Industry News

Beng Kuang Marine has announced a 167.7% YoY increase in net profit, reaching S$21.19m for the financial year 2024. This surge is attributed to a strategic shift towards an asset-light and service-oriented business model, which has driven revenue up by 41.3% yer-on-year (YoY) to S$111.88m. The company plans to reward its shareholders with a proposed dividend of S$0.006 per share.

The company’s Infrastructure Engineering (IE) division experienced a notable organic revenue growth of 60.3% YoY, amounting to S$91.43m, driven by strong demand for asset integrity solutions and services for floating assets like Floating Production Storage and Offloading vessels (FPSOs) and Floating Storage and Offloading vessels (FSOs). This growth was further supported by the company’s efforts to streamline operations and exit loss-making ventures, resulting in an improved gross profit margin of 34.6% compared to 31.5% in the previous year.

A one-off gain of S$5.51m from a partial land sale also contributed to the financial results. The company reported a net cash inflow of S$13.47m from operating activities, strengthening its balance sheet with cash and cash equivalents rising to S$22.92m.

Looking forward, Beng Kuang Marine aims to capitalise on growth opportunities in the offshore and marine industry, leveraging its service-centric model to enhance business sustainability and shareholder value.
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Grab Holdings Limited has announced its financial results for the fourth quarter and full year of 2024, marking its strongest quarter to date. The company reported a 17% year-over-year (YoY) revenue increase, reaching $764m, with its On-Demand Gross Merchandise Value (GMV) growing by 20% YoY to $5b. Monthly Transacting Users (MTUs) rose to 44 million, marking the seventh consecutive quarter of growth.

The company achieved a quarterly profit of $11m, with Adjusted EBITDA reaching an all-time high of $97m, a $61m improvement from the previous year. For the full year, Grab’s revenue grew by 19% YoY, exceeding its guidance, and the Group Adjusted EBITDA was positive at $313m.

Anthony Tan, Group CEO and Co-Founder of Grab, stated, “Fourth quarter was our strongest quarter ever. We finished 2024 with On-Demand GMV growth accelerating to 20% YoY, and as we continue to generate profitability at scale.”

Looking ahead, Grab has set its FY 2025 guidance with expected revenue between $3.33b and $3.40b, representing a 19% to 22% growth YoY. The company also anticipates Adjusted EBITDA to grow between 41% YoY and 50%, YoY reaching $440m to $470m.

Peter Oey, Chief Financial Officer of Grab, highlighted the company’s achievements, noting, “We outperformed our Revenue guidance for 2024, whilst demonstrating our ability to scale the platform profitably.”

Grab’s continued growth and profitability underscore its strategic position in the market, with plans to deepen user engagement and expand its ecosystem in 2025.
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CSE Global Limited, a global systems integrator, announced it secured S$235.3m in new orders during the fourth quarter of 2024. This includes a significant S$90.7m Electrification contract. Compared to the previous year, the company saw an 18.6% increase in order intake, excluding major contracts from both years.

The Electrification segment led the order intake with S$139.8m, accounting for 59.4% of the total. However, this was a 31.1% decrease from the previous year due to the absence of several major projects. The Communications segment contributed 23.7% with S$55.7m, whilst the Automation segment secured S$39.8m, showing a 41.4% year-on-year growth when excluding a major US contract from 2023.

Group Managing Director and CEO of CSE Global, Lim Boon Kheng, expressed optimism for the future, stating, “We expect order intake momentum in 2025 to remain robust as we expand our engineering capabilities and technology solutions.”

The company concluded the financial year with an order book of S$672.6m. These developments are not expected to materially impact the Group’s net tangible assets or earnings per share for the year ended 31 December 2024.
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Seatrium Offshore Technology, a leading offshore jack-up designer, has been awarded a significant contract by International Maritime Industries (IMI), the largest shipyard in the Middle East and North Africa (MENA) region.

This contract involves the supply of equipment and a licence for a LeTourneau Super 116E Class Self-Elevating Drilling Unit, marking the first new-build construction at IMI since its inception and the beginning of a long-term collaboration to build offshore jack-ups in the Kingdom.

The LeTourneau Super 116E Class design, chosen for its suitability to the MENA region’s operational needs, will feature 343 feet of leg and a 1.5 million-pound hook load, incorporating advanced cyber systems. This order is the 44th for the LeTourneau Super 116 series, highlighting its popularity and reliability.

Seatrium, renowned for designing the world’s first independent leg jack-up drilling rig in 1955, has been instrumental in the construction of over half of all jack-up rigs currently in service.

