Core Insights - JE Cleantech Holdings Ltd has secured new orders worth approximately USD 12 million for precision cleaning systems in Q1 2026, with deliveries expected over the next 12 months [1] Group Overview - JE Cleantech Holdings is based in Singapore and primarily engaged in the sale of precision cleaning systems and centralized dishwashing services [4] - The company designs, develops, manufactures, and sells cleaning systems for various industrial applications, focusing on precision cleaning with advanced features [4] Strategic Focus - The company aims to accelerate growth by expanding its product portfolio, enhancing engineering and R&D capabilities, and capturing opportunities in emerging industries while aligning with sustainability goals [3] - JE Cleantech seeks to solidify its position as a leading provider of industrial precision cleaning solutions and a preferred partner for customers with complex requirements [3][2]

Core Viewpoint - JE Cleantech Holdings Limited has announced a cash dividend of US$0.44 per ordinary share following the successful sale of its leasehold industrial property, resulting in a net gain of approximately US$2.85 million over the net book value [1]. Group 1: Company Announcement - The Board of Directors of JE Cleantech Holdings Limited approved a cash dividend of US$0.44 per ordinary share [1]. - The dividend is payable to shareholders of record at the close of business on January 21, 2026, with the expected payment date around January 28, 2026 [1]. - The recent sale of the leasehold industrial property located at 17 Woodlands Sector 1, Singapore, contributed to a net gain of approximately US$2.85 million [1]. Group 2: Company Overview - JE Cleantech Holdings Limited is based in Singapore and primarily engaged in the sale of cleaning systems and other equipment [2]. - The company also provides centralized dishwashing and ancillary services [2]. - For more information, the company can be contacted via their website or provided contact details [2].

Company Overview - JE Cleantech Holdings Limited is based in Singapore and primarily engaged in the sale of precision cleaning systems and other equipment, as well as providing centralized dishwashing and ancillary services [2] - The company operates through its subsidiary, JCS-Echigo Pte Ltd, which designs, develops, manufactures, and sells cleaning systems for various industrial applications, mainly targeting customers in Singapore and Malaysia [2] - The cleaning systems are designed for precision cleaning, featuring particle filtration, ultrasonic or megasonic rinses, high-pressure drying technology, and deionized water rinses to effectively remove contaminants [2] Recent Developments - JE Cleantech Holdings Limited announced the completion of the sale of its leasehold industrial property located at 17 Woodlands Sector 1, Singapore, for approximately SGD$7.39 million (USD$5.68 million) [1] - The sale resulted in a net gain of approximately SGD$3.70 million (USD$2.85 million) over the net book value [1] - The transaction was made with an unaffiliated third party under a previously announced option to purchase agreement [1]

Core Insights - JE Cleantech Holdings Ltd reported a revenue of S$6.5 million for H1 2025, a decline of 39.5% compared to H1 2024, primarily due to the rescheduling of major orders [1][7] - The company experienced a net loss of S$0.8 million, attributed to insufficient revenue to cover fixed and recurring operating expenses [1] - The Group maintains a healthy order book value of approximately S$16.0 million as of June 30, 2025, indicating ongoing demand despite the revenue decline [2][7] Financial Performance - Revenue from the cleaning systems and other equipment segment was approximately S$2.8 million in H1 2025, down from S$7.0 million in H1 2024 [2] - The centralized dishwashing and ancillary services segment generated revenue of approximately S$3.7 million in H1 2025, which remained stable compared to the previous year [3] Management Commentary - The CEO, Ms. Hong Bee Yin, indicated that ongoing economic uncertainty has impacted revenue performance, but the company is focused on strengthening market traction and diversifying revenue streams [4]

