Industry News

Food Empire Holdings Limited has reported a record revenue of $476.3m for the financial year ending 31 December 2024, marking its fourth consecutive year of topline growth. This represents an 11.9% increase from the previous year, driven by strong performance in South-East Asia, South Asia, and the Ukraine, Kazakhstan, and CIS regions.

The company’s diversification strategy and focus on the fast-growing Asian market have been pivotal in achieving this growth. Notably, the South-East Asia segment saw a 27.3% increase in revenue, reaching $129.4 million. Meanwhile, the South Asia segment grew by 24.9% to $61.4m, and the Ukraine, Kazakhstan, and CIS segment rose by 12.6% to $124.7m. However, revenue from Russia dipped slightly by 1.1% due to currency depreciation, although it increased by 7.3% in local currency terms.

Despite the impressive revenue figures, Food Empire’s normalised net profit after tax fell by 11.4% to $50.0m, impacted by high coffee prices and increased expenses. Sales and marketing costs rose by 14.2%, particularly in Vietnam, whilst general and administrative expenses increased by 15.6%.

The Board of Directors has proposed a total dividend of 8.0 Singapore cents per ordinary share, marking the third consecutive year of dividend increases. Group CEO Sudeep Nair expressed optimism about future growth, citing ongoing investments in flagship brands and expansion projects.

Looking ahead, Food Empire plans to continue its growth momentum with strategic initiatives in Asia, including new production facilities in Kazakhstan and Vietnam. The company remains cautious of geopolitical challenges and economic uncertainties but is committed to sustaining its growth trajectory.
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Two outstanding young Singaporeans, Sasha Ng and Hannah Yeo, have been honoured with the Ryde Education Merit Awards (REMA) 2024 for their exceptional academic achievements and leadership potential. The awards, presented by Ryde Group, aim to empower future leaders and change-makers in Singapore.

Sasha Ng, a student at Dunman High School, achieved five straight As in subjects including English Literature and Economics. She plans to pursue Law and International Relations at Oxford University, driven by her interest in policymaking and diplomacy. Hannah Yeo, from Ngee Ann Polytechnic, boasts a 3.85 GPA in Early Childhood Development and Education and aspires to become an art teacher, furthering her studies at the National Institute of Education.

The REMA selection process was highly competitive, involving multiple rounds of interviews and assessments to ensure the awardees embody Ryde’s values of aspiration, leadership, and societal impact. Both recipients have demonstrated a clear vision for their future and a commitment to shaping Singapore’s society through their respective fields.

In addition to the awards, Sasha and Hannah will receive mentorship from Terence Zou, Founder, Chairman, and CEO of Ryde Group. This opportunity will provide them with insights into leadership and innovation.

The REMA initiative, originally launched to support driver-partners and their children during the pandemic, continues to provide financial and social resources to empower the next generation. As Ryde celebrates REMA 2024, the company encourages future applicants to strive for excellence and societal impact.
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Seatrium has emerged as the top performer in the Straits Times Index (STI) for 2025, achieving a 10.6% price gain by 25 February.

This surge follows the company’s announcement of a S$200m underlying net profit for FY24, a significant turnaround from a S$28m loss in FY23. The engineering services provider attributes its success to robust project execution and increased business activity, alongside cost optimisation and restructuring efforts.

Seatrium’s strategic focus on building a resilient and diversified portfolio is part of a broader trend among STI companies. Singapore Telecommunications (Singtel) and Sembcorp Industries are also undergoing strategic transformations. Singtel’s ST28 strategy aims to enhance customer experiences and shareholder value, leveraging a capital recycling programme that has already monetised S$8b in assets. Meanwhile, CapitaLand Investment is transitioning into a global real estate investment management company, targeting S$200b in funds under management by 2028.

These strategic pivots are crucial for companies aiming to build adaptable business models that can withstand economic fluctuations. By diversifying product lines and entering new markets, businesses can reduce reliance on single revenue streams and tap into new growth opportunities. Additionally, investing in technology and innovation helps maintain competitiveness and efficiency.

As these companies continue to implement their strategic plans, they are likely to strengthen their balance sheets and enhance shareholder value, positioning themselves for sustained growth in the long term.
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Hyphens Pharma International Limited, Singapore’s leading speciality pharmaceutical and consumer healthcare group, has reported a significant 26.5% increase in net profit for the financial year 2024, reaching S$10.9m. This growth is attributed to a 14.6% rise in revenue, totalling S$195.4m, primarily driven by the Speciality Pharma Principals segment, which saw a 21.6% increase.

The company’s Proprietary Brands segment also contributed to the positive results, with a 7.4% revenue growth, thanks to increased demand for products such as Ceradan dermatological products and Ocean Health supplements. The Medical Hypermart and Digital segment experienced a modest 2.1% revenue increase.

