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View All NewsSingapore – HRnetGroup full year revenue rises 2.4% due to strong flexible staffing, but profits slip
Singapore-based recruitment firm, HRnetGroup (HRNET:SP), reported revenue on Friday after markets closed, for the full year ended 31 December 2020 of SGD 433.0 million (USD 325.5 million), an increase of 9.3% compared to the same period in the previous year.
| (SGD millions) | FY 2020 | FY 2019 | Change | FY 2020 (USD millions) |
| Revenue | 433.0 | 423.1 | 2.4% | 325.5 |
| Gross Profit | 129.3 | 145.5 | -11.1% | 97.2 |
| Net Profit After Tax | 49.7 | 55.7 | -10.7% | 37.3 |
Revenue was boosted by the Flexible Staffing segment.
The group said it achieved record revenue of SGD 433.0 million despite the pandemic.
Revenue by segment
| (SGD millions) | FY 2020 | FY 2019 | Change | FY 2020 (USD millions) |
| Professional Recruitment | 72.6 | 95.9 | -24.3% | 54.5 |
| Flexible Staffing | 357.5 | 324.2 | 10.3% | 268.7 |
| Other | 2.9 | 3.0 | -3.2% | 2.1 |
Flexible staffing recorded an all-time high of 14,347 contractor employees in the group’s December payroll, an increase of 13.7% against the same month last year.
The group said it helped 42,998 (2019: 40,410) people secure employment in contract and temporary roles, an increase of 6.4%.
RecruitFirst start-ups in Taipei, Kuala Lumpur, Shanghai benefited from a full year of operation in 2020; and RecruitFirst was launched in Jakarta in 2020.
Revenue from the healthcare sector grew by 28.0% to constitute 14.4% (2020: 11.5%) of total revenue; and the government sector grew by 68.2% to constitute 17.3% (2020: 10.5%).
Shares in HRnetGroup closed on Monday at SGD 0.58, up 3.57% on the day. The company has a market cap of SGD 586.56 million (USD 440.98 million).