Industry News

Thakral Corporation has announced a record high attributable profit of S$109.3 million for the first half of 2025, driven by the successful listing of GemLife on the Australian Stock Exchange (ASX) and robust performance in its lifestyle segment. The company’s revenue rose by 25% year-on-year to S$160.5 million, with the lifestyle segment alone seeing a 26% increase to S$156.6 million, fuelled by strong demand for beauty products in China and lifestyle gadgets in South Asia.

The listing of GemLife, which raised A$750 million, marked the largest IPO in Australia for 2025. Thakral’s stake in GemLife was reduced from 31.7% to 16.8% post-IPO, resulting in a one-off unrealised valuation gain of S$102.4 million. The company has reclassified its investment in GemLife as financial assets measured at fair value through the income statement.

In addition to the financial gains, Thakral declared an interim dividend of 2 pence and a special interim dividend of 1 pence, offering an annualised yield of 3.6%. The company is optimistic about future growth, particularly in China’s beauty market and South Asia’s drone sector. Thakral’s CEO, Inderbethal Singh Thakral, highlighted the strategic importance of their investments in India, particularly in Gurugram’s real estate and healthcare sectors.

Looking ahead, Thakral plans to expand its retail presence in Greater China and strengthen its drone business in South Asia, capitalising on India’s “Make in India” initiative. The company also aims to broaden its footprint in the Nespresso market in India, following the launch of its first boutique in New Delhi.
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StarHub has announced a total revenue of $1.1 billion for the first half of 2025, marking a 2.2% increase compared to the same period last year. The growth was primarily driven by a 4.4% rise in broadband, a 6.8% increase in regional enterprise, and a significant 20.1% surge in cybersecurity services. The company also declared an interim dividend of 3.0 pence per ordinary share.

The company’s Chief Executive, Nikhil Eapen, highlighted the strategic moves that have bolstered StarHub’s market position. “We drove our industry-leading market position in Broadband by upgrading our customers to UltraSpeed plans,” he stated. The full acquisition of MyRepublic Broadband has further consolidated StarHub’s leadership in the broadband segment, enhancing its multi-brand, multi-segment strategy.

StarHub’s enterprise business saw a robust performance, with regional enterprise revenue reaching $296.1 million, driven by a 12.8% growth in managed services. The cybersecurity segment’s growth reflects the increasing demand for advanced solutions amidst a complex cyber threat landscape.

Looking ahead, StarHub plans to maintain competitive agility by adopting a more aggressive commercial stance in the second half of 2025. The company has revised its EBITDA outlook to achieve 88% to 92% of the FY2024 EBITDA, excluding certain non-recurring provisions. StarHub remains committed to enhancing shareholder returns, supported by a $50 million share buyback programme and a healthy balance sheet with cash reserves of $487.1 million.

As StarHub continues to invest in cybersecurity and digital infrastructure, it aims to strengthen its position as a trusted technology partner for government and enterprise clients, contributing to national cyber resilience efforts.
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Olam Group Limited has announced a remarkable 573.2% increase in profit after tax and minority interests (PATMI) for the first half of 2025, reaching S$323.8 million. This substantial growth, compared to the same period last year, has prompted the company to declare an interim dividend of 2.0 pence per share.

The group’s financial performance was bolstered by a 49.8% rise in sales of goods and services, totalling S$15.3 billion. This surge in revenue was accompanied by a notable net gain from changes in the fair value of biological assets, which increased by 72.1% to S$82.7 million. Despite a 57.4% rise in direct operating expenses, the company’s profit before tax reached S$153.6 million, a significant turnaround from a loss of S$128.7 million in the previous year.

The profit from discontinuing operations, net of tax, also contributed positively, increasing by 3.7% to S$223 million. This was part of a broader strategy to streamline operations and focus on core business areas. The comprehensive income for the period, however, showed a slight loss of S$3.4 million, largely due to foreign currency translation adjustments.

Olam Group’s strong financial results reflect its strategic initiatives and market conditions. The interim dividend declaration underscores the company’s confidence in its ongoing performance and commitment to delivering shareholder value. As the company continues to navigate the complexities of the global market, these results set a positive tone for the remainder of the year.
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Singapore-listed Manulife US Real Estate Investment Trust (MUST) has announced its financial results for the first half of 2025, revealing significant steps taken to reduce its debt burden. The trust successfully raised over $270 million through the sale of three assets, which has been utilised to pay down existing debts. This strategic move ensures that no further repayments are due until July 2026, when $35.6 million will be owed.

