If you’ve ever received a package swiftly or seen a supply chain operating seamlessly, there’s a good chance a logistics player like Eneco Energy Limited was behind the scenes as Richland Logistics—an integrated logistics firm with over 30 years of established success in Singapore—serves as their core operating business.

The emergence of a new largest shareholder in Union Steel Holdings Limited, with a diversified business portfolio, seems to signal a new phase of growth and strategic opportunities.

From Humble Beginnings to Market Challenges

Eneco Energy Limited, originally known as Ramba Energy Limited, began in 1992 under the RichLand Logistics brand, where it built a strong reputation in Singapore’s logistics sector over the past 30 years. But in an effort to diversify, the company ventured into the oil and gas industry—a move that proved costly.

By 2019, financial struggles in its oil and gas division led to its placement on the SGX Watchlist. The company rebranded to Eneco Energy Limited and embarked on a restructuring journey, divesting non-performing assets and realigning its focus toward logistics. Then, the COVID-19 pandemic hit, disrupting global supply chains. Despite the turmoil, Eneco’s Singapore logistics arm remained resilient, a testament to the strength of its core logistics business.

Financial Performance and Market Position

Eneco’s financials paint a picture of resilient business operations from its logistics business segment. While revenue dipped 4.4% year-over-year to S$30.6 million in FY2023, the company maintained a strong cash position of S$14.9 million.

With Singapore’s logistics sector projected to expand due to e-commerce growth and increasing supply chain digitalization, Eneco’s logistics business looks poised to capitalise on this trend.

Leadership Evolution 

In recent times, Eneco is taking bold steps to accelerate its turnaround:

• Late 2024: Ang Yu Seng (from Union Steel Holdings Limited) became Non-Executive Chairman, and Ang Jun Long (from Union Steel Holdings Limited) joined as Executive Director
• Early 2025: New IDs were appointed

Turning the Tide: Strategic Reinvention

Singapore’s logistics sector is on a growth trajectory. Market forecasts indicate continued expansion, particularly with the rise of automation, e-commerce, and just-in-time supply chains. Eneco’s well-established operations, strategic partnerships, and financial discipline position it as a compelling growth story.

For investors, Eneco presents a mix of resilience, strategic execution, and future potential. The road ahead isn’t without challenges, but with a new Board that has a strong track record in strategic leadership and business optimisation, Eneco looks well-positioned to drive growth, enhance operational efficiencies, and unlock new potential for the company.

The info here is for reference only and please do your own due diligence.