Dear Shareholders, Business Partners, Colleagues, and Friends,

 

AP Oil (formerly Huan Chew Oil) was founded on December 24, 1975. In 2025, we celebrate our 50 years Golden Jubilee.

 

From a small trading distributor, we ventured into manufacturing sector in 1981 and established Singapore’s first locally owned lubricant blending plant. With the success of internationalization, we built and promoted our own brands (Apoil and SINO) and expanded our market regionally, across the Asia-Pacific, and worldwide.

 

Today, the Group operates four factories in Singapore, one in Vietnam, one in China, and two franchise plants in Bangladesh. These eight factories manufacture and market our full range of products.

 

Our customers span over twenty countries, including the United States, Japan, Switzerland, Greece, Australia, China, and ASEAN countries. The world’s largest paper manufacturer (APP) has been using our SINO products as its designated specialty oils for 30 years.

 

Throughout 50 years journey of growth, we are deeply grateful for the unwavering support and cooperation of government agencies, banks, suppliers, shareholders, and customers, as well as the dedication and hard work of our employees. Without you, AP Oil would not be where we are today.

 

First, we would like to thank DBS Bank for its 47 years of support, and Afton for 45 years of technical collaboration. Enterprise Singapore (ESG, formerly TDB) has provided strong support and funding as we expanded into overseas markets, developed franchising programme, branding and production automation.

 

At our 50th anniversary gala dinner, we presented appreciation awards to a local customer of 50 years, two overseas agents with more than 30 years of partnership, and colleagues who have served for over 20 years.

 

Reflecting on our 50-year journey, Confucius said, “At thirty, one has established himself; at forty, one is free from doubts; at fifty, one understands and embraces his destiny.” In 2001 (our 26th year), AP Oil public listed on the stock exchange, marking the establishment of our enterprise. At 50, we may say we have come to

understand our corporate duties and social responsibility.

 

AP Oil is a medium sized company. Guided by our corporate values of diligence, integrity, loyalty, and harmony, we strive to build the Group into a good and exemplary enterprise.

 

In our 50-year history, we have been profitable for 49 years. Both the parent company and our overseas subsidiaries strictly adhere to legal and tax compliance. Singapore Customs & Excise Dept awarded us the “Friend of Customs” plaque in recognition of our compliance. Before and after public listing, we have consistently distributed annual dividends to shareholders that are significantly higher than bank deposit interest rates.

 

The Group adheres to ESG principles, actively protects the environment, and promotes sustainable development. We care for employee welfare and provide a comfortable and good working environment. AP Saigon had been recognized as one of Vietnam’s Top 100 Best Workplaces.

 

For decades, both personally and corporately, we have consistently participated in community service and charitable activities. Singapore’s overseas consulates have recommended clients to us on numerous occasions. We take pride in the integrity and good reputation we have built both locally and internationally.

 

The Group’s parent company completed its succession plan ten years ago. I am hopeful that in the next fifty years, under the leadership of new management team, AP Oil Group will continue to thrive and achieve greater

heights with more success.

 

My best wishes!