The management of MUST is actively developing a path for growth by focusing on asset dispositions and exploring various options to mitigate potential risks. This approach is part of their broader strategic leasing strategy aimed at building accretive income for the trust.

The financial results, which were released this morning, highlight the trust’s commitment to strengthening its financial position and preparing for future growth opportunities. A briefing on the results will be held today at 11am, providing further insights into the trust’s performance and strategic direction.

By maintaining a focus on reducing debt and enhancing income, Manulife US REIT is positioning itself for sustainable growth in the coming years. The trust’s proactive measures reflect its dedication to delivering value to its stakeholders whilst navigating the challenges of the current economic environment.
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Singapore-headquartered Info-Tech Systems (ITL) is set to expand its presence in Malaysia and India following its initial public offering (IPO) in July 2025, which raised approximately $60m. The company, known for its cloud-based human resource management systems (HRMS), plans to leverage its asset-light model to achieve a return on equity (ROE) of over 80% in the financial year 2025 and a core net profit compound annual growth rate (CAGR) of 14% from 2024 to 2027.

ITL’s HRMS solutions are designed for small and medium enterprises (SMEs) in Singapore, Malaysia, India, and Hong Kong. As of June 2025, ITL boasted 25,300 HRMS customers and a 94% retention rate. The company offers competitive pricing, with fees significantly lower than local peers, which has helped it capture a 10% market share in Singapore.

In the first half of 2025, ITL added 2,500 new customers, primarily in Malaysia and India, contributing to a 5% year-on-year revenue growth to $22.4m. Despite a slight contraction in operating margins due to new hires in India, the company expects growth to normalise by 2026.

ITL’s expansion strategy is supported by its strong cash position and minimal capital expenditure needs. The company aims to increase its market penetration in Malaysia and India, where it anticipates revenue growth of 18% and 29% CAGR, respectively, from 2024 to 2027. The company’s target price is set at $1.10, reflecting a 33% potential upside from its current share price.

With a focus on affordable solutions for SMEs and a robust subscription model, ITL is well-positioned to enhance its market presence and drive sustainable growth in the coming years.
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CapitaLand Investment Limited (CLI) has reported a significant increase in its Fee Income-Related Business (FRB) revenue, reaching S$564 million for the first half of 2025. This growth is attributed to higher recurring fund management fees from acquisitions by listed funds, the creation of new private funds, and new management contracts. The FRB revenue includes contributions from Listed Funds Management, Private Funds Management, Lodging Management, and Commercial Management.

Despite a total revenue of S$1,040 million, which is lower than the previous year due to the deconsolidation of CapitaLand Ascott Trust as a subsidiary, CLI’s revenue saw a 7% increase when excluding the impact of divestments. This rise is largely due to improved fee income from the FRB segment and enhanced performance in the Real Estate Investment Business segment, particularly in the USA, Japan, and Europe.

CLI’s Total Profit After Tax and Minority Interests (PATMI) and Operating PATMI for the period were S$287 million and S$260 million, respectively. Although lower than the previous year, this was mitigated by new investments and improved lodging performance. The company’s EBITDA stood at S$581 million, influenced by various factors including the deconsolidation of CLAS and foreign exchange losses.

Group CEO Lee Chee Koon highlighted the company’s strategic focus on sectors with strong growth potential, such as living and lodging, logistics, and self-storage. He noted, “We are strengthening our funds platforms and continuously sourcing for attractive deals in sectors with strong tailwinds.”

Looking ahead, CLI aims to expand its private funds platform and accelerate capital deployment in key markets, with a target of achieving S$200 billion in funds under management by 2028.
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The Health Sciences Authority (HSA) of Singapore and the Department of Health (DoH) of Hong Kong Special Administrative Region have signed a Memorandum of Understanding (MOU) to enhance cooperation in healthcare regulatory matters. Signed on 13 August 2025, this agreement aims to strengthen ties between the two authorities by facilitating the exchange of information, best practices, and expertise across a wide range of health products, including pharmaceuticals, medical devices, and traditional medicines.

The MOU outlines plans for technical cooperation and mutual exchange of regulatory information, particularly concerning tobacco products and vaping devices. It also supports the exchange of regulatory experts, participation in scientific conferences, and collaboration in training courses and joint projects. This partnership underscores the shared commitment of Singapore and Hong Kong to ensure the safety, quality, and efficacy of health products.

HSA CEO Adjunct Professor Dr Raymond Chua stated, “By combining our expertise and sharing best practices, we can better tackle the emerging challenges in healthcare regulation, harness opportunities, and strengthen public health protection in both jurisdictions.”