Notably, 65% of jack-ups operating in the Middle East are Seatrium designs. This latest contract aligns with the Kingdom’s Vision 2030, focusing on advanced technology, sustainability, and independence in offshore drilling.

The partnership between Seatrium and IMI is expected to significantly contribute to the region’s offshore drilling capabilities, supporting local content requirements and technological advancement. As Seatrium continues to lead in offshore rig design, this collaboration underscores its commitment to innovation and sustainable solutions in the global energy sector.
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A significant business mission, organised by the Singapore Business Federation (SBF) and supported by UOB, Rajah & Tann, and RSM Singapore, has brought over 180 Singapore companies to Johor Bahru, Malaysia. The mission, taking place from 19 to 20 February, aims to explore new opportunities and strengthen cross-border collaboration within the Johor-Singapore Special Economic Zone (JS-SEZ).

The delegation includes representatives from the China-Singapore Suzhou Industrial Park Development Group, the European Chamber of Commerce Singapore, and New Zealand Trade & Enterprise, highlighting the global interest in leveraging shifting trade routes and supply chains. The event follows dialogue and partnerships established during the ASEAN Conference 2024 and related forums.

At the conference held at Sunway Hotel Big Box in Iskandar Puteri Johor, more than 350 participants gained insights into investment opportunities in the JS-SEZ. Lim Ming Yan, Chairman of SBF, emphasised the importance of cross-border collaboration for sustained growth, stating, “Ongoing dialogue, coupled with structural measures to enhance seamless connectivity, is crucial to unlocking the full potential of the JS-SEZ.”

A key highlight was the launch of a Green Lane by UOB and Invest Johor to fast-track investments into the zone. Michael Lam, Executive Director of Gold Peak Technology Group, presented a Letter of Intent to Invest Johor, witnessed by key officials.

The mission underscores the strategic importance of the JS-SEZ in fostering economic integration and innovation. As the global business landscape evolves, the zone offers a timely opportunity for companies to innovate and forge new partnerships, driving growth in the region.
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AAL Shipping, a leading project heavy lift cargo operator based in Singapore, has selected the ABB Ability™ OCTOPUS – Marine Advisory System to optimise its Super B-Class fleet. This strategic move aims to enhance the safety and efficiency of AAL’s operations, particularly for its four 32,000 deadweight tonne ships currently in service, with four more expected by 2026.

The OCTOPUS system, renowned for its motion monitoring and forecasting capabilities, will support AAL’s vessels in navigating challenging conditions worldwide. By providing response forecasting and motion monitoring, the system ensures that vessel operations remain within safe motion limits, thereby reducing the risk of damage to both the ship and its cargo. Additionally, the system aids in route planning optimisation, contributing to improved fuel consumption efficiency and reduced carbon emissions.

Nicola Pacifico, Head of Transport Engineering at AAL Shipping, highlighted the benefits of the OCTOPUS system, stating, “ABB’s OCTOPUS system provides us with unparalleled decision-making support. A key area of benefit is when we are sailing with the ‘AAL Eco-Deck’ in place along the starboard side of the vessel.”

Jaap-Jan Stoker, Global Solutions Manager at ABB Marine & Ports, noted the growing demand for their technology in the project cargo and offshore wind sectors. “Our OCTOPUS technology enables a wide range of shipping companies to operate leaner and cleaner,” he said.

The adoption of ABB’s technology aligns with the broader industry trend towards larger, more technologically advanced vessels, as noted by Data Horizon Research. This shift is driven by increasing global trade activities and the need for versatile, fuel-efficient vessels that minimise environmental impact.

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Julius Baer has released its Singapore Real Estate Investment Trust (S-REIT) outlook for 2025, highlighting a cautiously optimistic view amidst a volatile macroeconomic environment. The report, authored by Equity Research Analyst Jen-Ai Chua, comes on the heels of Singapore’s 2025 budget announcement, which includes measures to bolster the competitiveness of the capital markets and enhance the attractiveness of S-REITs through tax transparency and foreign income concessions.

The S-REIT Index has seen a 20-year journey, producing total returns of 221.8%, with dividends contributing 95% of these returns. However, capital gains have remained flat, with the index closing at 630.79 points on 13 February 2025, nearly the same as its 2005 level. The report attributes this stagnation to a normalised interest rate environment and increased foreign asset exposure, which has diluted the asset class’s traditional defensiveness.

Despite a 12% decline in S-REITs last year, Julius Baer suggests that the odds of a further price drop in 2025 are low. This outlook is supported by the Monetary Authority of Singapore’s recent easing of monetary policy, which is expected to benefit yield plays. However, the report advises a selective investment approach, favouring S-REITs with a strong domestic focus or those aligned with structural growth themes.

