Industry News

HG Metal Manufacturing Limited has announced its unaudited financial results for the first half of 2026, revealing a stable net profit of S$6m. This performance comes amidst a challenging economic environment marked by declining steel prices and a moderating global economy. The company’s revenue for the period ending 31 March 2026 was S$81m, a slight decrease from S$85.4m in the same period last year.

The company’s gross profit margin improved significantly to 17.1%, up from 13.3% in the previous year. This increase is attributed to a reduction in the cost of sales, which fell by 9% to S$67.2m. Despite a 58% drop in other operating income, HG Metal managed to maintain its profitability, with profit before tax rising to S$7.2m from S$7m in 1H2025.

The financial results highlight HG Metal’s resilience in navigating economic headwinds. The company’s administrative expenses rose by 11% to S$4.8m, whilst other operating expenses increased by 20% to S$2.2m. However, finance costs were reduced by 30% to S$189,000, contributing to the overall stability of the net profit.

HG Metal’s performance underscores its ability to adapt to market fluctuations, maintaining profitability and improving efficiency. Looking ahead, the company will likely continue to focus on managing costs and enhancing its operational efficiency to sustain its financial health in a challenging market environment.

Luxury retail in Singapore has shown resilience amidst global economic challenges, with prime rental growth reaching 2% in 2025, according to Savills’ Global Luxury Retail Outlook 2026. This growth surpasses the global average of 0.9% across 27 core luxury destinations, highlighting Singapore’s status as a key player in the luxury retail sector.

The report indicates a shift towards more selective luxury retail strategies worldwide, driven by macro-economic headwinds and changing travel patterns. Despite these challenges, Singapore remains a top destination for luxury store openings, ranking among the top 10 cities globally. The city-state’s limited availability of prime retail space in areas like Orchard Road and Marina Bay continues to drive competition and support rental growth.

Sulian Tan-Wijaya, Executive Director of Retail & Lifestyle at Savills Singapore, noted, “Singapore is regarded by many as Asia’s most stable and sophisticated financial sanctuary for ultra-high-net-worth individuals. The city-state remains highly sought-after by luxury brands.”

Globally, Europe recorded a 1.2% rental growth, with cities like London, Paris, and Milan leading the charge. Anthony Selwyn, Co-Head of Global Retail at Savills, commented on the trend, stating, “With prime availability increasingly constrained, vacancy and quality of opportunity are now the key drivers of activity.”

Looking ahead, the luxury retail market is expected to stabilise, with selective growth anticipated in core European streets. As brands recalibrate their strategies, Singapore’s position as a luxury retail hub remains strong, bolstered by its appeal to high-net-worth individuals and international tourists.

Salt Investments Limited has successfully completed a private placement, raising approximately S$4.8m through the issue of 1,748,233,722 new ordinary shares at S$0.00275 per share. The placement attracted significant interest from institutional investors such as Ginko-AGT Global Growth Fund, Lion Global Investors Ltd, and Value Partners Hong Kong Limited.

The funds will be utilised to bolster Salt’s balance sheet and finance high-return growth initiatives, as the company aims to transform into a scalable, integrated marine and infrastructure platform. This strategic move is designed to enhance long-term shareholder value and accelerate Salt’s operational expansion.

Dennis Goh, Executive Director and CEO of Salt Investments, expressed satisfaction with the new investments, stating, “We are pleased to welcome our new institutional, corporate and high-net-worth shareholders, whose strong endorsement reflects confidence in our strategy to build an integrated, technology-enabled maritime platform.”

The capital injection will support Salt’s core businesses, including fuel supply chain operations such as bunkering and trading, oil waste recycling, and oil lubricants. Additionally, it will facilitate the development of Salt’s maritime tech platform, aiming to address structural gaps in the oil and gas industry and capture growth opportunities.

Salt Investments, listed on the Singapore Exchange, operates in the infrastructure, marine, and offshore sectors. The company combines capital efficiency, operational expertise, and digital innovation to drive sustainable growth across Southeast Asia.

HSBC Singapore has launched the nation’s first bank-led integrated health, wellness, and longevity service under its Premier offering. This new initiative provides Premier clients with priority access, preventive care, and healthy longevity services through partnerships with key healthcare providers such as IHH Healthcare Singapore and Raffles Medical Group.