Revenue Performance - Revenue for the six-month period ended June 30, 2025, decreased by approximately SGD4.2 million or 39.5% to SGD6.5 million from SGD10.7 million in the same period of 2024[6]. - Total revenues for the six-month period ended June 30, 2025, decreased to SGD 6,494,000, a decline of 39.9% compared to SGD 10,742,000 in the same period of 2024[98]. - Revenue from the sale of precision cleaning systems dropped by approximately SGD4.0 million, primarily due to key customers in Malaysia rescheduling major orders[21]. - Approximately 40.2% of total revenue for the six-month period ended June 30, 2024, was generated from Singapore, which increased to 67.3% in 2025[26]. - Revenue from Singapore for the six-month period ended June 30, 2025, was SGD 4,373,000, compared to SGD 4,316,000 in 2024, indicating a slight increase[190]. Profitability - Net loss for the six-month period ended June 30, 2025, was approximately SGD0.8 million compared to a net income of SGD0.6 million in the same period of 2024[6]. - Net income/(loss) shifted from a profit of approximately SGD0.6 million in 2024 to a loss of SGD0.8 million in 2025[42]. - Adjusted EBITDA decreased from SGD1.449 million in 2024 to a loss of SGD0.131 million in 2025[49]. - Gross profit for the six-month period ended June 30, 2025, was approximately SGD1.6 million, with a gross profit margin of 25.1% compared to SGD2.8 million and 26.4% in 2024[29]. - The gross profit for the six-month period ended June 30, 2025, was SGD 1,628,000, down 42.5% from SGD 2,834,000 in 2024[185]. Expenses - Selling and marketing expenses increased marginally due to increased participation in exhibitions for precision cleaning systems[31]. - General and administrative expenses decreased from approximately SGD2.2 million in 2024 to SGD1.9 million in 2025, representing 20.3% and 29.9% of total revenue respectively[32]. - Staff costs decreased from SGD1.302 million in 2024 to SGD1.138 million in 2025, reflecting a focus on productivity enhancement and cost management[33]. - Operating expenses for the six-month period ended June 30, 2025, were SGD 2,050,000, a decrease of 9.6% compared to SGD 2,267,000 in 2024[98]. Cash Flow and Liquidity - Cash and cash equivalents decreased from SGD4.807 million at the end of June 2024 to SGD5.033 million at the end of June 2025[51]. - Net cash provided by operating activities was approximately SGD19,000 in 2025, a significant decrease from SGD(681,000) in 2024[54][55]. - Net cash used in financing activities shifted from a net inflow of approximately SGD0.8 million in 2024 to a net outflow of approximately SGD0.7 million in 2025[59][60]. - The company aims to maintain sufficient liquidity to meet its financial obligations under both normal and stressed conditions[203]. Assets and Liabilities - Total current assets as of June 30, 2025, were SGD 23,555,000, a decrease of 8.3% from SGD 25,681,000 as of December 31, 2024[97]. - Total liabilities as of June 30, 2025, increased to SGD 16,946,000, up 10.0% from SGD 18,621,000 as of December 31, 2024[97]. - Accounts receivable decreased from approximately SGD4.5 million as of December 31, 2024 to approximately SGD2.6 million as of June 30, 2025[62]. - Inventory increased from approximately SGD12.6 million as of December 31, 2024 to approximately SGD13.5 million as of June 30, 2025, with average inventory turnover days rising from 346.2 days to 489.4 days[72][73]. - Accounts payable decreased from approximately SGD0.6 million as of December 31, 2024 to approximately SGD0.5 million as of June 30, 2025, with average accounts payable turnover days decreasing from 25.9 days to 21.0 days[74][76]. Credit and Risk Management - The allowance for expected credit losses for accounts receivable remained at SGD78,000 as of June 30, 2025[65]. - The company actively monitors credit terms and collection processes to strengthen credit control and mitigate potential non-payment risks[69]. - The company has no significant exposure to credit risk as it does not hold collateral[202]. - The Company is exposed to foreign exchange risk as its revenues and expenses are primarily denominated in SGD while reporting in USD[90]. Shareholder Information - The Company declared a dividend of SGD 643 thousand for the year ended December 31, 2024, fully paid during the same year[146]. - The company issued 300,000 shares under the 2022 equity incentive plan, increasing total common shares from 5,006,666 to 5,306,666[179]. Regulatory and Accounting Policies - The Company recognizes revenue from sales of goods and services when a performance obligation is satisfied, with the transaction price reflecting the amount expected to be entitled[130]. - The Company measures inventories at the lower of cost and net realizable value, with costs based on the first-in, first-out principle[123]. - The Company’s property, plant, and equipment are depreciated on a straight-line basis over their estimated useful lives, which range from 1 to 30 years depending on the asset category[124]. - The Company adopted ASU 2023-07 for segment reporting, effective January 1, 2024, enhancing disclosures about significant segment expenses[148].

