Industry News

NetLink NBN Management Pte. Ltd., the Trustee-Manager of NetLink NBN Trust, announced a decline in its EBITDA to $69.1m for the first quarter of the financial year 2027, ending 30 June 2026. This represents a $2.8m decrease from the same period last year, attributed to higher operating expenses.

The company’s total revenue for Q1 FY27 fell by $1.5m year-on-year, primarily due to a reduction in non-Regulated Asset Base (RAB) revenue. This decline was driven by lower installation-related revenue, although it was partially offset by an increase in ancillary project revenue. Despite stable RAB revenue, the overall financial performance was impacted by these factors.

Profit After Tax (PAT) also saw a significant decrease, dropping by $5.2m, largely due to increased depreciation from a larger asset base. As of 30 June 2026, NetLink NBN Trust reported 1,519,269 residential connections, 51,459 non-residential connections, 3,603 NBAP connections, and 4,330 Segment connections. Whilst residential connections remained stable, non-residential connections experienced a decline due to end-user churn among Requesting Licensees.

NetLink NBN Trust, which plays a crucial role in Singapore’s Nationwide Broadband Network, continues to provide extensive fibre network infrastructure across the region. The Trust was listed on the Singapore Exchange in July 2017 and is part of several key indices.

Knight Frank Singapore has announced the sale of a freehold corner building at 188L Tanjong Katong Road through an Expression of Interest (EOI) exercise. The five-storey property, featuring a student hostel and restaurant, is strategically located in the evolving Tanjong Katong–Dakota precinct, offering significant investment potential.

The building occupies a 2,300 sq ft plot with a floor area of 9,330 sq ft. Its dual-use approval allows for restaurant operations on the ground floor and student accommodation on the upper levels. This flexibility, combined with its prominent corner location, makes it an attractive proposition for private capital, family offices, and accommodation operators.

The area is witnessing substantial growth, bolstered by major residential projects like Grand Dunman and Tembusu Grand, which are expected to increase demand for local amenities. Additionally, the precinct benefits from new infrastructure such as the THK Nursing Home and proximity to the Paya Lebar commercial hub, enhancing its appeal.

Dayna Ang, Senior Manager at Knight Frank Singapore, highlighted the scarcity of such assets, stating, “Freehold accommodation assets with existing student hostel and restaurant approvals are exceptionally scarce, particularly within established city-fringe locations where future supply is inherently constrained.”

The property offers opportunities for asset enhancement, including façade upgrades and introducing lifestyle concepts to cater to the growing residential population. The EOI exercise closes on 16 September 2026, with a guide price set at $23.8m.

CheckPointSpot Pte. Ltd., a Singapore-based subsidiary of the CheckPointSpot group, has announced a strategic partnership with IM3 Holdings Co., Ltd. to introduce its integrated sports timing solutions and event technology ecosystem in Myanmar. This move marks a significant step in CheckPointSpot’s strategy to expand its presence across Southeast Asia.

The partnership aims to streamline the management of endurance sports events, which are becoming more complex and data-driven. By integrating various aspects of event operations—such as registration, timing, and race results—into a single digital platform, CheckPointSpot seeks to eliminate operational inefficiencies and improve the participant experience.

Benjamin Yeow, CEO of CheckPointSpot Pte. Ltd., and Phyo Myint Han, Managing Director of IM3 Holdings, formalised the partnership, which is expected to support the growth and professionalisation of endurance sports in the region. Yeow stated, “Our integrated platform supports the end-to-end event journey, ensuring data accuracy and operational transparency.”

The platform offers features such as online registration, biometrically secured race pack collection, precision race timing, AI-powered race verification, and post-event analytics. These capabilities aim to provide organisers with a seamless experience, allowing them to manage every stage of an event efficiently.

This expansion into Myanmar is part of CheckPointSpot’s broader strategy to strengthen its regional presence and support the growing demand for advanced event technology solutions in emerging markets.

Retail sales in Singapore experienced a 4% increase in June 2026 compared to the same month last year, according to the latest figures from the Retail Sales Index. This growth follows a 2.9% rise in May 2026. Excluding motor vehicles, parts, and accessories, retail sales rose by 4.1%, continuing the upward trend from May’s 3.6% growth. The total retail sales value for June was estimated at $4.2b, with online sales accounting for 16.4% of this figure.