The service includes a 24/7 health concierge from IHH, offering medical expertise, specialist referrals, and hospital admissions across a network of over 45,000 specialists in Singapore, China, Hong Kong, India, and Malaysia. Preventive care is enhanced with tailored health screening packages and exclusive access to the Parkway Shenton Health app, which provides personalised health management supported by human coaches and a 24/7 AI assistant.

Additionally, the healthy longevity component grants access to RMG’s new MediWellness facility, R17, which offers personalised programmes and health coaching. This facility is the first in Singapore to provide evidence-based assessments like the Raffles Clock, developed in collaboration with National University of Singapore researchers.

Ashmita Acharya, Head of International Wealth and Premier Banking, Singapore, stated, “Our clients are increasingly taking a more holistic view of wealth, looking beyond financial outcomes to ‘live’ their wealth through health, wellness and longevity.”

This innovative offering underscores HSBC’s commitment to enhancing client experiences by integrating health and financial services, potentially setting a new standard in the banking sector.

BRC Asia Limited, a leading steel reinforcement solutions provider in Singapore, has announced a 24% year-on-year increase in net profit for the first half of the financial year 2026, reaching S$52m. This growth is attributed to a record half-year revenue of S$931m, as reported for the period ending 31 March 2026.

The company experienced a 38% rise in gross profit to S$93.3m, with the gross margin improving from 9.4% to 10.0%. This was largely due to higher tonnage deliveries and increased contributions from value-added products that offer better margins. BRC Asia’s order book remains robust at S$1.76b, ensuring revenue visibility for up to five years.

In light of these results, BRC Asia has proposed an interim dividend of 8 cents per ordinary share, reflecting a payout ratio of 42% and a dividend yield of 4%. The company continues to benefit from the expansion of Singapore’s construction sector, driven by strong demand from both public and private sectors.

The group’s focus remains on capitalising on the growing opportunities presented by the current industry tailwinds. As BRC Asia continues to deliver on its projects, it positions itself to maintain its leadership in the market.

Raffles Education Limited has announced a proposed refinancing exercise aimed at replacing existing debt with new long-term securities. The company intends to buy back S$35.03m of existing convertible bonds held by Chew Hua Seng and Doris Chung Gim Lian, replacing them with new five-year, non-convertible unsecured bonds at a reduced coupon rate of 5.5%. This move, which extends the company’s debt maturity by five years, is designed to provide greater financial flexibility.

The refinancing package includes 538.9 million detachable warrants, each allowing the holder to purchase a new share at S$0.065. The proposal is subject to shareholder approval at an upcoming Extraordinary General Meeting (EGM).

In addition, Raffles Education plans to declare a special interim dividend of S$0.003 per ordinary share, contingent upon the approval of the refinancing proposal. This dividend aims to share the benefits of cash preservation with all investors.

Chew Hua Seng, the company’s chairman and CEO, along with his spouse, Doris Chung, currently hold significant interests in the company. Their combined shareholding amounts to 43.16%, with Chew holding 33.44% directly and 9.72% through deemed interest.

The proposed refinancing and dividend are part of Raffles Education’s strategy to maintain its cash position and enhance shareholder value. The company will issue further details in a circular to shareholders in due course.

The Council for Board Diversity (CBD) has reported a rise in women’s appointments across Singapore’s boards, with women now holding 36.1% of board seats in statutory boards and 25.8% in the Top 100 SGX primary-listed companies. This marks a significant increase from previous years, reflecting ongoing efforts to enhance gender diversity in leadership roles.

The CBD’s annual statistics, covering over 1,300 organisations, reveal that the public sector leads in gender diversity, whilst the non-profit sector has also seen improvements. Notably, the proportion of women board chairs in the Top 100 SGX companies increased to 10% in 2025.

A new Board Diversity and Inclusion Study, conducted with Egon Zehnder, explores broader dimensions of diversity beyond gender. The study identifies key areas for improvement, such as moving beyond familiar networks to discover untapped talent and maintaining diversity as a strategic priority. It also highlights the need for intentional succession planning and the importance of board chairs in fostering an inclusive culture.

Gan Seow Kee, Co-Chair of the CBD, emphasised the importance of succession planning, stating, “As organisations confront increasingly complex challenges, a wider, more diverse pool of board-ready candidates strengthens outcomes for the future.”