Hyphens Pharma’s Executive Chairman and CEO, Lim See Wah, expressed optimism about the company’s future, highlighting ongoing expansion into the ASEAN region and the development of its digital healthcare platform. “We will continue to work hard to steadily execute our strategic plans to grow and become a speciality pharmaceutical and consumer healthcare leader in ASEAN,” he stated.

The company has proposed a final dividend of 1.50 Singapore cents per share for FY2024, a 74.4% increase from the previous year, reflecting a payout of 45.4% of net profits attributable to shareholders. This proposal is subject to approval at the upcoming annual general meeting.

Looking ahead, Hyphens Pharma plans to continue expanding its Proprietary Brands and strengthen its Speciality Pharma portfolio. The company is also focused on digital initiatives, with its subsidiary DocMed Technology powering a B2B digital pharmacy solutions platform. Despite external challenges such as rising costs and currency volatility, Hyphens Pharma remains committed to exploring new partnership opportunities and enhancing operational efficiencies.
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Grand Venture Technology Limited (GVT), a Singapore-based precision manufacturing solutions provider, has announced a remarkable financial performance for the fiscal year 2024, with revenue reaching a record $159.5m. This represents a 43.3% year-on-year (YoY) increase, largely attributed to robust demand in the semiconductor sector, particularly for High-Bandwidth Memory (HBM) testers and advanced manufacturing technologies. The company’s net profit nearly doubled to $10.9m, showcasing its operational strength and improved utilisation.

The semiconductor segment was the standout performer, with revenue surging 64.9% YoY to $87.8m, accounting for 55% of GVT’s total revenue. This growth was driven by the increasing adoption of Artificial Intelligence (AI) and High-Performance Computing (HPC), as well as the commencement of mass production for front-end customers. The Life Sciences segment also saw a revenue increase of 11.3% to $22.9m, whilst the Electronics, Aerospace, Medical, and Others (EAMO) segment grew by 30.3% to $48.8m.

GVT’s strategic investments in capabilities and capacity have positioned the company well for future growth in next-generation semiconductor packaging and AI-driven solutions. Executive Deputy Chairman Ricky Lee stated, “GVT’s strategic investments in capabilities and capacity to position ourselves well for next-generation semiconductor packaging and AI-driven solutions are delivering strong results.”

Looking ahead, GVT has provided a revenue guidance for the first half of 2025, expecting between $90m and $96m, which would represent a YoY growth of 31.7% to 40.5%. The company remains committed to advancing its capabilities in advanced materials technology and continues to strengthen its diversification strategy through acquisitions and strategic partnerships.
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SBS Transit has announced its financial results for the first half of 2025, revealing a 1.8% rise in profit attributable to shareholders, totalling $70.3m. Despite a slight dip in revenue, which decreased by 0.6% to $778.4m, the company managed to maintain profitability through strategic cost management.

The company’s operating profit saw a slight decline of 4.5%, reaching $73.2m, compared to the previous year. This was largely due to a reduction in fuel and electricity costs, which fell by 6.9% to $262.1m, and a decrease in depreciation expenses by 5.9% to $87.2 million. However, other operating costs increased significantly by 35.9%, amounting to $125.8m.

SBS Transit also reported a decrease in finance costs by 52.1%, which contributed to a profit before taxation of $83.5m, down 5.1% from the previous year. The tax expense was reduced by 30.1%, resulting in a net profit increase.

The company’s financial position remains robust, with total assets slightly decreasing to $1.16b. Current liabilities also saw a reduction, standing at $370.4m, whilst total equity increased to $719.5m.

Looking ahead, SBS Transit remains focused on enhancing operational efficiency and exploring new growth opportunities. The company continues to prioritise sustainable practices and cost-effective strategies to navigate the evolving market landscape.
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A recent survey by Schneider Electric has revealed that over half of Singaporean companies are planning to invest in clean energy sources, with solar power leading the charge. Conducted in January 2025, the survey involved more than 500 senior business leaders, 57% of whom expressed intentions to invest in solar energy by 2030. Other renewable energy investments include hydropower (40%), bioenergy (29%), mobile nuclear (26%), and wind energy (16%).

The drive towards renewable energy is largely motivated by the need to reduce electricity-related emissions, with six in 10 leaders acknowledging that over half of their Scope 1 and 2 emissions stem from electricity consumption. The survey highlighted that 82% of business leaders anticipate a 10% increase in electricity use this year compared to 2020, primarily due to digital technologies and AI.

Yoon Young Kim, Cluster President Singapore and Brunei at Schneider Electric, emphasised the importance of decarbonisation, stating, “Digital technologies can play an important role in energy management and decarbonisation. Many of these technologies are mature, proven and economically viable for businesses.”