The increase in retail sales was driven by significant year-on-year growth in industries such as recreational goods and watches and jewellery, which saw sales rise by 11.4% and 10.5% respectively. However, department stores and retailers of wearing apparel and footwear faced declines of 9.5% and 1.7% respectively.

Conversely, the Food & Beverage Services Index reported a 2.3% decline in sales for June 2026 compared to the previous year. This marks a reversal from the 0.1% growth observed in May 2026. The total sales value for food and beverage services was approximately $1.5b, with online sales making up 20.2% of this total.

Within the food and beverage sector, food courts and other eating places, as well as cafes, experienced sales declines of 5.4% and 5.1% respectively. Restaurants also saw a 2% decrease. In contrast, food caterers and fast food outlets reported increases of 4.4% and 0.7% respectively.

These figures highlight the contrasting trends within Singapore’s retail and food and beverage sectors, with retail sales continuing to grow whilst food and beverage services face challenges. The data underscores the evolving consumer preferences and the increasing role of online sales in both sectors.

Asia Enterprises Holding Limited, a key distributor of steel products in Singapore and the Asia-Pacific, reported a revenue of S$11.9m for the first half of 2026, marking a 32% decrease from the previous year. Despite the revenue drop, the company achieved a 22% increase in gross profit, reaching S$3m, and improved its gross profit margin to 25.1% from 14.0% in 1H2025.

The company attributed its financial resilience to disciplined sales strategies, prudent inventory management, and cost control measures. Yvonne Lee, Managing Director of Asia Enterprises, highlighted the challenging global steel market, characterised by weak demand and overcapacity, as a backdrop to these results.

Asia Enterprises’ net profit rose to S$0.3m, bolstered by a favourable product mix and contributions from its associate, GKE Metal Logistics Pte Ltd. Earnings per share increased by 125% to 0.09 pence.

The company’s financial position remains robust, with S$59.1m in cash and no borrowings. Singapore accounted for 72% of total revenue, whilst sales in Indonesia and Malaysia saw declines due to reduced newbuild activities.

Looking forward, Asia Enterprises anticipates continued market volatility but sees potential in specialised metals warehousing and logistics through GKE Metal Logistics. The company plans to maintain a cautious approach to cost and inventory management whilst exploring investment opportunities.

Ever Glory United Holdings Limited has reported a remarkable 177.5% increase in net profit for the first half of 2026, reaching S$12.7m. This surge is attributed to a significant rise in revenue and strategic business expansions. The company’s revenue soared by 200.1% to S$103.2m, whilst gross profit expanded by 184.7% to S$21.5m during the same period.

The company achieved a 208.1% increase in net profit after tax, amounting to S$14.1m, when excluding one-off expenses related to its SEHK IPO listing. A notable highlight is Ever Glory United’s order book, which has surpassed S$1b, marking a historical high for the company.

CEO and Executive Director Xu Ruibing commented on the results, stating, “Surpassing the S$1b order book threshold, alongside a 177.5% jump in net profit to S$12.7m, reflects the operational strength of our enlarged platform and the synergies now coming through from integration. The acquisition of Guthrie Engineering has delivered immediate scale, positioning us to secure mission-critical national contracts — including our entry into defence infrastructure with DSTA.”

The acquisition of Guthrie Engineering has been pivotal, providing Ever Glory United with the scale needed to secure significant national contracts, including ventures into defence infrastructure. This strategic move has been instrumental in driving the company’s impressive financial performance in the first half of the year.

Looking ahead, Ever Glory United is poised to continue leveraging its expanded capabilities and robust order book to sustain its growth trajectory. The company’s strategic focus on integration and securing high-value contracts is expected to further enhance its market position.

Rex International Holding Limited has announced a significant turnaround in its financial performance for the first half of the fiscal year 2026, reporting a profit after tax of US$84.04m. This marks a stark contrast to the US$29.65m loss recorded in the same period last year. The improvement is largely attributed to the deconsolidation of Lime Petroleum Holding Group, which resulted in a one-off gain of US$144.72m in Other Income.

The deconsolidation, effective from 10 April 2026, involved removing Lime Petroleum and its subsidiaries from Rex’s financial statements. Despite this, Rex’s revenue from the sale of crude oil and gas reached US$62.75m, although this was a decrease from the US$154.29m reported in the first half of 2025. The adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) also fell to US$20.75m from US$67.49m in the previous year.