The study suggests that whilst Singapore has made strides in diversifying board composition, there is room for growth in embedding diversity as a strategic advantage. The CBD aims to equip boards with a roadmap for enhancing board effectiveness through diversity.

Marco Polo Marine has successfully raised S$21m through a private placement to fund its business expansion, as the Offshore & Marine (O&M) sector enters a promising new cycle. The funds will support the company’s strategic initiatives amid rising market demand driven by geopolitical changes and energy security concerns.

The sector has witnessed a significant surge in drilling rig rates, which increased by 18% in April, reaching US$100,000–$140,000 per day. This rise is attributed to the growing emphasis on energy security, particularly outside the Middle East, where there is a heightened demand for offshore engineering solutions to extend the life of existing facilities.

UOB Kay Hian, a financial services group, maintains a positive outlook on Marco Polo Marine, highlighting its potential to capitalise on firming earnings trends in the Southeast Asian market. Analysts Adrian Loh and Heidi Mo from UOB Kay Hian stated, “We believe their growth options appear more exciting compared to the larger industrials… key stock picks include ASL Marine and Marco Polo Marine.”

The capital raised will enable Marco Polo Marine to enhance its operational capabilities and seize emerging opportunities in the O&M sector. As the industry adapts to the evolving geopolitical landscape and prioritises energy security, the company is well-positioned to leverage its expertise and expand its market presence.

With the funds secured, Marco Polo Marine is set to embark on its expansion journey, aiming to strengthen its foothold in the competitive offshore energy market.

SDAI Limited has received shareholder approval to diversify its core business into the biotechnology sector, aiming to capitalise on the rapidly growing anti-ageing market. This decision was confirmed during an extraordinary general meeting held on 30 April 2026.

The biotechnology industry is expanding swiftly, driven by global population growth and advancements in longevity science. The global anti-ageing market, valued at US$80b in 2025, is projected to reach US$137.1b by 2035. In Singapore, this growth is supported by the government’s Research, Innovation and Enterprise 2030 Plan, which will invest S$37b in research over the next five years.

SDAI’s strategic initiatives include a partnership with LiveBeyond for anti-ageing research, the launch of the Bluecode Biotech B-III skincare series, and a joint venture with Hubei Qiai to expand moxibustion products across ASEAN. Executive Chairperson Hao Dongting stated, “The Group is now well positioned to chart a new growth trajectory, following the successful transformation of our business into a biotechnology-focused platform specialising in anti-ageing and healthcare.”

The company aims to establish a first-mover advantage in Asia’s longevity sector and position itself as a leading brand in the anti-ageing industry. With a focus on skin anti-ageing, supplements, and moxibustion health management, SDAI is poised to transform healthy longevity into a scalable consumer offering. Whilst still in the early stages, SDAI is confident in achieving sustainable growth through this diversification.

EY member firms in Singapore have been awarded the Data Protection Trustmark (DPTM) and the Cyber Trust Mark, both valid for three years from April 2026. These certifications, granted by the Infocomm Media Development Authority and the Cyber Security Agency of Singapore respectively, underscore EY’s commitment to robust data protection and cybersecurity practices.

The DPTM certification, a voluntary enterprise-wide recognition, was conferred on six EY entities, including Ernst & Young Solutions LLP and EY Corporate Services Pte Ltd. This certification followed a rigorous third-party audit, reinforcing EY’s data governance and protection standards. “Trust is the foundation of our business,” said Liew Nam Soon, Singapore Managing Partner at Ernst & Young Solutions LLP, highlighting the firm’s dedication to high standards of data protection.

In addition, Ernst & Young Advisory Pte. Ltd. received the Cyber Trust Mark as a Cyber Trust Advocate, the highest tier for organisations with advanced digital maturity or those in regulated sectors. This certification validates EY’s cybersecurity resilience and governance. Nam Soon remarked, “Achieving the Cyber Trust Mark as a Cyber Trust Advocate is a result of the collective efforts of our Singapore and globally managed services teams.”

These certifications not only affirm EY’s investments in data protection and cybersecurity but also enhance confidence among stakeholders, enabling the firm to deliver large-scale and complex engagements securely.