pilbara; and increase Bhagwan’s revenue base from 40 per cent to 50 per cent, supported by long-term contracts and high barriers to entry.
Bhagwan Founder and Managing Director Loui Kannikoski said Riverside’s, “highly complementary operations enhance diversification across service offerings, commodity exposure, and geographic presence.”
