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Chairman Message

Dr Ho Leng Woon

Dear Shareholders,

The global economy in 2018 remained murky. Reports have shown one-third of companies listed on the Singapore Stock Exchange suffered losses in FY 2018.

The AP Oil Group of Companies were likewise not spared, our net profit as a Group decreased by 16% in this financial year. Nevertheless, our staff members have displayed diligence, dedication and enthusiasm under the leadership of the second generation of management. More excitingly, the Group has, in the second half of 2018, successfully secured a number of potential long-term key customers from the USA, Russia and the Middle East, inspiring confidence in our future business.

Businesses in our two China subsidiaries, namely AP Oil Singapore (Shanghai) Ltd and AP Oil Singapore (Chongqing) Ltd, are on the right track. The investment in Chongqing Zongshen Financial Leasing Co. Ltd, has also performed within expectations. The Group’s long-term development strategy to engage in worthy joint ventures and M&A is always in place and continues to progress.

The joint venture in Vietnam, AP Saigon Petro JSC, has successfully rounded off its first decade with a new CEO appointed last year. In Singapore, succession planning in our two fully-owned subsidiaries, A.I.M. Chemical and GB Chemicals, is also underway. As Executive Chairman, my duties, inter alia, include helming succession planning, nurturing and cultivating middle to senior management by inculcating them with corporate culture and values, as well as passing on specialty trade skills and knowhow for the continuing legacy of the Group.

I am elated to announce that the Government has finally approved our development plans at 18 Pioneer Sector 1, with the land lease extension of further 20 years. We will spend about S$14 million in building new factory, warehouse, office premises, upgrading production lines, setting new laboratory and adding R&D equipment. Building works are scheduled to reach completion by August 2019. This upcoming building shall become the new headquarters of the AP Oil Group.

The Board of Directors have decided that dividend for FY 2018, remains the same as last year, at S$0.50 cents per ordinary share. We offer our heartfelt gratitude to all shareholders, business partners and friends for the love and support extended to the AP Oil Group over the years.


2018 年世界经济的天空仍然乌云阴霾,石油行业的海洋更是波涛汹涌。据报道这一年新加坡的上市公司之中有三分之一蒙受亏损。

我们集团的净利润也下滑了16%,然而,在新一代管理层的带领下,公司上下员工都表现得非常积极, 兢兢业业,干劲十足。更值得庆幸的是2018 年下半年,集团陆续迎来美国、俄罗斯与中东数个愿意长期合作的大客户,让我们对接下来的业务满怀信心。


越南联营企业进入第十个年头,去年中新聘了一位总裁,完成交替接棒工作。同时,在新加坡的两个全资子公司A.I.M. 与GB 化工之接班人的物色也在进行中。身为执行主席,我除了引领企业传承计划外也积极参与培养中高层管理干部的工作,从灌输企业文化精神,传授专业知识方面着手以协助集团的将来可持续发展。

在这里我也很高兴的告诉大家,政府终于批准了集团在18 Pioneer Sector 1 的发展计划。土地使用期延长20 年,我们将耗资新币约1400万建新工厂, 提升生产流线设备与设立新实验室添购研究仪器, 增建码头油库。工程将在2019 年八月竣工,预计十月可以乔迁,新的办公楼,将成为集团总部。

董事部决定2018 年与往年一样,颁发每股普通股0.50 分的现金股息。我们衷心感激全体股东合作伙伴及各界人士多年来对集团的爱护与支持。

My best wishes,