Eneco Energy Limited has reported a significant turnaround in its financial performance for the six months ending 30 June 2025, achieving a net profit of $0.60 million (S$0.82 million) compared to a net loss of $0.30 million (S$0.41 million) in the previous period. This improvement is largely attributed to the robust performance of its logistics division, Richland Logistics Services, which saw a 9% increase in revenue to $12.00 million (S$16.40 million).
Richland Logistics, a key revenue driver for Eneco, specialises in airport cargo services and integrated logistics, serving a diverse clientele of blue-chip companies. The division’s growth was bolstered by increased sea freight forwarding, transportation, warehousing, and supply chain services, despite a decline in full container load activity.
Eneco’s Executive Director, Ang Jun Long, highlighted the effectiveness of strategic initiatives and the resilience of the logistics business. “Within a short period of time, we are pleased to achieve a meaningful turnaround in our performance,” he stated, emphasising the company’s commitment to sustaining growth and exploring new market opportunities.
The company also announced securing five new logistics contracts valued at approximately $3.00 million (S$4.05 million) annually, with service durations ranging from two to three years. Notably, one contract involves a “Green Distribution Model” deploying electric vehicle lorries across Singapore.
In addition to organic growth, Eneco is pursuing inorganic growth through mergers and acquisitions to diversify its portfolio. The company has signed an exclusive distribution agreement for an innovative engineering solution aimed at enhancing oil and gas production efficiency, with plans to pilot this in Indonesia later in 2025.
Eneco’s strategic focus on operational efficiency and market expansion positions it well for future growth, as it continues to build a resilient business ecosystem.
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