Industry News

Delfi Limited, a chocolate confectionery company listed on the SGX Mainboard, has reported a 2.7% increase in net sales, reaching $266.6m for the first half of 2026. The company’s profit after tax and minority interests (PATMI) rose by 5.4% to $12.9m, despite facing volatile currencies and macroeconomic uncertainties. In constant exchange rate terms, Delfi’s net sales and PATMI grew by 2.9% and 9.4%, respectively.

The company’s Own Brands sales in Indonesia, the Philippines, and Malaysia contributed significantly, with a year-on-year increase of 13.3%, totalling $172.9m. However, Agency Brands sales declined by 12.4% to $93.7m, reflecting the strategic exit from an agency account in Indonesia. Excluding this account, Agency Brands saw a robust growth of 29.0%.

Delfi’s gross profit margin fell by 180 basis points to 25.7%, primarily due to higher raw material costs and currency depreciation in Indonesia and the Philippines. Consequently, EBITDA decreased by 3.7% to $23.4 million. Despite these challenges, Delfi generated $14m in net operating cash flow, maintaining a cash position of $63.3m as of 30 June 2026.

Executive Chairman and CEO John Chuang stated, “Our 1H 2026 performance demonstrates the continued strength of our Own Brands, highlighting the underlying demand of our key brands even as we navigated a challenging cost environment.” Delfi declared an interim dividend of 1.05 US cents per share, representing 50% of the PATMI for the period.

Looking ahead, Delfi anticipates continued volatility in the cocoa market and potential cost pressures due to the ongoing Middle East conflict. The company plans to mitigate these risks through strategic investments and financial discipline, ensuring resilience in uncertain times.

Skylink Holdings, a leading commercial vehicle leasing company in Singapore, has announced a significant investment of over S$3m in a new cold chain logistics fleet. This strategic move expands their heavy vehicle asset portfolio and supports their leasing business. The company has also secured a maiden three-year leasing contract worth more than S$2.2m with a prominent multinational food supply chain and logistics operator, which services one of Singapore’s largest food service networks.

The new contract is expected to positively impact Skylink Holdings’ financial performance over the contractual period. This investment marks the company’s first strategic entry into the cold chain logistics sector, offering scalable leasing solutions to a ‘blue-chip’ client in the food and beverage sector. The initiative aligns with Skylink Holdings’ strategy to expand its recurring income stream and broaden its service offerings, paving the way to support other mission-critical industries.

Wesley Shen, Executive Director and CEO of Skylink Holdings, commented on the contract win, stating, “This contract win demonstrates our growing capability to deliver highly specialised fleet solutions for large corporate customers with demanding operational requirements.”

The deliveries for the leasing contract are set to begin progressively from October to December 2026. This investment and leasing structure is part of Skylink Holdings’ strategic plans to expand its asset portfolio in the specialised heavy commercial vehicle categories, supporting essential supply chain operations. The company aims to further expand its customer base and capacity to invest in other mission-critical fleets across various sectors.

ESGpedia and the Singapore Environment Council (SEC) have announced a strategic partnership to aid businesses in managing their carbon emissions. This collaboration combines ESGpedia’s digital carbon accounting platform with SEC’s expertise in carbon verification, offering a comprehensive solution for greenhouse gas (GHG) accounting and reporting.

As businesses face growing demands from stakeholders to accurately report their environmental impact, this partnership provides a practical pathway for robust carbon management. ESGpedia’s platform will enable organisations to calculate emissions data, whilst SEC’s verification services will ensure the credibility of the information reported.

The partnership also aims to support businesses in meeting the new Technical Reference (TR) 149:2026 standards and evolving green procurement expectations. SEC will introduce ESGpedia’s platform to companies seeking carbon accounting solutions, and ESGpedia will direct businesses needing verification services to SEC.

Benjamin Soh, Founder and Managing Director at ESGpedia, stated, “Businesses today require practical solutions that help them navigate increasingly complex sustainability requirements. By partnering with Singapore Environment Council, we are bringing together digital carbon accounting capabilities and independent verification expertise to help organisations strengthen the quality, transparency, and credibility of their emissions reporting.”

Penguin International Limited, a Singapore-listed company, has already benefited from this collaboration by improving the efficiency and credibility of its emissions reporting, which has supported its sustainability-linked financing efforts.