Core Insights - JE Cleantech Holdings Ltd reported a revenue of S$19.3 million for the financial year ended December 31, 2024, with a net income of S$0.03 million and adjusted EBITDA of S$2.2 million, reflecting an increase from S$18.0 million in revenue in the previous year [1][2] Financial Performance - The revenue from the sale of cleaning systems and other equipment was S$12.0 million in 2024, up from S$11.0 million in 2023, indicating a growth in this segment [3] - The centralized dishware washing and cleaning services segment generated S$7.3 million in revenue, compared to S$7.0 million in the previous year, showing a year-on-year increase [4] - Gross profit for the Group was S$5.2 million with a gross margin of 26.9%, an improvement from S$4.4 million and 24.2% in the prior year [4] Sales and Orders - The Group secured recurring orders worth over S$7.8 million for precision cleaning systems from a key customer in Singapore during 2024 [3] - There was an increase in sales of S$1 million for precision cleaning systems and S$0.3 million for centralized dishwashing and ancillary services in Singapore [8]

PART I [Key Information](index=4&type=section&id=Item%203.%20Key%20Information) This section outlines principal business and securities risks, including customer concentration, management reliance, stock volatility, and governance as a controlled foreign private issuer [Risk Factors](index=5&type=section&id=D.%20Risk%20Factors) The company faces risks from customer concentration, key management reliance, raw material costs, stock volatility, and governance exemptions - The company has a significant customer concentration risk. In fiscal year 2024, the top five customer groups accounted for approximately **70.1%** of total revenue, with the largest customer group representing **40.4%** of revenue[26](index=26&type=chunk)[28](index=28&type=chunk) - The business is highly dependent on its key management team, especially Ms. Hong Bee Yin, the Chairman, Executive Director, and CEO. The loss of her services could materially and adversely affect the company's business and future plans[38](index=38&type=chunk)[39](index=39&type=chunk) - The company has previously faced delisting risk from Nasdaq for failing to meet the **$1.00** minimum bid price requirement. Although compliance was regained as of August 2024, future non-compliance remains a risk[82](index=82&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk) - As a 'controlled company' with CEO Ms. Hong Bee Yin beneficially owning approximately **66.5%** of shares, the company is exempt from certain Nasdaq corporate governance requirements, such as having a majority of independent directors[105](index=105&type=chunk)[106](index=106&type=chunk) - The company is a 'foreign private issuer' and an 'emerging growth company', which allows it to follow home country (Cayman Islands) governance practices and take advantage of reduced reporting requirements, potentially providing less information and protection to investors compared to U.S. domestic issuers[108](index=108&type=chunk)[117](index=117&type=chunk)[119](index=119&type=chunk) [Information on the Company](index=23&type=section&id=Item%204.%20Information%20on%20the%20Company) JE Cleantech operates in industrial cleaning systems and dishwashing services, facing high customer concentration and extensive Singaporean regulations [History and Development of the Company](index=23&type=section&id=History%20and%20Development%20of%20the%20Company) Founded in 1999, the company expanded into cleaning systems and dishwashing, with key milestones including its 2022 Nasdaq IPO and 2023 share consolidation - The company completed its Initial Public Offering on April 22, 2022, raising gross proceeds of approximately **$12 million**[128](index=128&type=chunk) - A **1-for-3** share consolidation was effected on October 13, 2023, to regain compliance with Nasdaq's minimum bid price requirement, reducing outstanding shares from **15,020,000** to **5,006,666**[132](index=132&type=chunk)[133](index=133&type=chunk) - A stock repurchase program of up to **$1,000,000** was authorized on September 6, 2023. As of the report date, **46,406** shares have been repurchased for a total of **US$47,334.12**[136](index=136&type=chunk) [Business Overview](index=26&type=section&id=Business%20Overview) The company operates in cleaning systems (62.1% of FY2024 revenue) and dishwashing services, characterized by high customer concentration and reliance on existing relationships Revenue by Business