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WMI and the Private Banking Industry Join Forces to Strengthen Singapore’s Position as a Philanthropy Hub

SINGAPORE – Media OutReach – 28 March 2023 – The Wealth Management Institute (WMI) and the Private Banking Industry Group (PBIG) announced the launch of the Impact Philanthropy Partnership (IPP) today, which aims to bring together family principals and offices to tackle society’s most pressing challenges and issues. The IPP, supported by the Monetary Authority of Singapore (MAS), will create a dedicated series of events and research publications to build greater awareness and momentum for philanthropy and newer models of giving such as venture philanthropy and impact investing.

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“The number of family offices in Singapore continues to grow, and many have a strong appetite to give back to society, both in Singapore and regionally. The IPP will convene thought leaders, changemakers and innovative philanthropists from Asia and around the world, to inspire a broader movement for more strategic and impactful giving,” says Foo Mee Har, CEO of WMI.

“Philanthropists and family offices can do tremendous good, especially in areas that lack market support. They can quickly deploy unrestricted funds in response to urgent problems such as natural disasters, back high-risk purposeful ventures, convene stakeholders and promote collaboration, develop and share research, and support large-scale implementation of solutions to pressing social problems. The IPP will build momentum to grow support of causes in Singapore as well as regionally,” she adds.

One of the key initiatives under the IPP will be a Social Impact Discovery Series, a structured programme providing learning opportunities and thought leadership covering approach-related ‘how-to’ topics, as well as cause-related topics focused on specific areas of need locally and regionally.

Each partner will play a vital role in the partnership by leveraging their unique networks and expertise to raise awareness and convene the ecosystem, further amplifying the impact of the initiative. WMI will lead and execute the events, programmes and research.

Commenting on the partnership, Arnaud Tellier, CEO BNP Paribas Wealth Management Asia and Chairman of the PBIG Philanthropy Workgroup, says, “The PBIG Philanthropy workgroup has been working in close partnership with the private, public and people sectors to deepen philanthropic capabilities in the private banking industry. We started this journey in 2021 to enhance Singapore’s traditional philanthropy eco-system, through continuous development of philanthropic infrastructure, services and capabilities from Singapore and for the region. The workgroup is now looking to foster growth in other innovative models of philanthropy, such as that of blended finance and impact investing. We look forward to play a catalytic role is transforming Singapore into a philanthropy centre for Asia.”

Phua Wee Ling, Executive Director, Financial Centre Development Department, MAS, says, “The IPP is an important initiative in line with MAS’ vision for Singapore to become Asia’s centre for Philanthropy. It will facilitate collaborations between like-minded families and individuals who are keen to utilise their wealth to be a force for good to address needs ranging from climate action and poverty alleviation to inclusive education and resilient healthcare. The IPP initiative complements other efforts to build a supportive ecosystem that include deepening the talent pool for philanthropic advisory services in Singapore, developing due diligence and impact monitoring solutions and enhancing policies to encourage giving.”

Beyond supporting the IPP, the PBIG has recently also worked to incorporate Philanthropy Advisory as a new Technical Skill and Competency (TSC) under the Institute of Banking and Finance Singapore Standards. This reflects the growing importance for wealth advisors of advising clients on philanthropy. In line with this, WMI has launched the Certificate in Philanthropy and Social Impact to support deeper learning in this critical area.

The IPP is open to members of the Global-Asia Family Office Circle as well as networks from PBIG, MAS and ecosystem partners. For more information about the IPP, please contact georgewong@wmi.edu.sg.

Hashtag: #WMI #TheWealthManagementInstitute

The issuer is solely responsible for the content of this announcement.

About WMI

Established in 2003, the Wealth Management Institute (WMI) is committed to building capabilities for investing in a better tomorrow. Founded by GIC and Temasek, our vision is to be Asia’s Centre of Excellence for wealth and asset management education and research. WMI is appointed as Singapore’s Lead Training Provider for Private Banking by the Institute of Banking and Finance Singapore (IBF) and supported by the Monetary Authority of Singapore (MAS). WMI also helms the Global-Asia Family Office Circle, a network platform that fosters a trusted environment to build capabilities and community in the family office sector.

