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On 24 February 2022, AP Oil Group announced merger of the revenues and other information from the Franchising segment into the Trading segment, with effect from the financial year ended 31 December 2021 (“FY2021”). 

The Franchising segment include sale of raw materials to franchisees, these revenues are mainly Trading related. Royalty revenue from the franchisees has not been material and sourcing of additional franchisees would no longer be the Group’s focus. Instead, sale of raw materials to franchisees shall be the focus which is mainly Trading related. As such, it will no longer be meaningful to report Franchising segment as a separate segment. The revenue of S$4.0 million in FY2021 from the Franchising segment has been merged into the Trading segment.

Performance by Business Segments


Manufacturing segment accounted for 49.4% or S$27.5 million of the Group’s revenue in FY2021 (FY2020: 59.0%, S$33.7 million). Manufacturing comprises mainly blending of lubricating oil 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.



Trading segment covers 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 50.6% or S$28.1 million of the Group’s revenue in FY2021 (FY2020: 41.0% or S$23.4 million). The higher year on year revenue was mainly from higher base oil and finished product sales.


Performance by Geographical Markets

AP Oil Group exports a full range of lubricants and specialty chemicals to customers in several regions. Main markets in FY2021 were Singapore, SoutheastAsia, Middle East and Indian subcontinent.

Singapore was the largest market, recording 66.3% of the Group’s revenue for FY2021. Sales in Singapore decreased by S$5.4 million to S$36.9 million – include 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 Southeasr Asia (excluding Singapore), was the second largest market contributing 14.3% or S$7.9 million to the Group’s revenue. This was followed by Indian subcontinent with 5.5% or S$3.0 million to the Group’s revenue.

Middle East accounted for 2.8% or S$1.6 million and other region made up the balance of 11.1% or S$6.2 million of the Group’s revenue.