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营运总结报告

Performance by Business Segments

All business segments of the Group stayed profitable in FY 2020.



Manufacturing

Manufacturing segment accounted for 59.0% or S$33.7 million of the Group’s revenue in FY2020 (FY2019: 52.5%, S$33.0 million). Manufacturing comprises mainly blending of lubricating oil and specialty chemicals.

For lubricating oil, AP Oil Group operates three blending plants: two wholly owned in Singapore and one in a Vietnam joint venture (AP Saigon Petrol) – these plants produce a wide range of lubricants for automotive, industrial and marine applications. Our lubricants are marketed mainly under the brand name of “AP Oil” and “SIN-O”.

For specialty chemicals, these are produced by two of our wholly owned subsidiaries namely A.I.M. Chemical Industries and GB Chemicals.


Franchising

Franchising segment recorded revenue of S$2.3 million or 4.1% of the Group’s revenue for FY2020 (FY2019: 6.2%, S$3.9 million).

Our franchising programs include design of plant and machinery, setting up of laboratory, technology transfer, product formulation, staff training, use of our trademarks, etc. FY2020 revenue comprised mainly sale of raw materials to our franchisees for producing lubricants under our brand name “SIN-O”.

 

 
Trading

Trading segment covers purchase and sale of raw materials used for lubricants and specialty chemicals manufacturing, namely, base oil, chemicals and finished products purchased from third party.

This segment accounted for 37.0% or S$21.1 million of the Group’s revenue in FY2020 (FY2019: 41.3% or S$25.9 million). The lower year on year revenue was mainly from lower base oil and finished product sales.


 

Performance by Geographical Markets

AP Oil Group exports a full range of lubricants and specialty chemicals to customers in some 20 countries. Main markets in FY2020 were Singapore, United Arab Emirates (UAE), Indonesia, Myanmar, Sri Lanka and China.

Singapore was the largest market, recording 55.1% of the Group’s revenue for FY2020. Sales in Singapore decreased by S$4.9 million to S$31.5 million – this includes marine lubricants sold to foreign customers but delivered to vessels calling at the Singapore port, and specialty chemicals sold to Singapore-based multinational companies for export.

Sales to UAE, was the second largest market contributing 17.5% or S$10.0 million to the Group’s revenue in FY2020. This was followed by Indonesia with 3.5% or S$2.0 million to the Group’s revenue in FY2020.

In aggregate, Myanmar, Sri Lanka, China and Vietnam accounted for 11.2% or S$6.4 million of the Group’s revenue in FY2020. Other markets made up the balance of 12.7% or S$7.3 million of the Group’s revenue in FY2020.