Yangzijiang Maritime Development Ltd. has reported a 49% increase in total income for the first half of 2026, reaching $81.6m. This growth is attributed to the strong performance and strategic expansion of its core Maritime Business, which has bolstered the company’s earnings base. Despite higher operating costs, the expansion has enabled Yangzijiang Maritime to capitalise on value creation opportunities through asset monetisation and resale.

The company has a robust balance sheet with net assets of approximately $1.8b as of 30 June 2026. Over the past nine months, Yangzijiang Maritime has entered into contracts to monetise 12 newbuild vessels, with a total contract value of approximately $500m. These contracts are expected to positively impact the company’s financial performance in the coming years.

Executive Chairman and CEO Ren Yuanlin stated, “Since our listing in November, we have been building a stronger foundation to enhance our earnings capacity through the strategic expansion of our Maritime Business.” He emphasised the importance of early sale contracts to secure capital gains and provide earnings visibility.

The company’s strategic roadmap aims to strengthen its position as a global maritime-focused investment and solutions platform. Looking forward, Yangzijiang Maritime plans to leverage Singapore’s status as a maritime hub and capitalise on macro opportunities, including tighter capital conditions in Western markets and decarbonisation requirements by the International Maritime Organisation.

Singapore has retained its position among the world’s top 10 most expensive prime office markets, according to Savills’ latest Prime Office Costs report. The city-state ranks 10th globally for annual net effective occupier costs, highlighting its status as a leading business hub in the Asia-Pacific region. The report also reveals that expansionary leasing accounted for 58% of major office transactions globally in the first half of 2026, indicating growing confidence among occupiers.

The global prime office leasing volumes remained stable in the first half of 2026, with expansionary deals making up the majority of activity. Only 5% of top office deals involved occupiers reducing space, whilst 37% were relocating or renewing at a similar footprint, down from 44% in the latter half of 2025. Flexible office providers led the expansion, with 78% of their deals representing growth within existing markets.

AI companies have emerged as a significant force in the prime global office market, accounting for 17% of all prime technology sector deals in the first half of 2026, a substantial increase from 3% in 2024. Savills notes that every AI-related deal was expansionary, driven by rapid growth and increased demand for talent. This trend is particularly pronounced in innovation clusters like San Francisco, Seattle, and London’s West End.

Alan Cheong of Savills Singapore commented on the local market, noting the resilience of the higher-grade office sector amidst limited new developments. Rick Schuham of Savills highlighted the continued demand for premium offices, whilst Sarah Brooks pointed out the growing influence of AI and technology firms in absorbing high-quality space globally.

Eneco Energy Limited has announced the acquisition of an industrial property at 15 Gul Way, Singapore, for S$24.2m. The property, which includes a dormitory for 199 personnel, will serve as a logistics hub for Richland Logistics Services, enhancing operational flexibility and efficiency.

The acquisition is strategically located near a new Cross Island Line Phase 3 station, occupying approximately 203,267 square feet of land with a gross floor area of 284,384 square feet. This move is part of Eneco’s broader strategy to strengthen its logistics infrastructure and support future business expansion.

Ang Jun Long, Executive Director of Eneco, stated, “The proposed acquisition of 15 Gul Way represents an important milestone in strengthening our logistics infrastructure, and it complements our broader strategy of continuously improving operational efficiency, investing in strategic assets and strengthening our logistics platform under Richland Logistics.”

The acquisition is expected to provide Eneco with greater control over its logistics infrastructure, positioning the company to capitalise on future growth opportunities. Additionally, the on-site dormitory is anticipated to reduce recurring employee accommodation costs, further enhancing operational efficiency.

Eneco, a market leader in Singapore’s air cargo industry, views this acquisition as a significant step in delivering greater value to customers with mission-critical logistics needs. The company continues to invest in strategic assets and initiatives, including fleet renewal and the expansion of its electric vehicle fleet, to maintain its competitive edge in the logistics sector.

Secura Group Limited, through its subsidiary Soverus Pte Ltd, has secured two significant security services contracts valued at approximately S$64.2m. These contracts are part of the Ministry of Education’s (MOE) new integrated facilities management (IFM) model, marking a substantial achievement for the company. The contracts, set to commence on 1 September 2026, will initially run for five years, with an option to extend for another five years.

Soverus has a longstanding relationship with MOE, providing security services to schools in the North and North-East zones. The transition to the IFM model has allowed Soverus to maintain its presence in the education sector by securing contracts from two IFM providers. This move underscores the company’s strong operational capabilities and consistent service standards.