Segment (FY2022-2024) | Business Segment | 2022 Revenue (SGD thousands) | 2023 Revenue (SGD thousands) | 2024 Revenue (SGD thousands) | % of Total 2024 Revenue | | :--- | :--- | :--- | :--- | :--- | | Sale of cleaning systems and other equipment | 11,400 | 11,000 | 12,000 | 62.1% | | Provision of centralized dishwashing and ancillary services | 7,800 | 7,000 | 7,300 | 37.9% | Top 5 Customer Concentration (% of Total Revenue) | Year | Top 5 Customers' % of Revenue | Largest Customer's % of Revenue | | :--- | :--- | :--- | | 2022 | 68.1% | 22.0% | | 2023 | 66.1% | 24.2% | | 2024 | 75.9% | 40.4% | - The company's business strategy includes expanding its product portfolio with automated and robotic cleaning solutions, such as an autonomous robot floor scrubber, to align with Industry 4.0 trends[235](index=235&type=chunk)[236](index=236&type=chunk)[237](index=237&type=chunk) - All revenue from the sale of cleaning systems and equipment for the fiscal years 2022, 2023, and 2024 was generated from existing customers, highlighting a strong reliance on repeat business[262](index=262&type=chunk)[266](index=266&type=chunk) [Laws And Regulations Relating To Our Business In Singapore](index=48&type=section&id=Laws%20And%20Regulations%20Relating%20To%20Our%20Business%20In%20Singapore) The company's Singapore operations are subject to extensive regulations, including environmental, workplace safety, foreign manpower, and radiation protection laws - The company must hold a cleaning business license under the Environmental Public Health Act (EPHA), which requires meeting specific track record, training, and progressive wage plan requirements for its cleaners[276](index=276&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk) - Under the Workplace Safety and Health Act (WSHA), the company has a duty to ensure the safety of its employees and the safe design of the machinery it manufactures, with significant penalties for non-compliance[289](index=289&type=chunk)[290](index=290&type=chunk)[291](index=291&type=chunk) - The employment of foreign workers is regulated by the Employment of Foreign Manpower Act (EFMA), which requires valid work passes and adherence to sector-specific quotas and levies[307](index=307&type=chunk)[308](index=308&type=chunk)[311](index=311&type=chunk) - The company holds a license under the Radiation Protection Act (RPA) for the possession and use of industrial ultrasound apparatus and high-powered lasers in its manufacturing process[285](index=285&type=chunk)[288](index=288&type=chunk) [Operating and Financial Review and Prospects](index=58&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) FY2024 revenue grew 6.9% to SGD 19.3 million, but net income sharply declined due to a 54% surge in G&A expenses, despite improved gross margin and positive operating cash flow [Results of Operations](index=60&type=section&id=Results%20of%20Operations) FY2024 revenue increased 6.9% to SGD 19.3 million, but net income plummeted to SGD 32,000 due to a 54.5% surge in G&A expenses, despite gross profit margin improvement Consolidated Statement of Operations (FY2022-2024, in SGD thousands) | | 2022 (SGD thousands) | 2023 (SGD thousands) | 2024 (SGD thousands) | | :--- | :--- | :--- | :--- | | **Revenues** | **18,631** | **18,032** | **19,279** | | Cost of revenues | (13,503) | (13,666) | (14,085) | | **Gross profit** | **5,128** | **4,366** | **5,194** | | *Gross Profit Margin* | *27.5%* | *24.2%* | *26.9%* | | Total operating expenses | (3,364) | (3,356) | (5,224) | | **Income (loss) from operations** | **1,764** | **1,010** | **(30)** | | **Net income** | **1,192** | **519** | **32** | - Revenue increased by **6.9%** in FY2024, driven by a **SGD 1.8 million** (**26.6%**) increase in sales of precision cleaning systems, particularly to a customer group in Malaysia expanding its production facilities[380](index=380&type=chunk) - General and administrative expenses increased by **SGD 1.8 million** (**54.5%**) in FY2024, primarily due to a revision of the CEO's remuneration package, share-based compensation, and special bonuses for key management[393](index=393&type=chunk)[394](index=394&type=chunk) Adjusted EBITDA (Non-US GAAP, in SGD thousands) | | 2022 (SGD thousands) | 2023 (SGD thousands) | 2024 (SGD thousands) | | :--- | :--- | :--- | :--- | | Net income | 1,192 | 519 | 32 | | Depreciation and amortization | 672 | 702 | 980 | | Interest expense | 336 | 511 | 516 | | Share-based compensation | - | - | 466 | | Income tax expense | 235 | 111 | 250 | | **Adjusted