REUNIFIED
AS ONE
Annual Report 2024
REUNIFIED
AS ONE
'Reunified As One' signifies the completion of a year-long corporate exercise which finally culminated in the successful consolidation and delisting of our Real Estate Solutions Division (Boustead Projects). This marks our inaugural Annual Report as one Boustead Group since the time of Boustead Projects' separate listing nine years ago.
Reunified as one, we aim to become a more dynamic and nimble organisation that can effectively respond to evolving complexities on the road ahead, which is subject to heightened geoeconomic and geopolitical tensions, and multiple conflicts and wars. The simplified structure, merging of talents, streamlined decision-making and greater flexibility that the Group and Boustead Projects now have, offers leverage of strengths and better positioning.
Scan or download the Annual Report at www.boustead.sg.
01 | ||||||
Contents | ||||||
Overview | Business Review | Governance, Financial Statements | ||||
& Other Information | ||||||
Mission, Vision & Business Model | 10 | Geospatial | 28 | Directors' Statement | 70 | |
Global Presence | 14 | Real Estate Solutions | 40 | Corporate Governance | 73 | |
Group at a Glance | Energy Engineering | 50 | Independent Auditor's Report | 110 | ||
- | Overall Financial Performance | 16 | Healthcare | 56 | Main Financial Statements & Notes | 114 |
- | Division Financial Performance | 18 | Board of Directors | 60 | Management & Principal Activities | 225 |
- | Socio-Economic & Sustainability | Key Management Team | 64 | Statistics of Shareholdings | 229 | |
Performance | 20 | Stakeholder Relations | 66 | Notice of Annual General Meeting | 231 | |
- | Socio-Economic & Sustainability | Corporate Information | 68 | Proxy Form | 239 | |
Awards over Past Decade | 25 | |||||
Chairman's Message | 26 |
Corporate Profile
Established in 1828, Boustead Singapore Limited (SGX:F9D) is a progressive global Infrastructure- Related Engineering and Technology Group listed on the SGX Mainboard.
As Singapore's oldest continuous business organisation, we focus on the niche engineering and development of key infrastructure to support sustainable shared socio-economic growth. Our strong suite of engineering services under our Energy Engineering Division and Real Estate Solutions Division centres on energy infrastructure and smart, eco-sustainable and future-ready real estate developments.
In addition, we provide technology- driven transformative solutions to improve the quality of life for all walks of life. Our Geospatial Division provides professional services and
exclusively distributes Esri ArcGIS technology - the world's leading geographic information system, smart mapping and location analytics enterprise platform -
to major markets in the Asia Pacific. The enterprise platform develops digital infrastructure solutions and digital twins, empowering intelligent choices for nations, cities and communities and helps them address complex challenges both locally and globally. Enhanced planning and stewardship of vital infrastructure and resources are essential for ensuring economic resilience, safeguarding the environment and maintaining social accountability. Our Healthcare Division provides innovative medical solutions that address age-related chronic diseases and mobility issues, with a focus on rehabilitative care and sports science in the Asia Pacific.
With a vast global network stretching across Asia, Australia, Europe, Africa and the Americas, we are ready to serve the world. To date, we have an installed project base in 93 countries and territories globally.
Over the years, we have been a recipient of many reputable awards including the prestigious Forbes Asia 200 Best Under A Billion Award.
In 2019, we were awarded the Most Transparent Company Award and Sustainability Award (Runner-Up) by the Securities Investors Association (Singapore). Between 2020 to 2023, we also ranked among Singapore's Best Employers, Singapore's Fastest Growing Companies and Asia-PacificHigh-Growth Companies. We were also honoured with the Corporate Excellence
-
Resilience Award at the Singapore
Corporate Awards 2021 Special Edition.
Visit us at www.boustead.sg.
JOINTLY
mapping a better world for today and tomorrow with
7OVER,000
ORGANISATIONS
empowered to make intelligent choices to address complex challenges both locally and globally.
Our Geospatial Division provides professional services and exclusively distributes Esri ArcGIS technology, the world's leading geographic information system ("GIS"), smart mapping and location analytics enterprise platform to major markets in the Asia Pacific. The enterprise platform develops digital infrastructure solutions and digital twins, empowering intelligent choices for nations, cities and communities and helps them address complex challenges both locally and globally. Enhanced planning and stewardship of vital infrastructure and resources are essential for ensuring economic resilience, safeguarding the environment and maintaining social accountability.
Read more on pages 28 to 39.
The division has delivered GIS multiplier effects that add value in a wide range of sectors that contribute
75to nearly
%
OF GLOBAL GDP.
REUNIFIED
to maintain progressive agility and expand our real estate
30presence, building upon
YEARS OF
EXPERIENCE
in the industrial real estate sector.
Our Real Estate Solutions Division (Boustead Projects) provides innovative real estate solutions such as smart, eco-sustainable and future-ready developments for Fortune 500, S&P 500 and Euronext 100 corporations across diverse sectors. These developments are designed to meet Industry 4.0 transformation standards, while simultaneously minimising emissions and resource wastage.
Read more on pages 40 to 49.
20The division has delivered
%
OF ALL GREEN MARK
PLATINUM-RATED
new private sector developments on industrial-zoned land in Singapore.
CONNECTED
in our vision for an energy-secure
70%world, delivering solutions to
OF THE WORLD'S
TOP 20 ENERGY
CORPORATIONS
and increasingly playing a role in transition and lower emission economic activities.
Our Energy Engineering Division provides critical process technologies and also emissions reduction solutions to the global energy sector, which are important drivers of human well-being, economic development and progress. Process heater systems used in gas processing and hydrogen production are part of a multi-decade energy transition. Heat recovery systems ("HRS") capture thermal energy from high temperature turbine exhaust and flue gases, which is efficiently transferred for use by other utilities, thus reducing the overall energy demand of plants and potentially doubling the operational efficiency of gas-fired turbines.
Read more on pages 50 to 55.
The division has delivered HRS with annual thermal
54energy recovery of over
TERAWATT-HOURS.
TOGETHER
bringing rehabilitative care and
1,500sports science solutions to
HEALTHCARE
INSTITUTIONS
to provide patients with the greatest potential to recover healthy and mobile lives.