WMI provides a comprehensive suite of practice-based certification and diploma programmes and collaborates with leading universities for master’s qualifications. With over 18,000 annual enrolments, WMI provides training in asset management, wealth management, compliance, risk management, family office, as well as the development of the next generation across more than 100 programmes.

About the Private Banking Industry Group

The Private Banking Industry Group comprises senior industry leaders and representatives from the private banking industry. It was re-constituted from the Private Banking Advisory Group in 2011, with the support of the Monetary Authority of Singapore to further strengthen the competency and market conduct standards of the private banking industry in Singapore.

The Private Banking Industry Group is currently co-chaired by Monetary Authority of Singapore and UBS AG. The Private Banking Industry Group Executive Committee comprises the Association of Banks Singapore (ABS) and 14 banks.

Watsons and FWD Celebrate Anniversaries with the Pilot Launch of Retailssure – Asia’s First-of-its-Kind Makeup Exchange Assurance Programme

  • This marks Watsons’ 35th anniversary and FWD Group’s 10th anniversary
  • The programme allows Watsons members to shop for makeup worry-free from 8 March 2023

SINGAPORE – Media OutReach – 28 March 2023 – Singapore’s leading health and beauty retailer, Watsons, is turning 35 this year and is set to kick off the celebration with the momentous launch of Retailssure, a first-of-its-kind makeup exchange assurance programme in Asia in partnership with pan-Asian insurer, FWD, on 8 March 2023.

Sign-up Retailssure today on https://www.fwd.com.sg/retailssure!
Sign-up Retailssure today on https://www.fwd.com.sg/retailssure!


With the support of FWD and in line with Watsons’ commitment to set the standards and bring more to its shoppers’ lives, Retailssure’s trailblazing makeup exchange assurance programme will for the first time allow its shoppers who have bought an unsuitable makeup product in-store or online to exchange it in-store even if it has been opened and tried.

Retailssure’s pilot programme will kickstart on 8 March and is applicable for first 5,000 exchanges till 30 June 2023. With its debut on International Women’s Day, Watsons also takes the opportunity to call for equity, empowerment and inclusion with its #WatsonsForWomen movement where individuals can leave their thumbprints using different types of makeup shades as the ink of each stamp print is a unique representation for any one regardless of skin colour.

Extended free and exclusively to Watsons’ members, Retailssure is set to benefit its members by enabling them to purchase makeup products with assurance and a greater peace of mind by addressing key pain points that makeup shoppers tend to face including wrong colour shades and unsuitable product textures.

Since the pandemic, shoppers are less comfortable trying out product testers and there are more instances of unsuitable or incorrect purchase of makeup products. In addition, not all makeup products have testers for shoppers to sample and online shopping of makeup products without testing can also lead to erroneous purchases.

As Singaporeans step out of the pandemic and head back out for work and leisure, makeup purchases are on the rise again. With the introduction of a makeup exchange assurance programme like Retailssure, shoppers can enjoy a worry-free shopping experience as they stock up on their makeup essentials. It also increases their confidence to experiment with new makeup and take on different looks for different occasions.

Watsons members can exchange makeup products bought from any Watsons store or online via Watsons eStore that are unsuitable after trying them out within seven calendar days from the date of receipt for in-store purchases or from date of delivery for online orders. For every transaction, one makeup product can be exchanged for another within the same makeup functionality at any Watsons store islandwide.

“Even as Watsons turns 35, we are constantly seeking new and innovative ways to meet the evolving needs of our discerning shoppers. Retailssure will empower the retail experience of over one million Watsons members that we currently have, especially when shopping for makeup. With close to 30 reputable makeup brands from all over the world to choose from, and many exclusive to Watsons, we hope that this first-of-its-kind, consumer-oriented programme will increase our shoppers’ top-of-mind-recall and elevate Watsons’ position as the go-to, accessible retailer for makeup products in Singapore,” said Ms Irene Lau, Managing Director of Watsons Singapore.