Chief Executive Officer of Secura, Kan, highlighted the significance of these awards, stating, “These contract awards are particularly significant as they were secured following MOE’s transition to an IFM operating model. Our upgraded 24/7 command centre, enhanced with AI-enabled capabilities, strengthens real-time monitoring, incident management and operational oversight.”

Looking forward, Secura aims to focus on operational excellence and service innovation to meet the evolving needs of its clients across various sectors. The contracts are expected to positively impact the Group’s earnings per share and net asset value per share from 2026 to 2031, reinforcing Secura’s position as a leading provider of security solutions in Singapore.

Bassel Haddad has officially taken over as Group Chief Executive Officer and Executive Director of ASMPT, the global leader in semiconductor and electronics manufacturing solutions. This leadership transition, initially announced in July, became effective today. Haddad succeeds Robin Ng, who retires after over two decades with the company, including six years as Group CEO.

John Lok, Chairman of the Board of ASMPT, expressed confidence in Haddad’s appointment, stating, “Bassel’s deep industry expertise, business leadership and track record of driving innovation and customer success make him the right leader to guide ASMPT through its next phase of growth.”

Haddad, who previously held senior roles at SkyWater Technology and Intel Corporation, brings extensive experience in technology development and business management. He aims to steer ASMPT through the industry’s shift from traditional Moore’s Law scaling to the “more than Moore” era. “We have an exceptional opportunity to accelerate and shape the industry’s evolution,” Haddad remarked.

The leadership change follows ASMPT’s strong financial performance in the first half of 2026, with a 42.5% increase in group revenue from continuing operations, reaching $1.14b. This growth was driven by demand for advanced packaging solutions and mainstream applications.

ASMPT, headquartered in Singapore, continues to invest in research and development to maintain its position as a leader in semiconductor assembly and packaging. Haddad’s leadership is expected to further enhance the company’s technological capabilities and customer focus.

Singapore’s commercial real estate market demonstrated robust performance in the second quarter of 2026, according to the latest ETC Digest by Realion (OrangeTee & ETC) Research. Investment sales maintained momentum, reaching a total transaction value of S$15.4b, with expectations to hit S$45 to S$50b by year’s end, barring significant economic disruptions.

Office rents in the Central Region increased by 0.8% quarter-on-quarter, reversing a previous decline. The completion of Shaw Towers contributed to a rise in total office stock, now at 8.2 million square feet. Despite higher costs, demand for premium office spaces remains strong, with significant relocations within the central region.

The industrial sector also saw growth, with rents rising faster than in the first quarter, despite a slight decline in business park rents. This growth is attributed to sustained demand across most property types, except warehouses, amidst geopolitical uncertainties.

Retail leasing demand remained steady, though the island-wide retail occupancy rate dipped slightly to 93.5%. Limited new retail supply is expected to enhance landlords’ pricing power, fostering rental growth.

In the residential market, private home prices marked their seventh consecutive quarter of growth, albeit at a slower pace. The Urban Redevelopment Authority reported a 0.5% increase in the overall price index for private residential properties in Q2 2026. The market anticipates modest price growth of 2.5% to 3.5% for the year, with up to 25,000 private homes expected to be transacted.

The report highlights Singapore’s resilience amid ongoing geopolitical tensions, with the economy growing by 5.7% year-on-year in Q2 2026. Looking ahead, the real estate market is poised for continued growth, supported by stable borrowing costs and strong demand for quality assets.

RHB Bank has announced that it is maintaining its full-year GDP growth projection for Singapore at 4.5% for 2026. This decision comes as the country’s economic activity remains robust, bolstered by a strong export performance and sustained industrial production, despite ongoing external challenges. The bank’s Group Chief Economist and Head of Market Research, Barnabas Gan, highlighted these factors in their latest Global Economics and Market Strategy Report.

Singapore’s GDP grew by 5.9% year-on-year in the second quarter of 2026, a slight decrease from the 6.3% growth recorded in the first quarter. This figure was slightly below both Bloomberg’s and RHB’s estimates of 5.8% year-on-year growth. For the first half of 2026, the GDP growth stood at 6.1%.

In response to these economic conditions, RHB anticipates that the Monetary Authority of Singapore (MAS) will further tighten its policy in 2026. The bank expects the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) appreciation gradient to increase to 1.50%, with potential for a further rise to 1.75% by the end of the year.

This forecast underscores the resilience of Singapore’s economy in the face of global uncertainties, with strong export and industrial sectors playing a crucial role in sustaining growth. The report suggests that continued policy adjustments by MAS will be key in navigating these challenges and maintaining economic stability.