Oceanus Exits SGX Watch List After Nearly Six Years

Oceanus Exits SGX Watch List After Nearly Six Years

OCEANUS Group Oceanus: 579 +2.56% has exited the Singapore Exchange’s (SGX) watch list since being put on it nearly six years ago on Dec 14, 2015.

In a press statement on Wednesday, the seafood supplier said it had demonstrated profitability since the second quarter of 2020.

It hit a record turnover and net profit in H1 2021. Total revenue, which stood at S$52.5 million, was 6.5 times the S$8 million recorded the year before.

Meanwhile, net profit was S$5 million, seven times the S$700,000 recorded in the year-ago period. Its total market capitalisation stood at S$826.1 million as at Tuesday.

SGX’s financial exit criteria indicate that firms may be removed from the watch list if they record consolidated pre-tax profit for the most recently completed financial year, and post an average daily market capitalisation of at least S$40 million over the last six months.

Oceanus has been granted four extensions to date to exit the watch list. Its fourth extension lasted 19 months until March 1 this year, with effect from the expiry of the third extension on July 31, 2019. It subsequently submitted its application to exit the watch list on April 13, 2021.

Read more here: https://www.businesstimes.com.sg/companies-markets/oceanus-exits-sgx-watch-list-after-nearly-six-years