Rex’s CEO, Per Lind, highlighted the company’s ongoing focus on its drilling programme in the Yumna Field, Oman, aimed at boosting production. He stated, “The revised start date of the drilling programme will be updated in due course.”

As of 30 June 2026, Rex’s cash, cash equivalents, and quoted investments totalled US$19.14m, a decrease from US$56.25m at the end of 2025. The company plans to continue monitoring global energy market developments and will update shareholders on any significant changes to its operational plans.

Soon Hock Enterprise Holding Limited has announced a remarkable financial turnaround, reporting a net profit after tax (NPAT) of S$19.3m for the first half of 2026. This marks a significant improvement from a net loss of S$1.4m in the same period last year. The surge in profitability is attributed to the completion of the Stellar@Tampines project, which contributed S$140.7m to the company’s revenue.

The company’s total revenue for the period reached S$142.6m, an 87.7-fold increase from S$1.6m in 1H2025. This growth was primarily driven by the property development segment, with Stellar@Tampines playing a pivotal role following the issuance of its final Temporary Occupation Permit in February 2026. The property investment segment also saw a modest rise, generating S$1.9m compared to S$1.6m the previous year.

Gross profit soared to S$44.6m, although the gross profit margin dipped to 31.3% from 36.8% due to a shift in revenue mix. Increased expenses, including S$18.6m in sales commissions and S$2.2m in administrative costs, were partially offset by reduced finance costs and gains from property divestments.

Looking ahead, Soon Hock Enterprise is progressing with its Skye@Tuas development, expected to partially complete by early 2027. The company is also enhancing its investment property portfolio, with plans for a workers’ dormitory at 20 Shaw Road. CEO Walter Tan Min Loon emphasised the company’s commitment to delivering quality industrial developments, stating, “The completion of Stellar@Tampines and its impact on our performance underscores our ability to execute and deliver quality industrial developments.”

Cushman & Wakefield has announced the appointment of Zeïna Henni as the head of Project & Development Services in Singapore. Henni, a seasoned expert in construction project management and life sciences, joins the firm from Life Science Incubator, where she served as Director & General Manager. Her extensive experience includes overseeing capital works programmes and developing specialist life sciences facilities in Singapore and Australia.

Henni’s career spans more than 25 years, with 18 years spent in Singapore. She has successfully led complex commercial, hospitality, and mixed-use developments. Her expertise covers strategic planning, capital delivery, and operational requirements for technical research environments. Henni has also advised occupiers, developers, and investors on major capital investment decisions.

Natalie Craig, Chief Executive for Singapore & Southeast Asia at Cushman & Wakefield, expressed enthusiasm about Henni’s appointment, stating, “She brings a wealth of experience, strong leadership and a proven track record of delivering complex projects across a range of sectors.”

Henni succeeds Grant Carter, who has transitioned to a regional leadership role within the company. Tom Gibson, President of Project & Development Services for APAC & EMEA, highlighted the importance of Henni’s role, noting that clients value specialist expertise combined with local market understanding.

Cushman & Wakefield’s Project & Development Services is a core service line, offering integrated services such as development advisory, project management, and sustainability. The firm, with approximately 53,000 employees worldwide, reported a revenue of $10.3b in 2025.

MetaOptics Ltd, a Singapore-based semiconductor optics company, has announced the withdrawal of its Nasdaq listing application, effective 7 August 2026. This strategic move aligns with the company’s focus on its core market and customers in the United States. The decision comes amid geopolitical uncertainties, technological disruptions, and increased competition for capital, which have affected the US capital markets’ stability and fundraising potential.

The company’s Executive Chairman, Thng Chong Kim, emphasised that the Nasdaq dual listing was a means to an end, not the end itself. MetaOptics remains well-capitalised and is concentrating on converting its customer pipeline into purchase orders and expanding its metalens production capacity. The company continues to strengthen its US presence through its subsidiary, MetaOptics Inc USA, and plans to deploy a Direct Laser Writer at the University of Arizona’s Centre of Semiconductor Manufacturing.

Despite the withdrawal, MetaOptics is advancing its business momentum, focusing on mass production capabilities and the adoption of metalens technology in consumer devices. The company has seen early demand for its second-generation pico projector and has begun shipping design-evaluation orders of its metalens products to customers in Europe, Japan, and the Philippines.

MetaOptics remains listed on the Catalist board of the Singapore Exchange and does not expect the withdrawal to materially impact its financials. The company may revisit an international dual listing when market conditions improve.