Whilst the macro environment remains unpredictable, the report underscores the resilience of Singapore’s capital values and the stability of the Singapore dollar as key factors supporting a more positive outlook for S-REITs in the coming year.

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Trip.com Group has unveiled its Momentum 2025 report, highlighting emerging travel trends amongst Singaporeans. The report, based on insights from over 6,000 travellers across six Asia-Pacific markets, reveals a strong preference for food festivals and street food tours, with 63% of Singaporeans expressing interest, surpassing regional averages. Social media also plays a significant role, inspiring 70% of Singaporean travellers, particularly Millennials.

Experiential dining is set to dominate travel itineraries, with Singaporeans showing a keen interest in immersive food experiences. The Trip.Gourmet platform caters to this demand, offering access to over 50,000 restaurants globally. Meanwhile, the influence of films and television remains strong, with 62% of Singaporeans inspired by shows like ‘The Lord of the Rings’ and ‘Harry Potter’ to visit iconic destinations such as New Zealand and Kyoto.

Cruise tourism is gaining traction, with affordability and scenic views being major attractions. The introduction of Disney Cruise Line has further fuelled interest. Additionally, entertainment-driven travel is on the rise, with 66% of travellers planning trips around concerts and sporting events. The global success of Taylor Swift’s Eras Tour has contributed to this trend.

Social media continues to shape travel decisions, with destinations like Tokyo and Bali benefiting from their “Instagrammable” appeal. Trip.com’s Trip Moments platform is expected to enhance this trend by fostering community-driven exploration.

Emerging micro-trends include dark sky stargazing, underwater hotel stays, and space tourism. Trip.com Group is investing in AI and eco-conscious travel solutions to meet the growing demand for personalised and sustainable travel experiences.

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CBRE’s latest 2025 Asia Pacific Hotel Investor Intentions Survey reveals that over 72% of investors plan to increase their hotel investment allocations in the Asia Pacific region. This surge in interest is largely attributed to the rebound in tourist arrivals, particularly in Japan, Singapore, and Australia, amidst a limited supply of hotel assets.

Tokyo has emerged as the leading city for hotel investment, followed by Sydney, with Seoul and Bangkok tied for third place. Singapore and Osaka both rank fifth. Steve Carroll, Head of Hotels, Capital Markets, Asia Pacific at CBRE, noted, “After performing strongly over the past 18 months, investors anticipate hotel and living assets in Asia Pacific to have the most optimistic pricing expectations in 2025.”

Key findings from the survey indicate a shift in investor interest from the luxury sector to the upscale and upper midscale segments. Investors are also exploring value-add strategies, such as rebranding and redevelopment, due to high new development costs. Despite robust investment activity, high-quality hotel assets in prime locations remain highly sought after.

Investors are cautious about committing to significant investments outside Japan, awaiting more certainty on future interest rate cuts. However, expectations of increased outbound visitors from mainland China and growing institutional investor interest are expected to mitigate some current challenges.

The survey underscores the continued appeal of the Asia Pacific hotel market, driven by strong international arrivals and income growth for hotel operators. As the region’s tourism sector recovers, investors are poised to capitalise on emerging opportunities.

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Singapore’s 2025 budget has unveiled a series of measures aimed at bolstering both economic and social growth, with a particular focus on supporting families and addressing rising costs. The budget, announced recently, includes cash handouts and initiatives like the SG60 goodies, designed to stimulate consumer spending in the short term.

The budget also places significant emphasis on long-term economic strategies, such as increased investment in research and development (R&D), infrastructure development, and workforce transformation. These initiatives are intended to enhance Singapore’s competitive edge on the global stage. However, the budget’s primary focus remains on improving social policies, particularly those related to family and child support.

Shekhar Jaiswal, an analyst, noted that whilst the budget provides for immediate economic relief, it also lays the groundwork for sustained growth. “The measures announced are sufficient to build Singapore’s long-term competitive economic advantage,” he stated.

The budget’s dual focus on immediate economic relief and long-term strategic growth is seen as a balanced approach to navigating current economic challenges whilst preparing for future opportunities. As Singapore continues to adapt to global economic shifts, these measures are expected to play a crucial role in maintaining the nation’s economic resilience.

Looking ahead, the budget’s emphasis on R&D and infrastructure is likely to foster innovation and development, ensuring that Singapore remains a key player in the global economy. The focus on social policies also underscores the government’s commitment to enhancing the quality of life for its citizens.

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