Extracted from Annual Report dated 11 April 2025
Joint Message From Our Executive Chairman and CEO and Our Executive Director
On behalf of the Board of Directors (the “Board”) of Alpina Holdings Limited (“Alpina” or the “Company”, and together with its subsidiaries, the “Group”), we would like to present to you our annual report for the financial year ended 31 December 2024 (“FY2024”). Over the past twelve months, our team at Alpina has been working diligently to execute a turnaround to address the challenges that have weighed on our results in recent years.
After the COVID-19 pandemic, the Group has had to navigate a higher-cost environment and balance the pressures of rising expenses, while striving to meet client deadlines and our commitment to project completion.
We are therefore pleased to report that Alpina has delivered a strong turnaround in our financial results for FY2024, with revenue growth of 37.3% to S$88.1 million that was supported by improved business performance from our IBS and M&E business segments. With majority of the contracts secured prior to the COVID-19 pandemic completed over the past two years, the Group’s gross profit margin increased by 4.8 percentage points to 11.9% to FY2024, as compared to 7.1% in FY2023.
As a result, our gross profits surged by 130.4% to S$10.4 million with net profit attributable to equity holders of the Company of S$2.4 million in FY2024, supported by improved net cash generated from operating activities of S$12.2 million that reflected the strength of our business model and strategy.
More details of our financial performance for FY2024 can be found in the “Operations and Financial Review” section of this annual report.
Better Visibility with Healthy Pipeline of Projects
The Group’s projects are all located in Singapore with predominantly public sector customers, such as government ministries, statutory boards and public education institutions. Specialising in IBS, M&E engineering services and A&A works for more than 20 years, our business model and established track record puts us in a strong position to compete for projects within our core industry domains.
We made further progress as a contender for large, long-term facilities management contract as the industry is evolving from separated service management towards integrated solutions, which we believe the more exacting technical and engineering requirements has played to our strengths as a specialist in IBS.
In June 2024, the Group was part of a consortium that was awarded a contract for the provision of integrated facilities management services for a tertiary education institution in Singapore with a provisional contract sum of approximately S$115.7 million.
In total, the Group secured 20 new contracts with an aggregate provisional contract sum of approximately S$172.7 million during FY2024, with varying expected completion dates of between April 2024 and March 2030, which provides better visibility in our project management and execution ahead.
According to the BCA, it is estimated that total construction demand will range between S$47 billion and S$53 billion in nominal terms in 2025. Over the medium-term, BCA estimated that total construction demand will reach an average of between S$39 billion and S$46 billion per year from 2026 to 2029.
To capitalise on the positive industry prospects within Singapore’s construction sector, we aim to expand the scale of our existing businesses by strengthening manpower and equipment resources to take on more higher value projects and new opportunities within the public and private sector.
Strategic Acquisition of Workers’ Dormitory
Another notable corporate milestone during FY2024 was the completion of our strategic acquisition of an investment property in March 2024, which included a workers’ dormitory at 180 Woodlands Industrial Park E5.
The shortage of dormitories in Singapore has posed significant challenges to expanding our foreign workforce in recent years. As a result, securing adequate living space for our foreign workforce has become a key priority to enhance our productivity, control our costs and support the Group’s long-term expansion plans.
This strategic acquisition has also led to immediate accretive contribution of rental and related income in FY2024 and moving ahead, we plan to further enhance the utilisation of this investment property and optimise its overall value.
“Green” Value Propositions
Our strategy of developing future-ready capabilities and solutions have aligned us with Singapore’s commitment to green economic growth and smart city initiatives.
The Group has been actively expanding our presence and strengthening our capabilities in sustainable technologies for building management, particularly in solar energy and energy efficiency solutions.
A significant milestone in this journey was the joint award of the sixth solar leasing tender under the SolarNova Programme by the Housing & Development Board, which is a solar project with a solar capacity of 70 megawatt peak, to our wholly-owned subsidiary, Digo Corporation, and joint venture partner, Terrenus Energy, in 2022. In addition to being a project owner, the Group also secured two contracts to undertake the design, installation, construction, testing and commissioning of the solar photovoltaic systems under the project.
Upon completion, the solar energy generated from the installed photovoltaic panels can be sold to end-users, while our operations are expected to generate carbon credits as well.
As solar energy adoption gains pace in Singapore, the demand for maintenance and system upgrades is expected to increase. We believe that our accumulated technical know-how and track record in this field can position us to capitalise on the growth opportunities of this emerging market.
Singapore is also witnessing a growing shift towards zero-energy and energy-positive buildings, driven by the adoption of energy-efficient technologies, recycled materials, and low-carbon innovations. As an integrated facilities management specialist with strong technical expertise, our goal is to empower building owners with sustainable, cost-effective solutions that enhance the management of large-scale property assets while contributing to a greener future.
Proposed Final Dividend of 0.1899 Singapore Cents per Share
With our improved business performance and a strong turnaround back to profitability in FY2024, we are once again in a position to pay dividends to reward our shareholders.
The Group’s dividend payments are closely aligned with our earnings performance. While we remain committed to delivering consistent returns to shareholders, we also prioritise strategic growth to ensure the Group’s long-term sustainability and success.
We are pleased to propose a final dividend of 0.1899 Singapore cents per share in respect of FY2024, which will be subject to shareholders’ approval at the upcoming annual general meeting of the Company This final dividend represents a dividend payout ratio of 14.5% of the Company’s net profit attributable to equity holders in FY2024.
A Note of Thanks and Appreciation
At Alpina, our commitment to creating positive impact for our customers and communities remains at the heart of our work, serving as a foundation for the Group’s performance and long-term growth.
Our progress and achievements in FY2024 have been both significant and encouraging, reflecting the dedication and hard work of our entire team as well as the contributions from our stakeholders.
On this note, we would like to thank our fellow board members for their counsel and guidance over the past few challenging years.
And on behalf of the Board, we would like to take this opportunity to extend our heartfelt gratitude to our employees for their commitment and contributions, our customers and business partners for their trust and collaboration, and our shareholders for their continued support.
As we build on this positive momentum, we remain committed to strengthening our capabilities and seizing new growth opportunities. By staying agile and forward-thinking, we aim to create lasting value for our stakeholders and drive the long-term success of Alpina.
Thank you!
Low Siong Yong
Executive Chairman and Chief Executive Officer
Tai Yoon On
Executive Director