SINGAPORE - (NewMediaWire) - October 3, 2023 - (ACN Newswire) - JE Cleantech Holdings Limited (“JE Cleantech” or “JCSE”)(NASDAQ: JCSE), a leading Singaporean cleantech and precision engineering company, today released its financial results for the six-month period ended June 30, 2023 (“H1 2023”). The Company has experienced significant growth in revenue and net income compared to the corresponding period last year (“H1 2022”), reflecting its commitment to delivering innovative and sustainable solutions in the cleaning technology sector.

In H1 2023, JCSE’s revenue experienced an increase of approximately 22.5% compared to H1 2022 to achieve approximately S$8.8 million (US$6.5 million) of sales. The growth was driven by nearly 50% increase in sales of cleaning systems and other equipment. JCSE also recorded a net income of approximately S$0.3 million (US$0.21 million) in H1 2023, demonstrating an approximately 89.8% climb from approximately S$0.15 million (US$0.1 million) in H1 2022. The Company attributes its revenue and profit growth to its solid customer base and changing demand dynamics. Leveraging its expanded customer base through strategic efforts, the Company managed to receive recurring and new orders for its precision cleaning systems.

“2023 has so far been a very promising year for the precision cleaning business,” said Elise Hong Bee Yin, Founder and CEO of JE Cleantech. “We remain committed to our pursuit of excellence, innovation, and sustainable growth. By adapting to market changes, enhancing customer relationships, and closely monitoring cost dynamics, we aim to continue our trajectory of success.”

The results follow a strong 2022 financial performance from JCSE. With the foundation laid in the first half of the year, JCSE is looking to build upon its success through strategic expansion of its business in new markets. The Company remains committed to Singapore as a priority market while monitoring opportunities overseas. In H1 2023, JCSE stepped up its green efforts by implementing sustainable initiatives in its production, such as installing solar panels in its main facility and enhancing the recycling process. The Company also partnered with a Singapore deep-tech manufacturer to develop cleaning robots in an effort to diversify its product offerings. JCSE is well-positioned to capitalize on the growing demand for sustainable solutions in the global market.

About JE Cleantech Holdings Limited

JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of precision cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services, through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. For more information about JE Cleantech, please visit our website: www.jecleantech.sg.

Disclaimer: Forward looking statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements may be identified by such words or phrases as "should," "intends," "is subject to," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "I or we believe," "future prospects," "our strategy," or similar expressions. Forward-looking statements made in this press release that relate to our future contract revenues among other things involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update "forward-looking" statements.

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