40 pc of Singapore firms expect profit growth in 2024

SINGAPORE: Around 40% of businesses based in Singapore expect their profits in 2024 to exceed 2023 levels, while 30% foresee revenue growth, Singapore Chinese Chamber of Commerce and Industry said on Friday, as reported by local media.

A report released by the chamber reveals that 75.6% of firms experienced higher operating costs this year, up from 57.3% in 2021. This marks the third consecutive year in which the figure has surpassed 70%. Only 4.4% of businesses saw cost pressures ease, while 20% saw no change.

In addition to rising operating costs, 54% of respondents cited labour shortages as a significant challenge, while 37% mentioned difficulties in shifting to growth sectors.

Despite 70.9% of firms anticipating stable or growing revenues, 57% project lower profits than in the previous year.

The survey, conducted between June and August, gathered 651 responses from executives, predominantly from small and medium-sized enterprises in sectors such as services, manufacturing, and construction.

By RSS/Xinhua