AP Oil International (5AU) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 18% YoY to S$54.723m, gross profit increased 27% to S$9.823m, and net profit after tax grew 293% to S$2.055m.

• Manufacturing and specialty chemicals led the improvement; wholly owned chemical subsidiaries and joint ventures in Vietnam and China recorded healthy profits.

Financial highlights

• Revenue was S$54.723m vs S$46.217m; gross profit S$9.823m vs S$7.713m; profit before tax S$2.229m vs S$0.662m.

• Net profit after tax was S$2.055m vs S$0.523m; basic and diluted EPS rose to 1.25 cents from 0.32 cents.

• Other gains were S$0.931m vs S$0.387m; other losses and charges were S$0.601m vs S$0.044m.

Outlook and guidance

• FY2025 outlook remains uncertain amid escalating protectionist tariffs, retaliatory measures and sanctions; plans and strategies will be adjusted as conditions evolve.

• Management expects an unpredictable start to 2025 and plans to build on FY2024 manufacturing performance while balancing agility with prudence.

• Chongqing blending plant construction is scheduled for completion in Q1 2025 and operations to begin in Q2 2025.