Oceanus Group (579) H2 2024 earnings summary

Executive summary

• FY2024 revenue fell 16% to SGD 290.6m amid global headwinds and streamlining of media, fruit trading and beverage B2C e-commerce, with investment redirected toward food security and technology.

• Returned to net profit of SGD 1.4m, supported by a SGD 7.615m gain on loss of control of Oceanus Media Global; operating cash flow was SGD 8.17m.

Financial highlights

• Revenue SGD 290.611m vs SGD 344.277m; gross profit SGD 20.3m, down 20% YoY; operating profit SGD 2.5m, up 327% YoY.

• Consolidated net profit SGD 1.371m vs net loss SGD 2.244m; basic and diluted EPS were SGD 0.01 cents vs loss per share of SGD 0.01 cents.

• Total assets SGD 175.1m, down 5% YoY; liabilities SGD 111.4m, down 10%; net asset value per share reported at SGD 0.22 cents.

• Cash and cash equivalents ended at SGD 9.8m vs SGD 19.0m; operating cash flow was SGD 8.17m vs cash used of SGD 8.53m.

Outlook and guidance

• ODIN is evolving as Oceanus Digital Intelligence Network, embedding AI in trade facilitation, payments, financing and supply-chain optimization to improve speed, visibility and risk mitigation.

• Expansion into North America and the Americas aims to broaden commodity sourcing, trade opportunities and ODIN’s reach, leveraging the region’s food supply and technology ecosystems.

• Strategic priorities center on technology-enabled cross-border trade, diversified sourcing and distribution, and stronger food-supply resilience across Asia and beyond.