Industry News

Geo Energy Resources Limited has announced a net profit of US$37.3 million for the financial year 2024, alongside a final dividend of 0.4 Singapore cents per share, culminating in total dividends of 1.0 Singapore cent per share for the year. The company achieved a total coal sales volume of 7.9 million tonnes, generating $401.9 million in revenue, despite facing adverse weather conditions.

The group’s average selling price for coal in FY2024 was $50.69 per tonne, a decrease from $57.88 per tonne in FY2023. Despite this, Geo Energy maintained a robust cash profit per tonne of $10.37, attributed to its resilient cost model that adjusts with fluctuating ICI4 prices. The company reported a cash profit of US$82.2 million, with a cash profit margin of 20.5%.

Looking ahead, Geo Energy aims to increase its coal sales to between 10.5 and 11.5 million tonnes in FY2025. As of now, the company has already delivered approximately 2.4 million tonnes of coal sales. Executive Chairman and CEO Charles Antonny Melati highlighted the company’s strategic investments, stating, “Advancing towards our vision of becoming a billion-dollar energy group, we have laid the foundation with the acquisition of PT Golden Eagle Energy Tbk.”

Geo Energy is also progressing with its US$150 million Integrated Infrastructure project, expected to be completed in the first half of 2026. This project is anticipated to deliver significant cost savings and increased production capacity. With coal demand projected to rise globally, the company remains optimistic about its future growth and profitability.
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Jardine Cycle & Carriage Limited (JC&C) announced a 5% decline in underlying profit for 2024, totalling US$1.1 billion, as revealed in their latest financial statements. Despite adverse market conditions, the company managed to maintain a resilient performance, particularly in Indonesia, where strong results in the motorcycle, financial services, and infrastructure sectors helped offset a weaker car market and declining coal prices.

The company has proposed a final dividend of US¢84 per share, bringing the total dividend for the year to US¢112, a 5% decrease from 2023. John Witt, Chairman of JC&C, expressed confidence in the company’s core businesses, stating they are “well-positioned to benefit from strong mid- and long-term prospects” as consumer sentiment improves.

JC&C’s strategic developments in 2024 included the sale of its 25.5% interest in Siam City Cement for $344 million and increased investment in Refrigeration Electrical Engineering Corporation, raising its stake from 34.9% to 41.4% for $99 million. Additionally, Astra, a key subsidiary, expanded its healthcare presence by acquiring a 95.8% interest in Heartology Cardiovascular Hospital for $40 million and increasing its stake in Halodoc, Indonesia’s leading healthcare platform.

The company also focused on reducing net debt, which fell to $235 million by the end of 2024, down from $1.145 billion in 2023, excluding Astra’s financial services subsidiaries. Looking forward, JC&C remains optimistic about its diverse portfolio’s ability to capitalise on recovering consumer sentiment and market opportunities.
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AEM Holdings Ltd., a leader in test innovation, has announced a significant improvement in its financial results for the second half of 2024, with revenue reaching S$206.8 million, marking a 19% increase compared to the first half of the year. This growth is attributed to the company’s key customer advancing system orders from FY2025 into 4Q2024 for inventory management purposes.

The group’s profit before tax (PBT), excluding exceptional items, surged by 151% to S$14.1 million in 2H2024. For the full year, AEM reported a revenue of S$380.4 million and a PBT of S$19.8 million, with earnings per share at 3.65 Singapore cents. The Test Cell Solutions segment, which accounted for 63.4% of the group’s revenue in 2H2024, saw a 31.4% increase, driven by new customer sales and pull-in orders.

AEM’s balance sheet remains robust, with total equity rising to S$492.3 million by the end of December 2024. The company has provided revenue guidance of S$155 million to S$170 million for the first half of 2025, anticipating a stronger second half due to the ramp-up of key customer devices and recovery in the contract manufacturing business.

CEO Amy Leong expressed optimism, stating, “We see AI/HPC compute and related memory businesses as key growth drivers for us in the near and mid-term, and we will continue to invest in these areas.” AEM’s strategic focus on customer diversification and technology leadership positions it well for future growth.
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Sheng Siong Group, one of Singapore’s largest supermarket chains, reported a 2.6% increase in net profit for FY2024, reaching S$137.5 million. This growth comes despite rising business costs, as the company expanded its store network and improved its sales mix. Revenue for the year rose by 4.5% to S$1.43 billion, bolstered by the opening of six new stores and enhanced performance at existing locations.

The group’s gross profit also saw a 6.1% increase, amounting to S$435.5 million, with a slight improvement in gross profit margin to 30.5%. This was attributed to a better sales mix that helped offset higher business expenses. Other income grew by 20.6% to S$19.2 million, largely due to increased rental income and gains from USD-denominated fixed deposits.

