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View All NewsAdvancer Global H2 revenue rises 6.7%, all segments up
Singapore-based Advancer Global reported revenue of SGD 33.7 million (USD 25.1 million) for the second half-year period ended 31 December 2023. Revenue increased by 6.7% when compared to the prior-year period. Advancer published its results yesterday after markets closed.
The group pointed to stable revenue from the Employment Services Business and Building Management Services. The Security Services business also reported growth during the H2 period.
Gross profit increased by 8.5%.
| (SGD thousands) | H2 2023 | H2 2022 | Change | H2 2023 (USD millions) |
| Revenue | 33,695 | 31,591 | 6.7% | 25,082 |
| Gross Profit | 6,983 | 6,433 | 8.5% | 5,198 |
| Loss before Income Tax | (2,495) | (4,856) | -48.6% | 1,857 |
| Loss) for the period | (2,493) | (4,874) | -48.9% | 1,855 |
The group is organised into business units based on their products and services, and has three reportable segments including the Employment Services Business segment, the Building Management Services Business segment and the Security Services Business segment.
The Employment Services segment is a one-stop shop for the sourcing, employment and training of migrant domestic workers to households, as well as sourcing and employment of foreign workers to, amongst others, corporate and organisations.
Building Management Services provides integrated building facility management services including property consultancy, property and facilities management services, property valuation, investment sales, cleaning and stewarding, waste management, landscape, pest control and fumigation services to, amongst others, hospitals, hotels, schools, residential, commercial and industrial properties.
Social Services provides manpower and technology for security solutions and services to, amongst others, commercial, industrial and residential properties, as well as remote surveillance and security consultancy services such as crisis management.
Revenue by segment
| (SGD thousands) | H2 2023 | H2 2022 | Change | H2 2023 (USD millions) |
| Employment Services | 5,473 | 5,006 | 9.3% | 4,074 |
| Building Management Services | 19,590 | 19,377 | 1.1% | 14,582 |
| Security Services | 8,632 | 7,208 | 19.7% | 6,425 |
The company also reported full year revenue of SGD 65.1 million (USD 48.46 million), up 3.1% compared to FY 2022.
On December 2023, Advancer Global announced it is exploring a spin-off of its subsidiaries, Advancer IFM Pte. Ltd. and Advancer Smart Technology Pte. Ltd. (AST), on Nasdaq.
Earlier this month, the group announced that it will dispose of its stake in Eazable, a Singapore-based company involved in the development of e-commerce applications.
Advancer Global shares last traded on Friday and closed at SGD 0.096 (USD 0.071), 52.38% above the 52 week low of SGD 0.063 (USD 0.047) set on 14 June 2023. The company has a market cap of SGD 24.23 million (USD 18.0 million).