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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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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