Operating and Financial Review (a) Sales H2 2024 H1 2024 Variance Fav/(Unfav) H2 2024 vs H1 2024 H2 2023 Variance Fav/(Unfav) H2 2024 vs H2 2023 S$’000 S$’000 S$’000 % S$’000 S$’000 % ASEAN 36,639 37,613 (974) (2.6) 36,611 28 0.1 Europe 7,730 8,554 (824) (9.6) 7,396 334 4.5 North Asia 7,060 5,391 1,669 31.0 5,423 1,637 30.2 Australia 4,543 5,673 (1,130) (19.9) 5,393 (850) (15.8) Middle East 5,637 5,350 287 5.4 5,133 504 9.8 South Asia 1,910 2,335 (425) (18.2) 1,987 (77) (3.9) America 61 105 (44) (41.9) 117 (56) (47.9) Africa 86 154 (68) (44.2) 264 (178) (67.4) Total 63,666 65,175 (1,509) (2.3) 62,324 1,342 2.2 FY 2024 FY 2023 Variance Fav/(Unfav) S$’000 % S$’000 % S$’000 % ASEAN 74,252 57.7 72,226 58.7 2,026 2.8 Europe 16,284 12.6 15,704 12.7 580 3.7 North Asia 12,451 9.7 10,316 8.4 2,135 20.7 Middle East 10,987 8.5 10,559 8.6 428 4.1 Australia 10,216 7.9 9,692 7.9 524 5.4 South Asia 4,246 3.3 3,820 3.1 426 11.2 America 166 0.1 212 0.2 (46) (21.7) Africa 240 0.2 480 0.4 (240) (50.0) Total 128,842 100.0 123,009 100.0 5,833 4.7 Geographic Segment Sales Analysis H2 2024 vs H1 2024 Demand for chemicals contracted in the second half of 2024 (“H2 2024”). Except for North Asia and Middle East markets, most of our markets recorded lower sales in H2 2024 over first half of 2024 (“H1 2024”). The biggest decrease came from Australia market which recorded lower sales of S$1.1 million or 19.9% as compared to H1 2024. This was followed by ASEAN and Europe markets which recorded a dip in sales of S$1.0 million or 2.6% and S$0.8 million or 9.6% respectively. Other market such as South Asia recorded lower sales of S$0.4 million or 18.2% while sales to America and Africa markets fell by less than S$0.1 million each. Sales to North Asia and Middle East markets increased by S$1.7 million or 31.0% and S$0.3 million or 5.4% respectively. As a result, total sales decreased by S$1.5 million or 2.3% to S$63.7 million in H2 2024 vis-à-vis sales of S$65.2 million in H1 2024. H2 2024 vs H2 2023 As compared to second half of 2023 (“H2 2023”), total sales increased by S$1.3 million or 2.2%. Sales to North Asia recorded an increase of S$1.6 million or 30.2% while sales to Europe and Middle East markets grew by a smaller scale of S$0.3 million or 4.5% and S$0.5 million or 9.8% respectively. PROFITABILITY REVIEW 30 ANNUAL REPORT 2024
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