Administrative and selling expenses rose, reflecting higher staff costs and bonuses linked to the company’s strong financial performance. Despite these challenges, Sheng Siong ended the year with a robust cash balance of S$353.4 million, an 8.9% increase from the previous year.

Looking ahead, Sheng Siong plans to continue its expansion, having already opened two new stores in 2025 and awaiting the results of eight tenders. CEO Lim Hock Chee stated, “Our commitment to providing quality products at affordable prices and excellent service has continued to resonate with consumers.” The company remains optimistic about future growth, supported by a stable housing supply pipeline and government measures enhancing consumer purchasing power.
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Alpina Holdings Limited has reported a significant financial turnaround for the fiscal year ending 31 December 2024, achieving a net profit of $2.4 million. The Singapore-based company, specialising in integrated building services (IBS) and mechanical and electrical (M&E) engineering, saw its revenue jump by 37.3% to $88.1 million, whilst gross profit surged by 130.4% to $10.4 million.

The company’s IBS segment remained the primary revenue driver, with a 21% growth, whilst the M&E segment experienced a remarkable 149.4% increase. This growth was attributed to the completion of more projects throughout the year. Alpina’s Executive Chairman and CEO, Low Siong Yong, stated, “We are pleased to report a strong turnaround in our financial results for FY2024, supported by improved operating cash flows that showcase the strength of our business model and strategy.”

In March 2024, Alpina completed the acquisition of Wan Dormitory Pte. Ltd., generating $3.6 million in rental income. This acquisition not only provided an investment opportunity but also addressed the shortage of dormitories in Singapore, securing additional living space for Alpina’s workforce.

The company strengthened its balance sheet, with total assets rising to $81.6 million and total equity to $30 million by the end of 2024. Alpina also secured 20 new contracts worth approximately $172.7 million, enhancing its business outlook.

Looking ahead, Alpina has proposed a final dividend of 0.1899 Singapore cents per share, representing a 14.5% payout ratio of its net profit. Low expressed confidence in sustaining and improving the company’s performance, highlighting the strategic acquisition and new contracts as key contributors to future growth.
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Bateel, renowned for luxury gifting in dates and gourmet products, has officially launched its first boutique in Singapore, marking its debut in South East Asia. In collaboration with Bluebell Group, a leading Asian brand partner, Bateel’s new location is strategically placed in Takashimaya on Orchard Road, aiming to attract Singapore’s discerning and sophisticated consumers.

The launch is part of Bateel’s global expansion strategy, with Singapore identified as a key market. “We are delighted to see Bateel expanding into South East Asia,” said Bateel International CEO Nurtac Afridi. “Singapore is a key market as part of our global growth strategy, marking our 26th country globally.” The boutique offers a range of premium organic dates, artisanal chocolates, and luxurious gift sets, catering to the health-conscious and quality-seeking Singaporean market.

Bilal El Kurjie, Senior Director – Commercial at Bateel International, expressed enthusiasm about the partnership with Bluebell Group, stating, “Singapore, as well as Takashimaya, are an excellent combination for Bateel.” Bluebell South East Asia & Australia Managing Director, Nelly Ngadiman, added, “It’s an exciting time for us to launch Bateel in Singapore, bringing exceptional gourmet F&B to our customers.”

The boutique’s design features high-quality materials like polished marble and rich wood accents, enhancing the customer experience. With further regional and global growth anticipated, Bateel aims to extend its luxurious offerings to a broader audience, reinforcing its commitment to quality and innovation in the luxury retail sector.
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OATSIDE, a leading oat milk producer in Asia, has introduced its latest product, OATSIDE Protein, to the Singaporean market. Available in Vanilla and Chocolate flavours, each 250ml pack contains 20g of plant-based protein, 2g of fat, and no added cane sugar. This new offering aims to cater to active lifestyles and address the common taste barriers associated with protein drinks.

The launch comes as a response to findings from HealthHub Singapore, which indicate that one in four Singaporeans are not meeting their recommended protein intake. Protein is essential for building and repairing tissues, maintaining muscle, and supporting the immune system. For adults aged 50 and above, the recommended intake is even higher at 1.2g/kg body weight, making adequate protein consumption crucial to prevent malnutrition and muscle loss.

OATSIDE Protein sources its protein from sprouted non-GMO pea protein, which is water-extracted to ensure digestibility and bioavailability. The product provides all nine essential amino acids and over 3,000mg of Branched Chain Amino Acids (BCAA). Wong Hui Xin, an accredited dietitian at Healthier U, highlights the importance of plant-based protein in reducing health risks associated with animal protein diets.

Benedict Lim, Founder and CEO of OATSIDE, expressed pride in the product’s nutritional profile, stating, “It can be difficult to hit our daily protein needs, especially when we’re on the go, and OATSIDE Protein makes it so much easier.”