“At FWD, we strive to make digital insurance more accessible and deliver innovative propositions to customers. Retailssure is another example of how we work closely with partners to meet customers’ needs. As FWD turns 10 as a Group, we are excited to embark on this strategic partnership with Watsons to launch this first-of-its-kind innovative makeup exchange programme to meet the needs of their members in Singapore.” saidTerence Lim, Group Chief Officer, Digital Commerce, FWD Group.

Adrian Vincent, CEO-Designate of FWD Singapore, added, “Through this programme, we aim to offer a transformative retail experience for customers at Watsons. We are dedicated to empowering customers and encouraging them to enjoy life to the fullest and celebrate living, knowing that we have got their back. We look forward to an exciting partnership with Watsons and more upcoming initiatives to further empower Singaporeans.”

In addition to Retailssure, Watsons’ ‘Colour Me Virtual Makeup Try-on’ further empowers its shoppers to shop for makeup and hair colouring products with ease by creating an integrated experience to better serve its shoppers’ needs. Via the Watsons App, shoppers can virtually try on makeup or hair colouring products including lipsticks, mascara, eyeshadow, brow colouring and foundation to find the right match in just a few clicks.

Retailssure Launch Promotion

10 lucky Watsons members stand to win brow grooming and full-face makeover sessions (worth $540.00) when members register on Retailssure and purchase any makeup items at Watsons stores islandwide or online via eStore.

35th Anniversary Promotions

As part of its 35th anniversary celebrations, Watsons has special not-to-be-missed promotions lined up from 2 to 29 March 2023:

  1. Hot Buys of up to 50% off on more than 5,400 items, available in-store and online
  2. Collectible limited edition Hello Kitty eco-friendly foldable bag at $4.50 each (for members) and $6.50 each (for non-members) with a minimum $18.00 spend in-store and online While stocks last and limited to 3 pieces per transaction
  3. Brand Week with attractive 35% off popular health, beauty and personal care products from participating brands, available in-store and online
  4. Watsons’ member exclusive with additional 5% off selected Sustainable Choice products, available in-store and online

International Women’s Day Celebration

As part of Watsons’ commitment to support women and address issues such as colourism, there will be a special Women’s Day Mural from 7 March 2023 at Watsons Ngee Ann City where Singaporeans are encouraged to pledge their support to the #WatsonsForWomen movement by stamping their thumbprint using inclusive shades of foundations. Each thumbprint will be a unique representation of one’s individuality and contribution to the movement towards equity and inclusivity, including the fight against colourism. Watsons believes that every person has the power to make a difference, and by leaving this mark, one will be joining efforts to promote a more equitable and inclusive world for all, regardless of skin colour.

Find Watsons Singapore online and on social media:

Website: https://www.watsons.com.sg/
Facebook: https://www.facebook.com/watsons.sg
Instagram: @watsonssg
Official Hashtags: #WatsonsRetailssure, #WatsonsSG, #WatsonsForWomen

Hashtag: #Watsons #FWD #WatsonsRetailssure #WatsonsSG #WatsonsForWomen

The issuer is solely responsible for the content of this announcement.

About A.S. Watson Group

Established in 1841, A.S. Watson Group is the world’s largest international health and beauty retailer operating over 16,300 stores under 12 retail brands in 28 markets, with about 130,000 employees worldwide. For the fiscal year 2021, A.S. Watson Group recorded revenue of US$22 billion. Every year, we are serving over 5.5 billion shoppers via our O+O (Offline plus Online) platforms, providing tech-enabled retail experience to customers offline and online. A.S. Watson Group is also a member of the world-renowned multinational conglomerate CK Hutchison Holdings Limited, which has four core businesses ‐ ports and related services, retail, infrastructure, and telecommunications in over 50 countries. Please visit for more information.

