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.