Despite the enthusiasm for renewable energy, challenges remain. High costs and the need for technology upgrades were cited as significant barriers, with only 30% of companies confident in meeting their 2025 renewable energy targets. Nevertheless, the survey indicates a growing acceptance of energy management systems, with 50% of businesses already utilising them and plans to invest in battery storage and smart grids.

The findings were presented at Schneider Electric’s Innovation Day 2025, underscoring the company’s commitment to supporting Singapore’s transition to a low-carbon future.
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A recent study by Aon, a global professional services firm, has found that 67% of employees in Singapore are contemplating changing employers within the next 12 months. This figure surpasses the global average of 60%, indicating a significant level of dissatisfaction among Singaporean workers. The study, which surveyed over 9,000 employees across 23 countries, underscores the need for businesses in Singapore to adapt their human capital strategies to meet evolving workforce expectations.

The study highlights that 21% of Singaporean employees feel undervalued, compared to 13% globally. Rahul Chawla, partner and head of Talent Solutions for Southeast Asia at Aon, emphasised the importance of creating a fair and equitable workplace. “Employers in Singapore must rethink their total rewards strategy to address both professional and personal needs,” he stated.

Key benefits valued by Singaporean employees include medical coverage, paid time off, work-life balance programmes, flexible benefits, and career development opportunities. Interestingly, 65% of employees are willing to sacrifice existing benefits for a better choice of benefits, reflecting a desire for more personalised and flexible options.

The study also found that 29% of Singaporean employees lack confidence in their employers’ investment in skills development, compared to 17% globally. As technological disruptions continue, 35% of employees are motivated to develop new AI skills to remain relevant.

Aon’s findings suggest that businesses must prioritise understanding employee expectations through data-driven insights to attract and retain talent effectively.
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FedEx, a leading global express transportation company, has announced a significant enhancement in trade connectivity between Singapore and Johor, Malaysia. By eliminating a 300-kilometre detour through Kuala Lumpur, FedEx now offers direct import clearance at Senai customs, reducing delivery times by two hours. This improvement is set to benefit manufacturing, retail, and e-commerce businesses, providing greater efficiency for Singapore exporters delivering to Southern Malaysia.

The enhancement comes as part of the Johor-Singapore Special Economic Zone (JS-SEZ) initiative, which aims to bolster economic connectivity between the two regions. In 2023, bilateral trade between Malaysia and Singapore reached $79.6 billion, with Singapore being Malaysia’s largest source of approved foreign direct investment, contributing $9.5 billion.

Eric Tan, managing director of FedEx Singapore, stated, “Optimising logistics is more than just speed — it’s about enabling businesses to grow and serve their customers better. This improvement not only reinforces Singapore’s role as a key gateway for global trade, but also empowers businesses to thrive in an increasingly competitive and interconnected marketplace.”

The JS-SEZ focuses on key sectors such as electronics, medical equipment, food manufacturing, and data centres. As trade volumes continue to rise, enhanced logistics connectivity will be crucial in facilitating seamless cross-border movement of goods, further cementing Singapore’s status as a regional trade hub.

FedEx’s commitment to accelerating delivery services underscores its dedication to supporting local businesses and contributing to the economic development of Southeast Asia.
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CapitaLand Hope Foundation (CHF), the philanthropic arm of CapitaLand Group, has unveiled its inaugural S$3 million Community Resilience Initiative, marking a significant milestone in the company’s 25th anniversary and CHF’s 20th anniversary celebrations. Announced at the AVPN Southeast Asia Summit 2025 in Singapore, this initiative is the first regional grant call for social resilience projects, aiming to empower vulnerable children and youth across Asia.

The initiative, in collaboration with AVPN, the largest network of social investors in Asia, seeks to equip young individuals with essential skills and support systems to thrive amidst adversity. Non-profit organisations in China, India, Singapore, and Vietnam are invited to submit applications for projects focusing on education, health, and well-being. These projects must demonstrate social impact, scalability, and effective implementation across the regions where CapitaLand operates.

Miguel Ko, Chairman of CHF and CapitaLand Investment, emphasised the importance of building resilient communities for sustainable growth. “Through the launch of our inaugural S$3 million CapitaLand Community Resilience Initiative, we aim to empower individuals and families with the resources and support they need to navigate challenges and emerge stronger,” he stated.

Naina Subberwal Batra, CEO of AVPN, highlighted the alignment of CHF’s commitment to philanthropy with AVPN’s mission to strengthen the ecosystem and direct capital towards meaningful outcomes in Asia. The initiative will focus on three key impact areas: education, skills development, and physical and mental health.

Applications for the initiative are open until 25 April 2025, with submissions evaluated on their potential social impact and outcomes. This effort underscores CapitaLand’s ongoing commitment to fostering resilience and inclusivity in the communities it serves.
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