Business
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
About this update from Je Cleantech Holdings Limited
[{"type":"text","content":"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 S...