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Chairman Message

Dr Ho Leng Woon

Dear Shareholders,  Business Partners and Friends,

The COVID-19 pandemic has catastrophically disrupted global economic activities, while the outbreak of the Russia-Ukraine War led to the soaring of global energy prices and contestations between the two largest economies in the world have continuously intensified. The military  conflict  in the Middle  East, at the end of 2023, further  exacerbated the situations, causing blockage in the Red Sea shipping lanes and disruptions to the world supply chain.
As a result, the global economy has been shrouded in uncertainty, fraught with crises and daunting challenges. Singapore’s economic growth slowed down from 3.8% in 2022 to 1.1% in 2023. The Group’s annual revenue in 2023 decreased by 24%, year on year, and the  net  profit after tax was halved.
Moreover, rapid advancements in technologies, such as artificial  intelligence,  robotics, electric  vehicles, renewable energy and digitization, in recent years, have brought about profound  game changers in the world economic activities, particularly impacting small and highly internationalised countries like Singapore.
Accordingly, the Group has timely revised our business strategies and development  plans. In addition  to short-term focus on enhancing financial performance, medium-term development  plans will also be adjusted annually. Business alliances, mergers and acquisitions remain key long-term objectives and growth strategies for the Group.
To address potential  challenges in Group’s future business development, many steps and measures have already taken shape. For instance,  the Group’s five  diversified  production  bases (three factories producing lubricants, two factories producing chemicals) will function well in the next global pandemic with undisrupted  customer supply. The spacious office premises of our headquarters have demonstrated the advantages during distancing/isolation measures amid the COVID-19 pandemic.
With awareness of the impact of electric vehicles on the demand for motor oils, we have focused on developing industrial oils. At the same time, we have also prudently utilized  some of our ample internal funds to invest in related industries with growth potential  and a start-up engaged in sustainable future green energy.
The Management fully  understands that there are opportunities  amid crises, and challenges can spur us to strive for excellence and forge ahead. As the saying goes, kites rise highest against the strong wind, not with it.
The Board of Directors has proposed to set the dividend for financial  year 2023  at half a cent per ordinary share, as in the previous year. We are deeply grateful to shareholders, business partners and friends for your support throughout all these years.

百年未遇的冠病彻底扰乱了全球经济活动,2022年初爆发的俄乌战争令世界能源价格飙升,中美两大经济体的对抗不断加剧。 2023 年底爆发的中东军事冲突,红海航道受阻,供应链中断。

世界经济大气候因此阴霾密布,充满危机和严峻挑战。 新加坡的经济增长从 2022 年的 3.8%,下降到 2023 年的 1.1%。 2023 年,环球石油集团年比总营收少了 24%,税后利润则减半。

除了这些全球大规模天灾人祸,近年来科技的发展日新月异,如人工智能、机械人、电动车、新能源、数字化等等,使世界经济发展的变化几乎是翻天覆地,对像新加坡这个高度国际化小 国的影响更是彻底。

这几年,集团实际上已经逐步在调整企业发展策略,经营计划。 除了短期专注促进财务表现外,三五年中期的发展计划也会相应逐年加以调整。 商业联盟和并购仍旧是集团长期的主要目标与增长策略。

应对未来经济发展可能的挑战,集团的布局许多已经成形实现了,如集团五个分散的生产基地(三厂产润滑油,两厂产化工品)足以应付全球再次的大瘟疫。 总公司宽敞的办公场所在疫情期间的隔离措施已体现了优势。

我们也充分预知电动车的逐年普及对机油需求的影响,过去两年集中精力发展工业用油。 同时,也善用部分我们的充裕储备资金,适量渐进地投资在有潜能的相关行业及可持续发展的绿色能源。

集团领导层深深体会到危机中有商机,挑战促使我们砥砺奋发,力争上游。 所谓风筝只有迎着强风,才能越飞越高。

2023 年集团的盈利虽然不尽人意,但董事会还是建议与去年一样,分发每股新币半分的股息。 谢谢股东和各界人士对集团的多年支持。


Sincerest regards!