ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

JE Cleantech (JCSE) Announces Results for H1 2022, Revenue of S$7.2 Million and Net Income of S$147,000

SINGAPORE, Aug 31, 2022 - (ACN Newswire) - JE Cleantech Holdings Limited (Nasdaq: JCSE), ("the Company") a Singapore-based cleantech company, has announced its financial results for the six months ending 30 June 2022. In its first mid-year update since completing its Nasdaq listing in 2022, the company has seen a decline of 19 per cent in its revenue compared to the corresponding period last year (H1 2021). Net income for the reporting period has been S$147,000, lower than the S$616,000 reported for the first six months of 2021.

Speaking about the 2022 results, Ms. Bee Yin Hong, CEO and Founder, JE Cleantech said, "Our industry as with many others was hit hard by the pandemic, but we have weathered it and even achieved impressive growth in one of our key business verticals. We strongly believe in the future to come as we enter the endemic phase and the F&B, travel, and hospitality sectors see rapid recovery. JE Cleantech is well positioned to capture growth opportunities. We are actively widening our product offerings and exploring new markets to bring sustainable returns to our shareholders and investors."

The group has been negatively affected by the ongoing disruptions caused by Covid-19, some effects of which may linger post-pandemic such as supply chain disruptions, fluctuations in the cost of raw materials and uneven demand growth from customer groups. Despite this, the Company did not experience any material order cancellations during the reporting period and records an order book value of approximately S$36.8 million as of August 15, 2022.

The Company saw a growth of 36 per cent in its provision of centralized dishwashing and ancillary services, compared to the same corresponding period last year, with revenue of S$3.585 million. The company also announced the renewal of a key customer to provide centralized dishwashing services to a fully owned subsidiary of Singapore's leading ground-handling and in-flight catering service provider for a period of three years, starting in September 2022. The contract, which has been closed through its subsidiary, Hygieia Warewashing Pte Ltd., is valued at approximately S$9.3 million (around US$6.7 million). With this renewal, Hygieia Warewashing will have been providing cleaning services for the client for nine years continuously.

Having provided centralized dishwashing services in Singapore since 2013, management believes that JE Cleantech is now Singapore's leading manufacturer of precision cleaning systems and provider of centralized dishwashing and ancillary services, with approximately 15 per cent market share in 2020 in terms of revenue (Source: Euromonitor estimates from desk research and trade interviews with leading centralized dishwashing services providers and the relevant trade associations in Singapore). Ms. Hong stated "we believe that JE Cleantech has not only left a strong footprint in Singapore and Malaysia, but has also established a robust network of long-term customers across Southeast Asia, with a growing international footprint in markets such as Europe and the United States."

Moving forward, the company is looking to expand its team of R&D staff and engineers, while continuing to strengthen its product portfolio. Recently, it has expanded its scope of service offerings to include tech hardware.

About JE Cleantech Holdings Limited

JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services, through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore.

Disclaimer: Forward looking statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements may be identified by such words or phrases as "should," "intends," "is subject to," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "I or we believe," "future prospects," "our strategy," or similar expressions. Forward-looking statements made in this press release that relate to our future contract revenues among other things involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update "forward-looking" statements.

For Media Enquiries and Investor Relations, please contact:
jcse@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.