OATSIDE Protein is available at major supermarkets and online platforms, making it accessible for those seeking a convenient protein boost.
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DBS and the Singapore Manufacturing Federation (SMF) have signed a Memorandum of Understanding (MOU) to accelerate sustainable practices within Singapore’s manufacturing sector. This partnership, announced on 27 February 2025, aims to support 500 small and mid-sized manufacturers over the next two years, providing expertise, resources, and financial solutions to drive emissions reduction and enhance competitiveness in the green economy.

Manufacturing contributes approximately 20% of Singapore’s GDP but is also a significant carbon emitter, responsible for nearly half of the nation’s greenhouse gas emissions. As international markets increasingly prioritise sustainability, manufacturers face pressure to transition to lower-carbon operations. A recent SMF survey found that 91% of manufacturers view sustainability as critical to their global competitiveness.

The partnership will focus on three key pillars:

1. **Training and Upskilling**: DBS and SMF will offer training webinars and workshops to build sustainability awareness across the workforce. A customised industry playbook, supported by SkillsFuture Singapore, will be launched to integrate sustainability into business strategies.

2. **Sustainability Programmes**: DBS will provide a framework through its ESG Ready Programme, whilst SMF will offer on-demand sustainability advisory through its Chief Sustainability Officer-as-a-Service Programme.

3. **Sustainable Financing**: DBS will offer competitive financing options to help manufacturers invest in green technology and infrastructure.

Lim Him Chuan, Singapore Country Head at DBS, stated, “We are pleased to partner with the Singapore Manufacturing Federation to help accelerate the sector’s transformation and ensure its future growth.” Lennon Tan, President of SMF, added, “This MOU marks a significant milestone for SMF as we partner with DBS to champion sustainability in manufacturing.”

This collaboration supports Singapore’s national decarbonisation agenda, positioning the manufacturing sector as a global leader in sustainable practices.
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inDrive, a global mobility and urban services platform, has launched its financial service, inDrive.Money, in Indonesia, marking its first venture into the Asia-Pacific (APAC) market. This initiative, in collaboration with Singapore-based financial group Fingular and Indonesian Sharia peer-to-peer lending platform Ammana, aims to provide drivers with access to cash funding of up to 10,000,000 Rp for urgent expenses like vehicle repairs and daily necessities.

The service addresses the challenges faced by gig workers in accessing traditional financial services, which often require proof of income. By integrating a fair and transparent financial service directly into the inDrive app, drivers can repay the funding through their rides with a commission of 10% to 15% over a three to five-month period. Mark Loughran, Group President at inDrive, stated, “We are now addressing a similar injustice in financial services, where gig workers are often excluded due to legacy credit scoring models that do not accommodate their needs.”

The pilot phase, which began in late 2024, has shown promising results, with 80% of surveyed drivers expressing interest in the service. The rollout has expanded to major Indonesian cities, including Jakarta, Surabaya, and Bali Island. Maxim Chernuschenko, CEO of Fingular, expressed enthusiasm for the partnership, highlighting the mission to challenge financial injustice with accessible and transparent technologies.

Looking ahead, inDrive sees Indonesia as a strategic market with plans to further expand its urban service offerings, reinforcing its commitment to supporting local communities through innovative solutions.
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Singapore’s three major banks—DBS, OCBC, and UOB—have reported a rise in net income for the financial year 2024, with increases ranging from 6% to 12% year-on-year, largely driven by robust non-interest income growth, according to CreditSights report.

However, the fourth quarter results were weaker compared to the third quarter, attributed to seasonal factors and a high base effect from a surge in trading income.

Net interest margins (NIMs) fell by 2 to 8 basis points year-on-year in FY24. Whilst DBS and UOB expect only slight declines in NIMs for FY25, OCBC anticipates a potential 20 basis point drop, partly due to its more dovish outlook on interest rates. Loan growth was modest, with DBS, UOB, and OCBC reporting increases of 3%, 5%, and 7%, respectively. Looking ahead, DBS and OCBC foresee mid-single-digit loan growth for FY25, whereas UOB is more optimistic with a high-single-digit growth outlook.

Net fee income saw a significant rise, particularly at DBS with a 23% increase year-on-year, driven by wealth management and credit card fees. Asset quality remained stable, though Hong Kong commercial real estate posed some challenges. Credit costs were stable, with DBS, OCBC, and UOB reporting low figures of 14, 19, and 27 basis points, respectively.

DBS has announced plans to reduce its contract and temporary staff by about 4,000 over the next three years, becoming the first Singaporean bank to integrate AI into its workforce. The banks are also recalibrating their regional strategies, focusing on ASEAN markets, particularly the Johor-Singapore Special Economic Zone, to capture growth opportunities.

The implementation of Basel III reform rules on 1 July 2024 has improved the banks’ CET 1 ratios, with UOB now boasting the highest fully-loaded CET 1 ratio among the three. As the banks navigate these challenges, they remain cautiously optimistic about their prospects in the evolving global landscape.
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