EBITDA** | **2,435** | **1,843** | **2,244** | [Liquidity and Capital Resources](index=75&type=section&id=Liquidity%20and%20Capital%20Resources) As of Dec 2024, the company maintained SGD 15.6 million working capital and SGD 5.7 million cash, with operating cash flow improving to SGD 2.1 million Key Balance Sheet Items (as of Dec 31, in SGD thousands) | | 2023 (SGD thousands) | 2024 (SGD thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | 5,089 | 5,742 | | Accounts receivable, net | 4,775 | 4,488 | | Inventory | 14,073 | 12,644 | | Total current assets | 26,659 | 25,681 | | Total current liabilities | 13,757 | 10,069 | | **Working Capital** | **12,902** | **15,612** | | Total Assets | 35,493 | 35,114 | | Total Liabilities | 18,780 | 18,621 | | Total Shareholders' equity | 16,713 | 16,493 | Consolidated Cash Flows (FY2023-2024, in SGD thousands) | | 2023 (SGD thousands) | 2024 (SGD thousands) | | :--- | :--- | :--- | | Net cash generated from operating activities | 1,375 | 2,053 | | Net cash used in investing activities | (211) | (1,495) | | Net cash (used in)/generated from financing activities | (2,567) | 122 | | **Net change in cash and cash equivalents** | **(1,472)** | **653** | - Average accounts receivable turnover days improved to **87.7 days** in 2024 from **96.7 days** in 2023, while average inventory turnover days remained high at **346.2 days** in 2024, comparable to **346.7 days** in 2023[436](index=436&type=chunk)[442](index=442&type=chunk) [Directors, Senior Management and Employees](index=86&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) Led by CEO Ms. Hong Bee Yin, the company's board includes independent directors, with aggregate compensation increasing significantly in 2024 due to CEO remuneration and new committee policies - The company is led by founder Ms. Hong Bee Yin (Chairman, CEO) and Mr. Long Jia Kwang (CFO). The board includes three independent directors: Singh Karmjit, Tay Jingyan, Gerald, and Khoo Su Nee, Joanne[472](index=472&type=chunk) - Total compensation for directors, executive officers, and key employees increased to **SGD 1,490,000** in FY2024 from **SGD 952,000** in FY2023. This was mainly due to a revision in the CEO's remuneration package, share-based compensation, and a special bonus for key management[509](index=509&type=chunk) - The CEO's employment agreement was amended effective January 1, 2024, increasing her total annual remuneration to **SGD 630,000** and revising her performance bonus to a tiered percentage of the Group's profit before tax (PBT)[516](index=516&type=chunk) - The company has established audit, compensation, and nomination committees. Recent charter amendments include adding cybersecurity oversight to the audit committee and a compensation recovery (clawback) policy to the compensation committee charter[495](index=495&type=chunk)[498](index=498&type=chunk)[502](index=502&type=chunk) - As of December 31, 2024, the company had **95** employees, all located in Singapore[526](index=526&type=chunk) [Major Shareholders and Related Party Transactions](index=95&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) CEO Ms. Hong Bee Yin controls the company with 66.5% beneficial ownership, influencing major decisions, with significant related party transactions including compensation and dividends Beneficial Ownership (as of Dec 31, 2024) | Name of Beneficial Owner | Ordinary Shares Beneficially Owned | Percent of Class | | :--- | :--- | :--- | | Hong Bee Yin | 3,500,000 | 66.5% | | JE Cleantech Global Limited | 3,200,000 | 60.8% | - Ms. Hong Bee Yin's controlling interest will persist even if the **800,000** shares recently registered for resale are sold, as her ownership would remain at approximately **51.3%**[534](index=534&type=chunk) Related Party Transactions with Controlling Shareholder (FY2024, in SGD thousands) | Transaction Nature | Name | 2024 Amount (SGD thousands) | | :--- | :--- | :--- | | Shares issued as stock-based compensation | Ms. Hong Bee Yin | 466 | | Dividend paid | Ms. Hong Bee Yin | 425 | [Financial Information](index=96&type=section&id=Item%208.%20Financial%20Information) This section directs readers to Item 18 for the company's audited Consolidated Financial Statements - The company's Consolidated Financial Statements are provided under Item 18 of this report[538](index=538&type=chunk) [The Offer and Listing](index=98&type=section&id=Item%209.