United Global Ltd. and AP Oil International Ltd. both saw their net profit decline by around 10 percent in 2016. The Singaporean lubricant blenders sales stumbled in at least some segments, but United said it was initial public offering expenses that kept it from a profit hike.
United Global – which began listing on the Singapore Stock Exchanges secondary board, Catalist, in the middle of last year – recorded U.S. $14.2 million in gross profit in 2016, an increase of around 2 percent. Its 9.5 percent drop in net profit was attributed mainly to initial public offering expenses. Barring the IPO, profit would have been marginally higher, the firm said.