Industry News

Singtel has announced the successful completion of a Proof of Concept (POC) for an AI-enabled Home WiFi Gateway, developed in collaboration with Qualcomm Technologies. The innovative gateway intelligently identifies and prioritises traffic based on application type, significantly enhancing user experience by reducing latency by up to 50% for applications such as gaming, streaming, and voice and video calls.

The trial, which tested various applications across multiple devices, demonstrated the effectiveness of the AI-powered Smart Traffic Classifier, part of the Qualcomm Networking AI Suite. This development marks a significant step in Singtel’s efforts to commercialise the technology across its markets, beginning with Singapore. The company plans to explore further AI capabilities using Qualcomm’s platforms to enhance customer satisfaction.

Jorge Fernandes, Group Chief Technology Officer at Singtel, highlighted the importance of effective traffic management in today’s connected world. “Through this collaboration with Qualcomm Technologies, we’re setting new benchmarks in home connectivity by harnessing the power of AI to deliver seamless bandwidth allocation and energy optimisation,” he stated.

The initiative is part of a broader collaboration between Singtel and Qualcomm, following a Memorandum of Understanding to develop transformative solutions. ST Liew, Vice President & President of QC Taiwan, SEA and ANZ, expressed enthusiasm for the partnership, noting its potential to revolutionise connectivity and enhance user experiences.

This AI-enabled Home WiFi Gateway will support Singtel’s ongoing efforts to enhance its broadband network, meeting the increasing demand for new technologies and improving digital customer experiences.
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The Singapore Department of Statistics has reported notable increases in the country’s price indices for January 2025. The Import Price Index rose by 1.7%, whilst the Export Price Index saw a 0.9% increase.

Additionally, the Singapore Manufactured Products and Domestic Supply Price Indices experienced significant growth, rising by 3.7% and 3.6% respectively compared to December 2024.

Excluding oil, the indices still showed positive movement. The Import Price Index increased by 0.6%, the Singapore Manufactured Products Price Index by 3.4%, and the Domestic Supply Price Index by 2.9%. However, the Export Price Index remained unchanged when oil was excluded.

These statistics are part of the monthly reports released by the Singapore Department of Statistics, which provide insights into the economic trends affecting the nation. The detailed figures are available in the Monthly Import and Export Price Indices and the Monthly Singapore Manufactured Products and Domestic Supply Price Indices, accessible through the SingStat Table Builder.

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Lendlease Global Commercial REIT (LREIT) has announced a 13% increase in the base rent for its Jem office, effective from 3 December 2024. This adjustment follows a rental review and applies for the next five years. The Jem office, located in Jurong Gateway, is fully leased to Singapore’s Ministry of National Development (MND) until 2044, with rental reviews scheduled every five years.

The MND is a key tenant for LREIT, contributing 11.2% to the REIT’s gross rental income (GRI) as of 30 June 2024. With the new rental terms, this contribution is expected to rise to approximately 12% by the end of 2024. Kelvin Chow, CEO of Lendlease Global Commercial Trust Management, highlighted the strong performance of their Singapore portfolio, stating, “Our Singapore retail and office assets continued to perform strongly as demonstrated by the positive rental increase.”

In addition to the office space, LREIT’s retail portfolio has shown robust growth, achieving a 99.9% committed occupancy rate and a positive rental reversion of 10.7% as of 31 December 2024. The tenant retention rate stands at a healthy 86.1%.

LREIT has also priced $87.5 million (S$120 million) in 4.75% fixed-rate perpetual securities, with proceeds earmarked for refinancing existing securities in April 2025. As of the end of 2024, LREIT has undrawn debt facilities amounting to $113.8 million (S$156.1 million), positioning it well for future growth and investment opportunities.
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Olam Group Limited has announced a 9.2% increase in earnings before interest and taxes (EBIT) for the financial year 2024, primarily attributed to robust performances from its ofi and Olam Agri divisions. The company reported a significant rise in sales, with revenue from goods and services reaching $56.2 billion, marking a 16.3% increase from the previous year.

The financial results, released for the six months and full year ending 31 December 2024, highlight a notable 24% increase in sales for the second half of the year compared to the same period in 2023. Despite this growth, the company faced challenges with a 63.4% decline in profit for the year, amounting to $128.3 million, down from $351 million in 2023.

The group’s operating expenses rose by 16.5% to $51.3 billion, reflecting increased costs associated with its expanding operations. However, Olam Group managed to achieve a 165.5% increase in net gains from changes in the fair value of biological assets, contributing positively to its financial performance.

The company’s finance costs also saw a substantial rise of 36.2%, reaching $1.76 billion, which impacted the overall profit before tax, resulting in a 51% decrease to $201.5 million. Despite these financial pressures, Olam Group remains optimistic about its strategic initiatives and future growth prospects.

Looking ahead, Olam Group is focused on leveraging its core strengths in the food and agri-business sectors to drive further growth and value creation. The company aims to continue its investment in sustainable practices and innovation to enhance its competitive edge in the global market.
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Fu Yu Corporation Limited has announced a significant turnaround in its manufacturing segment, achieving an operating profit of S$0.9 million for the financial year 2024. This marks a sharp reversal from the S$6.9 million loss recorded in the previous year. The improvement is attributed to a rise in revenue, which increased to S$114.9 million, alongside an enhanced gross profit margin (GPM) of 13.5%.

The company’s financial recovery is noteworthy, as it reflects a strategic shift in operations that has resulted in increased profitability. The rise in revenue and improved GPM indicate a more efficient cost structure and enhanced operational performance. This development is crucial for Fu Yu, as it demonstrates the company’s ability to adapt and thrive in a competitive market environment.

Fu Yu’s management has expressed optimism about the future, citing the positive financial results as evidence of the company’s resilience and strategic direction. The turnaround in the manufacturing segment is expected to bolster investor confidence and provide a solid foundation for future growth.

As Fu Yu continues to build on this momentum, the company is likely to focus on sustaining its profitability and exploring new opportunities to expand its market presence. The financial results for FY2024 serve as a testament to the company’s commitment to operational excellence and financial stability.
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IHH Healthcare has announced a robust financial performance for the fiscal year 2024, achieving double-digit growth in revenue, EBITDA, and profit after tax and minority interests (PATMI), excluding exceptional items. The healthcare giant’s success was attributed to increased patient volumes, operational efficiencies, and strategic acquisitions, including Island Hospital and Timberland Medical Centre.

The company’s revenue for the year reached MYR 24.4 billion, a 16% increase from the previous year, whilst Q4 2024 alone saw a 26% rise to MYR 6.7 billion. Despite a lower headline PATMI due to the high base effect from one-off gains in 2023, IHH maintained a PATMI margin of 9% with capital expenditure amounting to MYR 3.9 billion.

IHH declared a final cash dividend of 5.5 sen per share, bringing the total ordinary dividend for FY2024 to 10.0 sen per share, up from 9.0 sen in FY2023. This reflects a payout ratio of 40% of PATMI, surpassing the revised dividend policy requirement of 30%.

Group CEO Prem Kumar Nair highlighted the company’s commitment to growth and patient care, stating, “Our tireless efforts to grow our business, deliver optimal outcomes for our patients, and increase operational efficiencies across key markets have yielded results.” He also noted the addition of nearly 1,000 beds and ongoing renovations at Mount Elizabeth Hospital in Singapore, expected to complete by Q3 2025.

Looking ahead, IHH plans to continue enhancing clinical outcomes and patient experiences, leveraging favourable market trends to strengthen its position as a global healthcare leader.
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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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