The signing ceremony, held at the Ministry of Health’s College of Medicine Building, was attended by Singapore’s Minister for Health, Ong Ye Kung, and Hong Kong’s Secretary of Health, Professor Lo Chungmau. This collaboration marks a significant step forward in regulatory cooperation, aiming to advance regulatory excellence in both regions.
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Singapore-based Agoda, a digital travel platform, has partnered with the Association of Southeast Asian Nations (ASEAN) to launch the “A Destination for Every Dream” campaign, coinciding with ASEAN Day celebrations. Running until the end of 2025, the campaign aims to inspire travel within the ASEAN region by offering exclusive deals and curated travel experiences that highlight the region’s unique festivals and cultures.

The campaign features festival-focused travel guides that spotlight iconic cultural events across ASEAN member states, encouraging travellers to immerse themselves in the region’s rich cultural diversity. Discounts of up to 18% on accommodation, as well as savings on Agoda’s flights and activities, are available to travellers. Damien Pfirsch, Chief Commercial Officer at Agoda, stated, “Agoda is proud to partner with ASEAN to celebrate the incredible diversity and culture of the region.”

Oliver Chong, Assistant Chief Executive of International Group Designate at the Singapore Tourism Board and Chair of the ASEAN Tourism Marketing and Partnership Working Group, added, “This campaign reflects ASEAN’s commitment to showcasing Southeast Asia as a unique and interconnected destination.” By collaborating with Agoda and AirAsia, the campaign aims to make it easier for travellers to discover the vibrant festivals, diverse cultures, and authentic experiences that define the region.

The campaign not only offers great deals but also provides comprehensive guides to the most exciting festivals across ASEAN, ensuring a memorable travel experience. Travel deals and curated guides related to the campaign are available online at Agoda’s and ASEAN’s official tourism websites.
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KBP Biosciences Pte Ltd has announced that the Singapore International Commercial Court has upheld a temporary injunction against the company and its founder, Dr Huang Zhenhua, in support of arbitration proceedings initiated by both KBP and Novo Nordisk. The court’s decision means that the validity of Novo Nordisk’s injunction application will now be determined through arbitration, which KBP had initiated prior to Novo Nordisk’s involvement.

The court’s judgement delved into critical issues at the heart of the dispute, including the conduct of clinical trials and the adequacy of due diligence. Notably, the court referenced independent testimony from steering committee members Dr Bertram Pitt and Dr Janet Wittes, who stated in an open letter that neither party had provided convincing evidence of fraudulent results from the Bulgaria site. This letter was not available during the previous ex parte hearing.

Furthermore, the judgement highlighted statistical errors in Novo Nordisk’s termination of clinical trials for Ocedurenone, a drug acquired from KBP. Parexel International IRL Ltd later informed Novo Nordisk of these errors, suggesting that the drug still met one of the futility criteria and could be worth continuing development.

KBP contends that Novo Nordisk failed to disclose critical information during due diligence, despite having access to comprehensive data from KBP. Dr Huang Zhenhua expressed KBP’s commitment to proving Ocedurenone’s potential benefits to the tribunal, stating, “KBP believes that Novo Nordisk erred in stopping the development of Ocedurenone because it could help patients.”

KBP remains dedicated to advancing Ocedurenone’s development and is prepared to engage with new management to explore future possibilities, whilst also pursuing all legal avenues, including a potential appeal against the court’s decision.
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The Ministry of Trade and Industry (MTI) has announced an upgrade to Singapore’s GDP growth forecast for 2025, revising it from an initial range of 0.0-2.0% to 1.5-2.5%. This adjustment comes as a result of the country’s stronger-than-anticipated economic performance in the first half of the year. However, the outlook for the remainder of the year remains uncertain, with potential risks on the horizon.

In the second quarter of 2025, Singapore’s economy grew by 4.4% year-on-year, building on the 4.1% growth seen in the previous quarter. On a quarter-on-quarter basis, the economy expanded by 1.4%, reversing a 0.5% contraction in the first quarter. Key sectors driving this growth included wholesale trade, manufacturing, finance and insurance, and transportation and storage. The wholesale trade and transportation sectors benefited from increased activities ahead of US tariff implementations.

Despite the positive start to the year, MTI warns of potential challenges ahead. The global economic environment remains fraught with uncertainties, particularly due to the unpredictable nature of US trade policies and the impact of reciprocal tariffs. These factors could dampen growth in the second half of the year, especially in outward-oriented sectors like manufacturing and wholesale trade.

MTI will continue to monitor global and domestic economic developments closely, ready to adjust forecasts as necessary. The ministry highlights the importance of remaining vigilant amidst the evolving economic landscape.
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