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Operations Review
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In 2008, the joint venture of AP Saigon Petro JSC (“APSP”) was set up in Ho Chi Minh City, Vietnam.
 
APSP was established by the Company and two other entities namely Saigon Petro, a 100% state-owned enterprise, and Tram Anh Co., Ltd. APSP, a joint venture for 50 years. The company engage in the manufacturing and blending of all types of lubricants, chemicals and petroleum related products. The shareholders’ agreement stipulated joint management with AP Oil as Chairman.
 
Our Group recognizes its rights to the net assets of AP Saigon as investment and accounts for it using the equity method.
 
Through the last 15 years, APSP built up a good presence and name in Vietnam and Cambodia, supplying high quality lubricants and services to customers. To celebrate this momentous milestone, in October 2023, APSP held a celebration event with dinner and dance in Ho Chi Minh City, to thank the staff, distributors and customers for their commitment and support, culminating in a night of fun and dance (see photos). The management also took the opportunity to set targets for the next phase of growth.

 

 

 

Performance by Operating Segments

Manufacturing

Manufacturing segment accounted for 67% or S$30.9 million of the Group’s revenue in FY2023 (FY2022: 65%, S$39.7 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 joint venture in Vietnam (AP Saigon Petro) – 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”.
 
Specialty chemicals are produced by two of our wholly-owned subsidiaries namely A.I.M. Chemical Industries Pte Ltd and GB Chemicals Pte Ltd.
 
 

Trading

Trading activities cover purchase and sale of raw materials used for lubricants and specialty chemicals manufacturing (mainly base oils and chemicals) and finished products purchased from third parties that our Group do not produce.

This segment accounted for 33% or S$15.3 million of the Group’s revenue in FY2023 (FY2022: S$21.5 million). The lower year-on-year revenue was mainly from reduced base oil and finished product sales.

 


 

Performance by Geographical Markets

AP Oil Group exports a full range of lubricants and specialty chemicals to customers from more than 20 countries. Main markets in FY2023 were Singapore, countries in Southeast Asia, Middle East, East Asia and Indian Subcontinent.
 
Singapore was the Group’s largest market, recording 63% of the Group’s revenue for FY2023. Sales in Singapore decreased by S$14.4 million to S$29.3 million – this includes marine lubricants sales to foreign customers but delivered to vessels calling at the Singapore port, and specialty chemicals sales to Singapore based multinational companies for export.
 
Sales to Southeast Asia (excluding Singapore), was the second largest market contributing 13% or S$5.9 million to the Group’s revenue in FY2023. This was followed by Middle East with 10% or S$4.5 million to the Group’s revenue in FY2023.
 
East Asia and Indian Subcontinent accounted for 7% or S$3.2 million and 6% or S$2.6 million of the Group’s revenue respectively in FY2023. Other markets made up the balance of 1% or S$0.7 million of the Group’s revenue in FY2023.