Updates from CEO

Dear Shareholders,

Resources Global Development has recently released its H1 2023 results on SGXNet. For a quick overview, you may click here.

To recap the highlights in our results announcement:

Revenue increased by 0.3% to S$69.3 million while gross profit improved by 3.0% to S$15.1 million. This was driven mainly by the performance of our Shipping Services which recorded higher average freight rates.

The performance of our Trading Business, on the other hand, was hampered by supply constraints that resulted in lower trade volumes.

Nonetheless, we rounded up the first half of 2023 with a 9.9% improvement in net profit to S$13.2 million as we continue to manage our operating and administrative costs.

During H1 2023, we added 3 more sets of tugboats and accompanying barges, lifting our fleet size to 17 vessels (including a bulk carrier) and our aggregate estimated carrying capacity to 180,000 dwt as at 30 June 2023.

Our Shipping Services has become the major contributor to the Group’s profitability. To build a stronger foundation for our Trading business, we are diligently exploring avenues to secure stable supply which will help to address the current supply constraints.

We look forward to your continued support. If you have any feedback or questions, feel free to reach out to Adrian Hartanto at IR@rgd.sg.

Mr Francis Lee
Executive Director and CEO
31 Aug 2023