Year in Review February 2024 March 2024 April 2024 April 2024 Megachem reported a 14.4% decline in revenue to S$123.0 million and, due to a fire incident in July 2023, resulted in our first ever net loss of S$5.8 million since our listing, for financial year ended 31 December 2023 (“FY 2023”). Excluding the one-off impact of the fire incident, Megachem would have reported a net profit after tax of S$1.9 million. Megachem increased its percentage shareholding in Megachem (UK) Limited (“MUL”), its 85% owned subsidiary company, by acquiring 12,000 ordinary shares at a total consideration of S$393,415 from an existing minority shareholder. Subsequent to the above acquisition, Megachem’s percentage shareholding in MUL increased from 85% to 97%. Annual General Meeting for FY 2023. Independent Directors, Mr Lee Bon Leong, Mr Chan Kam Loon and Dr Tay Kin Bee, retired from office with effect from the conclusion of the Annual General Meeting. Mr Yeo Wee Kiong, Mr Sim Guan Seng and Mr Daniel Loh Hong Chye were appointed as Independent Directors with effect from 20 April 2024. August 2024 September 2024 November 2024 February 2025 On the back of recovery in chemical demand, Megachem reported a 7.4% increase in revenue to S$65.2 million for the half year ended 30 June 2024 (“H1 2024”). After adjusting for the impact of the fire incident, H1 2024 net profit after tax stood at S$1.7 million, which represented an increase of S$0.8 million or 79.8% over the previous corresponding period ended 30 June 2023. Ms Peck Jen Jen was appointed as Joint Company Secretary of the Company with effect from 15 August 2024, in place of Ms Hon Wei Ling who resigned with effect from 15 August 2024. An interim taxexempt dividend of 0.5 cents per share in respect of the financial period ended 30 June 2024 was paid on 30 September 2024. Megachem increased its percentage shareholding in Megachem Raya Pte Ltd and its subsidiary (“MGR Group”), its 74% owned subsidiary company, by acquiring 70,000 ordinary shares at a total consideration of S$766,874 from an existing minority shareholder. Subsequent to the above acquisition, Megachem’s percentage shareholding in MGR Group increased from 74% to 83%. Rising demand for chemicals and broadbased growth across key market segments led to a 4.7% increase in Megachem’s revenue to S$128.8 million for the financial year ended 31 December 2024 (“FY 2024”). After adjusting for the one-off impact of the fire incident that took place in July 2023, FY 2024 net profit after tax stood at S$2.9 million, which represented an increase of S$1.0 million or 53.5% year-on-year. 40 ANNUAL REPORT 2024
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