PRECISION CLEANING MANUFACTURER JE CLEANTECH DELIVERS HEALTHY PERFORMANCE IN 2024

Rhea-AI Summary

JE Cleantech (NASDAQ: JCSE) reported its financial results for FY2024, showing revenue growth to S$19.3 million from S$18.0 million in FY2023. The company's cleaning systems segment generated S$12.0 million in revenue, up S$1 million year-over-year, securing recurring orders worth S$7.8 million for precision cleaning systems. The centralized dishware washing services segment contributed S$7.3 million, increasing from S$7.0 million. While net income decreased to S$0.03 million from S$0.5 million, adjusted EBITDA improved to S$2.2 million from S$1.8 million. Notably, gross profit margin expanded to 26.9% from 24.2% in FY2023, with gross profit reaching S$5.2 million.

Positive

• Revenue increased to S$19.3 million from S$18.0 million year-over-year
• Adjusted EBITDA improved to S$2.2 million from S$1.8 million
• Gross profit margin expanded to 26.9% from 24.2%
• Secured recurring orders worth S$7.8 million from key customer
• Both main business segments showed revenue growth

Negative

• Net income decreased significantly to S$0.03 million from S$0.5 million in FY2023
• Experienced softer demand for certain cleaning systems due to project completions

• Increase in sales by S$1 million for precision cleaning systems and S$0.3 million for the provision of centralized dishwashing and ancillary services in Singapore
• Overall gross profit margin yield higher compared to the corresponding year

SINGAPORE, May 20, 2025 (GLOBE NEWSWIRE) -- Singapore-headquartered, NASDAQ-listed precision cleaning and cleantech equipment manufacturer JE Cleantech Holdings Ltd (NASDAQ: JCSE) (“JE Cleantech” or, together with its subsidiaries, the “Group”) has released its annual report for the financial year ended December 31, 2024 (“2024 financial year”), with revenue of S$19.3 million, net income of S$0.03 million and adjusted EBITDA of S$2.2 million.

The performance was recorded with higher sales in its sale of cleaning systems, alongside softer demand for its other cleaning systems and other equipment due to completion of projects, compared to the preceding financial year ended December 31, 2023 (“2023 financial year”) when the Group booked revenue of S$18.0 million, net income of S$0.5 million with adjusted EBITDA of S$1.8 million.

Commenting on JE Cleantech’s performance, Founder and CEO Ms. Hong Bee Yin said, “We remain committed to our pursuit of innovation, 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.”

The Group’s sale of cleaning systems and other equipment business segment generated S$12.0 million in revenue in the 2024 financial year, compared to S$11.0 million in the 2023 financial year. The Group secured recurring orders worth over S$7.8 million for precision cleaning systems from an existing key customer in Singapore in 2024.

The Group’s centralized dishware washing and cleaning services segment recorded revenue of S$7.3 million, compared to S$7.0 million in the preceding financial year. The business activity was higher year-on-year.

The Group yielded gross profit and gross margin of S$5.2 million and 26.9%, taking into account the increase in sales of precision cleaning systems and other cleaning systems and other equipment, at higher margins. This compares with S$4.4 million and 24.2% in the 2023 financial year.

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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 also provides 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. The Company is listed on NASDAQ since 2022. For more information about JE Cleantech, please visit: 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," “aim” 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, 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 for fiscal year 2024?

JE Cleantech reported revenue of S$19.3 million for fiscal year 2024, up from S$18.0 million in FY2023.

How much did JCSE's net income change in FY2024 compared to FY2023?

JE Cleantech's net income decreased to S$0.03 million in FY2024 from S$0.5 million in FY2023.

What was JE Cleantech's gross profit margin in 2024?

JE Cleantech's gross profit margin was 26.9% in FY2024, improved from 24.2% in FY2023.

How much revenue did JCSE's cleaning systems segment generate in 2024?

The cleaning systems segment generated S$12.0 million in revenue for FY2024, up from S$11.0 million in FY2023.

What was the value of recurring orders secured by JE Cleantech in 2024?

JE Cleantech secured recurring orders worth over S$7.8 million for precision cleaning systems from a key customer in Singapore.