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AP Oil Group will celebrate a remarkable milestone – 50th anniversary in 2025. To mark this joyful occasion, the Group has made a one-off special donation of $500,000 to Nanyang Technological University in the last quarter of FY2024. This donation will support financially needy students who meet the eligibility criteria under the University’s Enhanced Financial Aid Scheme, helping to empower the next generation of leaders and innovators in their academic pursuits. The Group is proud to contribute to a brighter future for students and advancing education in our community.
Performance by Operating Segments
Manufacturing
In FY2024, manufacturing segment represented 70% or $38.4 million (FY2023: 67% or $30.9 million) of the Group’s revenue. Manufacturing segment comprises mainly blending of lubricating oils and specialty chemicals.
The Group operates three blending plants for its lubricating oil business with two wholly-owned in Singapore and one joint venture in Vietnam (AP Saigon Petro JSC). The plants produce a wide range of lubricants for automotive, industrial and marine applications. The Group currently holds two main brands for its lubricant business – “AP Oil” and “SIN-O”.
Specialty chemicals are produced by two of the Group wholly-owned subsidiaries that is A.I.M. Chemical Industries Pte Ltd and GB Chemicals Pte Ltd.
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Trading
Trading segment includes purchase and sale of manufacturing raw materials for lubricants and specialty chemicals of which mainly base oils, chemicals together with finished goods products purchased from third parties.
Trading segment accounted for 30% or $16.3 million (FY2023: 33% or $15.3 million) of the Group’s revenue for FY2024.
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Performance by Geographical Markets
AP Oil Group exports a full range of lubricants and specialty chemicals to customers from more than 20 countries. Main markets in FY2024 were Singapore, countries in South East Asia, Middle East, East Asia and Indian Subcontinent.
Singapore was the Group’s largest market, recording 63% (FY2023: 63%) of the Group’s revenue for FY2024. Sales from Singapore increased by $5.1 million from $29.3 million to $34.4 million mainly as a result of higher manufactured lubricants sales.
Sales to South East Asia (excluding Singapore), was the second largest market contributing 13% or $7.1 million (FY2023: 13% or $5.9 million) to the Group’s revenue in FY2024. This was followed by Middle East with 10% or $5.3 million (FY2023: 10% or $4.5 million) to the Group’s revenue in FY2024.
East Asia and Indian Subcontinent accounted for 8% or $4.4 million (7% or $3.2 million) and 4% or $2.0 million (FY2023: 6% or $2.6 million) respectively in FY2024. Other markets made up the balance of 2% or $1.5 million (FY2023: 1% or $0.7 million) of the Group’s revenue in FY2024.
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