JE Cleantech - Singapore-based Precision Cleaning Manufacturer Sees Growth in Revenue and Net Income in H1 2024

Rhea-AI Summary

JE Cleantech (NASDAQ: JCSE) reported strong financial results for H1 2024, with revenue increasing 21.9% to S$10.7 million (US$7.9 million) compared to H1 2023. The growth was driven by a 28.7% increase in sales of cleaning systems and equipment, and an 11.0% increase in centralized dishwashing services. Net income showed significant improvement, rising 114.3% to S$0.6 million (US$0.4 million) from S$0.3 million in H1 2023. The company attributes this performance to its solid customer base in precision cleaning systems and strategic expansion in centralized dishwashing business.

Positive

• Revenue increased 21.9% to S$10.7 million in H1 2024
• Net income grew 114.3% to S$0.6 million in H1 2024
• Cleaning systems and equipment sales up 28.7%
• Centralized dishwashing services revenue increased 11.0%

Negative

• None.

News Market Reaction

-3.57%

1 alert

-3.57% News Effect

On the day this news was published, JCSE declined 3.57%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

• JE Cleantech released its H1 2024 interim results, seeing a 21.9% increase in revenue and a 114.3% increase in net income compared to H1 2023.
• The H1 2024 results reflected JE Cleantech’s efforts since the last financial year to continue its trajectory to retaining its solid customer base for the precision cleaning systems and leveraging its expanded customer base through strategic efforts in provision of centralized dishwashing business.

SINGAPORE, Nov. 01, 2024 (GLOBE NEWSWIRE) -- JE Cleantech Holdings Limited (“JE Cleantech” or “JCSE” or “the Company”) (NASDAQ: JCSE), a leading Singaporean cleantech and precision engineering company, released its financial results for the six-month period ended June 30, 2024 (“H1 2024”) on 31 October 2024. The Company experienced growth in revenue and net income compared to the corresponding period last year (“H1 2023”).

In H1 2024, JCSE’s revenue experienced an increase of 21.9% compared to H1 2023 to achieve S$10.7 million (US$7.9 million) of sales. The growth was driven by a 28.7% increase in sales of cleaning systems and other equipment and a 11.0% increase in our provision of centralized dishwashing and ancillary services business. JCSE also recorded a net income of S$0.6 million (US$0.4 million) in H1 2024, demonstrating a 114.3% climb from S$0.3 million (US$0.2 million) in H1 2023. The Company attributes its revenue and profit growth to its solid customer base for the precision cleaning systems and leveraging its expanded customer base through strategic efforts in provision of centralized dishwashing business.

“We remain committed to our pursuit of excellence, innovation, and sustainable growth. By adapting to market changes, enhancing customer relationships and leveraging the longstanding relationships we have with our customers to build traction for our products and services, as well as closely monitoring our cost dynamics, we aim to continue our trajectory of success.” shared Elise Hong Bee Yin, Founder and CEO of JE Cleantech. The Company remains committed to Singapore as a priority market while monitoring opportunities overseas.

About JE Cleantech Holdings Limited
JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of precision 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 has also 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. For more information about JE Cleantech, please visit our website: www.jecleantech.sg.

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:

Jason Long
Email address: enquiry@jecleantech.sg
Phone number: +65 63684198
Other number: +65 66029468

FAQ

What was JE Cleantech's (JCSE) revenue growth in H1 2024?

JE Cleantech reported a 21.9% revenue increase to S$10.7 million (US$7.9 million) in H1 2024 compared to H1 2023.

How much did JE Cleantech's (JCSE) net income increase in H1 2024?

JE Cleantech's net income increased by 114.3% to S$0.6 million (US$0.4 million) in H1 2024 compared to S$0.3 million in H1 2023.

What drove JE Cleantech's (JCSE) revenue growth in H1 2024?

The revenue growth was driven by a 28.7% increase in cleaning systems and equipment sales, along with an 11.0% increase in centralized dishwashing services.