For the full year, the company’s net profit fell to S$1.1 million (U.S. $829,000), compared to S$2.7 million in 2021. Gross profit declined 12% to S$8.8 million, from S$10 million. AP explained in its earnings announcement that the full-year gross profit decline was due to a gross margin decrease of 3.6 percentage points, mainly due to “exceptional” trading margins achieved in fiscal year 2021 and an increase in raw material costs affecting manufacturing revenue in fiscal year 2022.

 Sales revenue increased 10% to S$61.1 million in 2022, compared to S$55.6 million.

In the second half of last year, the company’s net profit dropped S$62,000, compared S$1 million in the same period in 2021. Gross profit decreased 6% to S$4.1 million in the period.

Sales for the six-month period were up 7% at S$30 million.

The company attributed the increases in sales revenue for the full year and the second half of the year mainly to an increase in manufacturing revenue and higher U.S. dollar currency translation to Singaporean dollars.

AP Oil’s principal operating segments include its manufacturing segment and its trading segment. According to the company’s earnings statement, the manufacturing segment includes manufacturing lubricating oil and specialty chemicals for industrial, automotive and marine applications, as well as providing oil blending services and rental of cleaning equipment to its customers. The trading segment’s activities include trading in a variety of products, including base oils, lubricant components and commodity chemicals.

The blender, which has a blending plant in Singapore, markets lubricants under the AP Oil, SIN-O and Polaris brands. The company’s joint venture, AP Saigon Petro, operates a facility in Vietnam.