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Performance by Business Segments


Manufacturing segment accounted for 39.9% or S$31.3 million of the Group’s revenue in FY 2018 (FY 2017: 45.2%, S$41.6 million). Manufacturing comprises mainly blending of lubricating oils 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 segment recorded revenue of S$9.3 million or 11.9% of the Group’s revenue for FY 2018 (FY 2017: 14.5%, S$13.3 million).

Our franchising programs include designs of plant and machinery, the setting up of laboratory, technology transfer, product formulation, staff training, use of our trademarks, etc. FY 2018 revenue comprised mainly of raw materials sale to our franchisees for producing lubricants under our brand name “SIN-O”.



Trading activities cover 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 48.2% or S$37.8 million of the Group’s revenue in FY 2018 (FY 2017: 40.3% or S$37.1 million).


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 FY 2018 were Singapore, Vietnam, United Arab Emirates (UAE), China, Philippines, and Malaysia.

Singapore was the Group’s largest market, recording 55.2% of the Group’s revenue for FY 2018. Sales in Singapore decreased by S$8.3 million to S$43.3 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 Vietnam, the second largest market contributed 10.3% or S$8.1 million to the Group’s revenue in FY 2018. This was followed by UAE with 9.4% or S$7.4 million to the Group’s revenue in FY 2018.

In aggregate, China, Philippines and Malaysia accounted for 10.2% or S$8.0 million of the Group’s revenue in FY 2018. Other markets made up the balance of 14.9% or S$11.6 million of the Group’s revenue in FY 2018.