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Chairman Message

Dr Ho Leng Woon

Dear Shareholders,

The Covid-19 pandemic worsened in 2021, claiming cumulatively more than five million lives and battering economies globally. The situation in Singapore has been relatively well-controlled and the economy recovered moderately to growth of 7.5% in 2021 from contraction of 5.4% in 2020.

Total turnover of AP Oil Group in the financial year 2021 (“FY2021”) decreased slightly by 3% from the previous year to S$55,614,000. Full-year profit after tax, however, increased by 27% to S$2,741,000.

In view of ongoing travel restrictions, we had to adopt remote management practice for our joint ventures and subsidiaries overseas in Ho Chi Minh City, Shanghai and Chongqing during the past two years. Despite the challenges, AP Saigon Petro JSC remained profitable and continued to distribute dividends.

Given the challenging macro-economic environment, namely confrontational politics between two of the largest economies of the world, regional geopolitical turmoil, as well as continual coronavirus strain mutations and fallouts, the outlook for 2022 remains murky and highly uncertain. Rising international raw material prices and severe manpower shortage in Singapore will also directly impact the Group’s manufacturing activities.

In view of these, our corporate strategy for the next few years will be to focus on profitability through strengthening our existing market bases and selectively foray into niche markets. With funds accumulated over the years, we are in a strong position to continually seek new business opportunities and pursue our long- term development policy. The planning and executive oversight of the business policy and strategy of the Group is part of my responsibilities as Group Executive Chairman.

The succession plan of independent directors of the board has been completed. We are pleased to have two highly qualified and experienced professionals, Mr Mah How Soon and Mr Wan Kum Tho onboard. We would also like to express our gratitude to our former independent directors, Mr Tan Woon Hum and Mr Quah Ban Huat, for their invaluable contributions.

AP Oil Group is honored to receive the Most Transparent Company Award (Runner Up) from the Securities Investment Association of Singapore (SIAS). This is a significant recognition and encouragement for us to scale greater heights in terms of corporate governance and public relations to our shareholders and stakeholders.

The board of directors has proposed to increase the dividend from half a cent per ordinary share for the financial year 2020 (“FY2020”) to one cent per ordinary share for FY2021 to thank our shareholders. I am grateful particularly to our loyal shareholders and friends for their continual support and concern throughout all these years.

全球冠病在 2021 变本加厉,累计夺走了五百四十万条生命,也重创了经济。新加坡的疫情相对控制较好,经济从 2020 年的负 5.4% 稍微恢复,取得7.5% 的增长。

2021 财政年度环球石油集团的营业总额为5,561 万新元,比上年微降 3%。不过全年税后盈利增加了27% 报 274 万新元。

疫情下,集团在胡志明市,上海以及重庆的联营企业与子公司,我们已两年未能亲身前往,只能远程遥控。庆幸的是越南联营 AP SAIGON PETRO JVC 过去每年都有盈利并分发股息。

宏观全球经济大环境,中美两大国的对抗,地缘政治动荡,冠病毒株的变异,估计 2022 年的商业气候仍然是乌云密布,充满变数。国际市场原料价格上涨以及新加坡人力资源短缺也将直接影响集团的制造业活动。



2021 年集团也很荣幸获得新加坡证券投资协会(SIAS)颁发的最透明公司奖(亚军)。这将鼓励我们努力在公司管治以及股东和利益相关者在公关方面的工作做得更好。

董事部建议把 2021 年度的股息从上年度的每股新币半分调高到每股新币一分,在艰难年分酬感谢股东。我本人尤其对许多忠心的股东朋友们多年的支持与爱戴深深感激。


My very best wishes,