The geopolitical landscape remained volatile in 2024. The Russia-Ukraine conflict and war in the Middle East disrupted the global economic order. International trading activities faced significant obstacles, while inflationary pressures continued to rise worldwide. Despite these external challenges, Singapore as well as our AP Oil Group demonstrated extraordinary resilience over the past year.

 

Singapore’s economic growth surged from 1.1% in 2023 to 4.4% in 2024, underscoring the nation’s robust adaptability. Our Group achieved an 18% increase in total revenue, a 27% rise in gross profit, and a staggering 293% growth in net profit after tax compared to the previous year.

 

Our two wholly-owned chemical subsidiaries, as well as joint ventures in Ho Chi Minh City, Vietnam, and Chongqing, China, all delivered healthy profits. As part of our long-term strategy to deepen our presence in China’s lubricant market, our subsidiary AP Chongqing commenced construction of a lubricating oil blending plant in Banan District, Chongqing, in December 2024. The facility is scheduled for completion in the first quarter of 2025 and operational by the second quarter, further enhancing our market competitiveness.

 

Looking ahead to 2025, the global business climate remains cloudy and murky. Unilateral sanctions and escalating tariff wars continue to disrupt economic growth worldwide, posing significant challenges to Singapore’s trade-dependent economy and our Group’s business operations. We will remain agile in responding to evolving circumstances while striving to identify new business opportunities amid crises. Concurrently, the Group will adjust its short to medium-term business plans and strategies accordingly.

 

As the saying goes, “He who has ample provisions in hand, does not panic”. Our healthy balance sheet provides confidence and a solid foundation to navigate adversity. The management will continue to uphold a cautiously optimistic approach, ensuring the Group remains resilient in the face of a turbulent business environment.

 

Finally, I am pleased to announce that the Board has proposed a dividend of 0.5 cents per share for 2024 in recognition of our shareholders’ long-standing support. We remain committed to creating sustained value for shareholders and building an even stronger foundation for the Group’s long-term growth.

 

Thank you, and best wishes to all!

 

 

尊敬的各位股东、合作伙伴及朋友们：

2024年，地缘政治局势依然动荡不安。俄乌冲突和中东战事，扰乱了全球经济秩序。国际贸易活动受到严重阻碍，各国的通货膨胀压力持续攀升。然而，尽管外部环境充满挑战，新加坡及环球集团在这一年中展现了非凡的韧性。

新加坡的经济增长从2023年的1.1%显著提升至2024年的4.4%，显示我国经济的强大适应能力。我们集团在这一年的总收入增长了18%，毛利润上升27%，税后净利更是比上一年大幅增加了293%。

集团属下的两家全资化工子公司，以及在越南胡志明市和中国重庆的金融联营企业，均实现了健康的盈利。在中国的长期发展策略布局上，为了深耕润滑油市场，子公司重庆新环于2024年12月在重庆市巴南区启动了润滑油调配厂的建设工程，预计将在2025年第一季度完成，第二季度投产，新工厂将进一步提升我们在中国润滑油市场的竞争力。

展望2025年，全球商业环境依然充满不确定性。单边主义的制裁措施和不断升级的关税战，继续干扰和破坏全球经济发展，对依赖国际贸易的新加坡经济和我们集团的业务构成了严峻挑战。我们将随时局变化灵活推出应对措施，同时努力从危机中寻找新的商机。与此同时，集团也会相应调整中短期的经营计划和策略。

正如古语所言：“手中有粮，心不慌”，集团良好的财务状况为我们应对逆境提供了强大的信心和坚实的保障。管理层将继续秉持谨慎乐观的经营原则，确保集团能应付动荡商业环境的严峻挑战。

最后，我非常高兴地向各位股东宣布，董事部已议决2024年每股分发半分股息，以酬谢股东们长期的厚爱与支持。我们将继续努力，为股东创造更多价值，并为集团的长期可持续发展奠定坚实的基础。