Vicplas International recorded a revenue of S$102.4 million for FY2024, a decrease of 20.8% from FY2023 due to lower revenue from the medical devices segment.
Revenue for the medical devices segment was S$63.1 million in FY2024, a decrease of 30.3% from FY2023 mainly due to the reduction in orders from certain customers as they continued to rebalance their inventory levels in response to the gradual recovery of the global logistics situation. The pipes and pipe fittings segment recorded a 1.5% increase in revenue to S$39.2 million as construction activities in Singapore improved.
Overall, Vicplas booked a loss before tax of S$1.1 million in FY2024 and a loss after tax of S$1.4 million. The Group’s adjusted EBITDA for FY2024 was S$7.3 million, a decrease of 50.1%. Its medical devices segment is continuing to invest intensively with the aim to scale up capabilities and global manufacturing footprint to meet current and future customer demand.
Going forward, the Group expects revenue growth to be somewhat constrained due to the conditions faced by the medical devices segment, whilst the pipes and pipe fittings segment is expected to continue its positive path. The Group also faces increasing operating costs due to inflationary pressures and higher investment, development and expansion costs.
Vicplas remains cautiously optimistic on its business outlook, and is keeping a vigilant watch on challenges that may arise from uncertainties in the wider macro environment and the ongoing inflationary and interest rate pressures. The company intends to maintain prudent cost management, while developing new business opportunities, and strengthening its base for future growth.