%20The%20Offer%20and%20Listing) The company's Ordinary Shares began trading on Nasdaq Capital Market under 'JCSE' on April 22, 2022 - The company's Ordinary Shares are listed on the Nasdaq Capital Market under the ticker symbol '**JCSE**'[540](index=540&type=chunk) - The transfer agent for the company's shares is VStock Transfer, LLC[541](index=541&type=chunk) [Additional Information](index=98&type=section&id=Item%2010.%20Additional%20Information) This section details the company's Cayman Islands corporate structure, share rights, and U.S. tax considerations, including PFIC risk and dividend policy - The company is an exempted company incorporated in the Cayman Islands, which provides certain exemptions from standard corporate requirements, such as not having to file an annual return of shareholders with the Registrar[558](index=558&type=chunk)[561](index=561&type=chunk) - The company paid a cash dividend of **US$0.09** per share in December 2024, totaling approximately **SGD 643,000** (**US$471,000**). However, there is no policy for regular future dividend payments[100](index=100&type=chunk)[589](index=589&type=chunk) - The company discusses the risk of being classified as a Passive Foreign Investment Company (PFIC) for U.S. tax purposes. While it does not expect to be a PFIC, it acknowledges that the determination is made annually and is subject to fluctuations in income, assets, and share price[601](index=601&type=chunk)[602](index=602&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=108&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks including interest rate, credit (due to customer concentration), liquidity, and foreign exchange risk from USD-SGD fluctuations - The company is exposed to interest rate risk on its short-term bank loans, which are subject to rate changes upon renewal[613](index=613&type=chunk) - Credit risk is a key concern due to the concentration of sales among a few major customers. The company monitors customer creditworthiness to mitigate this risk[614](index=614&type=chunk) - The company faces foreign exchange risk as its reporting currency is the US Dollar, but its operational revenues and costs are primarily in Singapore Dollars (SGD)[616](index=616&type=chunk) PART II [Controls and Procedures](index=109&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2024, with no material weaknesses - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2024[620](index=620&type=chunk) - In its assessment of internal control over financial reporting, management determined that there were no control deficiencies that constituted material weaknesses as of December 31, 2024[621](index=621&type=chunk)[622](index=622&type=chunk) [Corporate Governance and Other Disclosures](index=110&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Disclosures) This section covers audit committee expertise, audit fees, and the company's cybersecurity risk policy, noting no material breaches in 2024 - The Board of Directors has designated Ms. Khoo as the 'audit committee financial expert'[624](index=624&type=chunk) Principal Accountant Fees (USD) | Fee Type | FY 2023 (USD) | FY 2024 (USD) | | :--- | :--- | :--- | | Audit Fees | $128,000 | $128,000 | | All Other Fees | - | - | | **Total** | **$128,000** | **$128,000** | - The company has adopted a cybersecurity risk policy, with oversight provided by the Audit Committee. No material cybersecurity breaches occurred during the year ended December 31, 2024[632](index=632&type=chunk)[633](index=633&type=chunk)[635](index=635&type=chunk) PART III [Financial Statements](index=112&type=section&id=Item%2018.%20Financial%20Statements) This section presents the audited consolidated financial statements for the three-year period ended December 31, 2024, with an unqualified auditor's opinion Consolidated Balance Sheets (As of Dec 31, in SGD thousands) | | 2023 (SGD thousands) | 2024 (SGD thousands) | | :--- | :--- | :--- | | **Total current assets** | **26,659** | **25,681** | | **Total non-current assets** | **8,834** | **9,433** | | **TOTAL ASSETS** | **35,493** | **35,114** | | **Total current liabilities** | **13,757** | **10,069** | | **Total non-current liabilities** | **5,023** | **8,552** | | **TOTAL LIABILITIES** | **18,780** | **18,621** | | **Total shareholders' equity** | **16,713** | **16,493** | | **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **35,493** | **35,114** | Consolidated Statements of Operations (For the year ended Dec 31, in SGD thousands) | | 2022 (SGD thousands) | 2023 (SGD thousands) | 2024 (SGD thousands) | | :--- | :--- | :--- | :--- | | Revenues | 18,631 | 18,032 | 19,279 | | Gross profit | 5,128 | 4,366 | 5,194 | | Income (loss) from operations | 1,764 | 1,010 | (30) | | **Net income** | **1,192** | **519** | **32** | | **Basic and diluted EPS (SGD)** | **0.25** | **0.10** | **0.00** | Consolidated Statements of Cash Flows (For the year ended Dec 31, in SGD thousands) | | 2022 (SGD thousands) | 2023 (SGD thousands) | 2024 (SGD thousands) | | :--- | :--- | :--- | :--- | | Cash provided by operating activities | (5,239) | 1,375 | 2,053 | | Cash used in investing activities | (797) | (211) | (1,495) | | Cash provided by/(used in) financing activities | 11,487 | (2,567) | 122 | | **Net change in cash and cash equivalents** | **5,453** | **(1,472)** | **653** | | **Cash and cash equivalents at end of year** | **6,561** | **5,089** | **5,742** | [Exhibits](index=142&type=section&id=Item%2019.%20Exhibits) This section lists all exhibits filed with the annual report, including corporate governance documents and officer certifications - The report includes key corporate governance documents as exhibits, such as the Amended Audit Committee Charter, Amended Compensation Committee Charter (which includes the compensation recovery policy), Code of Ethics, and Insider Trading Policy[756](index=756&type=chunk)

Company Overview - JE Cleantech Holdings Limited is based in Singapore and primarily engaged in the sale of cleaning systems and equipment, as well as providing centralized dishwashing and ancillary services [2] - The company operates through its subsidiary, JCS-Echigo Pte Ltd, which designs, develops, manufactures, and sells cleaning systems for various industrial applications, mainly targeting customers in Singapore and Malaysia [2] - The cleaning systems are designed for precision cleaning, featuring technologies such as particle filtration, ultrasonic rinses, high-pressure drying, and deionized water rinses [2] Recent Transaction - JCS-Echigo Pte Ltd has entered into an option to purchase agreement for the sale of its leasehold industrial property in Singapore for SGD7,393,000 (USD5,480,000), with an expected completion date by June 30, 2025 [1] - An initial deposit of SGD369,650 (USD274,000) has been collected, and the sale is expected to yield a net gain of approximately SGD3.7 million (USD2.7 million) over the net book value upon completion [1] - The completion of the sale is contingent upon obtaining consent from the lessor for the sale and transfer of the property [1] Strategic Insights - The CEO, Ms. Elise Hong, indicated that the property was acquired 11 years ago for a centralized dishwashing facility, which has a remaining leasehold period of 19 years [2] - The decision to sell the property was influenced by a favorable purchase offer, and the company believes that consolidating manufacturing and dishwashing operations will lead to cost savings and operational benefits [2]

Company Overview - JE Cleantech Holdings Limited is based in Singapore and primarily engaged in the sale of cleaning systems and other equipment, as well as the provision of centralized dishwashing and ancillary services [2]. Dividend Announcement - The Board of Directors of JE Cleantech Holdings Limited approved a cash dividend of US$0.09 per ordinary share [1]. - The dividend is payable to shareholders of record at the close of business on December 10, 2024, with the expected payment date around December 20, 2024 [1].

Core Viewpoint - JE Cleantech Holdings Limited reported significant growth in revenue and net income for H1 2024 compared to H1 2023, indicating a successful strategy in maintaining and expanding its customer base in the precision cleaning systems and centralized dishwashing business [1][2][3]. Financial Performance - Revenue for H1 2024 increased by 21.9% to S$10.7 million (US$7.9 million) compared to H1 2023 [3]. - Net income rose by 114.3% to S$0.6 million (US$0.4 million) in H1 2024, up from S$0.3 million (US$0.2 million) in H1 2023 [3]. Business Segments - The growth in revenue was driven by a 28.7% increase in sales of cleaning systems and other equipment, alongside an 11.0% increase in the provision of centralized dishwashing and ancillary services [3]. - The company has been focusing on precision cleaning systems, which include advanced features for effective contaminant removal [5]. Strategic Focus - The company aims to continue its trajectory of success by enhancing customer relationships, adapting to market changes, and closely monitoring cost dynamics [4]. - JE Cleantech remains committed to Singapore as a priority market while exploring opportunities in overseas markets [4].