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Chairman Message

Dr Ho Leng Woon

Dear Shareholders,

In 2020, COVID-19 has infected almost 100 million people and claimed nearly 2 million lives worldwide. The economies of Europe and the United States were battered badly while the economy of Singapore contracted by 5.4%.

AP Oil recorded an after-tax profit of $2,153,000 despite a 9% revenue decrease to $57,419,000 in FY2020.

In the face of major crises throughout the last few decades (the economic depression in 1986, Asian financial crisis in 1998, and the US financial turmoil in 2008), AP Oil stayed true to its founding values and averted retrenchments in a manner befitting a responsible, long-standing local establishment. Notwithstanding acute economic pressure, we prioritized hiring as many local employees as possible in fulfilment of our social obligations.

Given the historically unprecedented scale of this pandemic, it is envisaged that the impact and fallout of COVID-19 on general activity norms and the world economy will linger for several years. We are well prepared for opportunities amid crises. The Group will make corresponding adjustments in business policies over the short to medium-term, focusing extensively on flexibility in formulating strategies. It is synonymous with our long-term goal of ensuring AP Oil stays relevant in an ever-evolving market and growing value via business alliances, mergers and acquisitions. These will continue to be the strategic directions for the future growth of the Group.

The increasing trend of electric vehicles will reduce demand of automotive engine oils. This foreseen impact has been factored into our medium and long-term plans as we make relentless efforts in search of niche markets and new business opportunities. Meanwhile, our two wholly owned subsidiaries, A.I.M Chemical and GB Chemicals, will continue to focus on organic growth of specialty chemical products and related services.

For FY2020, the Group is pleased to announce a dividend of 0.50 cent per share. We are deeply grateful to all shareholders and business partners for their concern and continued support for the Group.


新冠病毒在2020年感染了全球近億人口,奪走了二百多萬條生命。在這場世紀瘟疫肆虐下,歐美各國經濟都呈現負增長, 新加坡經濟也下挫了5.4%。







My very best wishes,