Oceanus Group has reduced its losses in FY2023 over the preceding year, as its turnover further increased.
For the year ended December 2023, the company, whose main business is in foodstuffs distribution, reported a loss of $3.37 million, reduced from $11.7 million recorded for FY2022.
Revenue, driven by a higher level of trading volume, increased by 45% y-o-y to a record $340.4 million.
As at Dec 31 2023, Oceanus was in a positive net asset position of $58 million, held steady from $58.7 million as at end of FY2022.
Cash balance reached $19.4 million, up 88% y-o-y.
In its earnings commentary, the company, led by group CEO Peter Koh, says it will continually work closely with strategic partners to expand its distribution network and to bridge the gap between food producers and merchants, and enhance food security.
See also: Kimly reports higher FY2024 revenue but earnings down on higher depreciation and other costs
Oceanus expects to see growth in volumes across most of its offerings globally.
This year, the company plans to launch its Oceanus Digital Network (ODIN) platform to facilitate cross-border food trading.
"This will greatly assist in the group’s growth plans as well as its conduct of international trading. This includes improving the efficiencies of cross-border payments, trade financing and real-time shipment tracking," says Oceanus.
Oceanus shares closed at 0.7 cent, down 12.5% for the day.