About Watsons Singapore

Watsons is Singapore’s leading beauty and health retailer with close to 100 stores located islandwide, including their enhanced health platform with 38 pharmacies located within the key stores. Their aim is to bring more value to customers’ lives, and enable them to “look good, do good and feel great”. Watsons clinched the top spot for ‘Personal Care Store’, ‘Best Retail Loyalty Card’ and won the ‘No. 1 in Asia’s Top 1000 brands’ by Nielsen and Campaign Asia for the 13th consecutive year this year. Watsons is also Retail Asia Awards’ winner for ‘Health & Beauty Retailer of the Year – Singapore’ consecutively from 2021-2022; besides being conferred the title of 2021-2022 Top Employer by Influential Brands and HR Asia Best Companies to Work for by Asia Award 2021.

About FWD Group

FWD Group is a pan-Asian life insurance business with more than 10 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance. Visit

About FWD Singapore

In Singapore, FWD started operations in 2016 and is one of the first insurers that provides a direct-to-consumer (DTC) platform that allows customers to buy their preferred life and general insurance products directly from our website as well as a network of preferred Financial Advisory (FA) firms for customers who want to speak with an advisor before committing to an insurance plan. For more information, please visit

World’s Elite Leaders Deeply Love ZEGNA Triple Stitch™, and Kieran Culkin Was Announced as Its Global Ambassador

HONG KONG SAR – Media OutReach – 28 March 2023 – As a part of the ZEGNA’s Luxury Leisurewear Collection, the Triple Stitch™ responds to the needs of modern lifestyles by synergising versatility, comfort, and style, which is deeply loved by the world’s elite leaders. On March 25, 2023, many corporate executives and world-class business leaders arrived in Beijing during the China Development Forum. Apple’s chief executive, Tim Cook, showed up at Sanlitun retail store in Beijing with a simple, casual look paired with Triple Stitch™. Tim Cook’s earlier filming of “Time” magazine cover, also paired with Zegna Triple Stitch™. Triple Stitch™ is a must-have shoes for elite leaders around the world to wear with their daily casual wear.

(APPLE CEO TIM COOK in Triple Stitch™)
(APPLE CEO TIM COOK in Triple Stitch™)

Tim Cook chose Zegna Triple Stitch™ as a perfect match to style with traditional business attire. As you can see, the Triple Stitch™ is worn everywhere, from private jets and boardrooms to the streets of the world’s most stylish cities.

ZEGNA continues on its RoadtoTomorrow with the appointment of Emmy and Golden Globe – nominated actor Kieran Culkin as the ambassador for its Triple Stitch™ Luxury Leisurewear Shoe. Shot in New York City, the Succession star partners with ZEGNA in a new campaign that sees him reflect on notions of success and leadership — notions captured by the Triple Stitch™, which has been a global triumph for the Italian brand.

(Kieran Culkin with Triple Stitch ™)
(Kieran Culkin with Triple Stitch ™)

The Triple Stitch™ responds to the needs of modern lifestyles by synergising versatility, comfort, and style — key themes behind ZEGNA’s sartorial reset under the guidance of Artistic Director Alessandro Sartori. Combining practicality with a tradition of impeccable craftsmanship, the versatile Triple Stitch™ Shoes are an elite complement to sophisticated wardrobes, both casual and smart. Designed to be worn with any outfit and for any occasion, they can be credibly worn even in settings customarily reserved for traditional footwear. The style arrives in a plethora of colours and materials each season, and is celebrated for its softness, light weight and remarkably flexible sole.

Hashtag: #ZEGNA

The issuer is solely responsible for the content of this announcement.

WHealth and GLAM Capital Signs a Memorandum of Understanding on Strategic Partnership

Top Financial Experts Reveal the Investment Opportunities in the Post-epidemic Era at the Financial Summit with the Debut of GLAM Alternative Investment Fund

HONG KONG SAR – Media OutReach – 28 March 2023 – WHealth Enterprise Group Limited (the “Group” or “WHealth”) delightedly announced that it would start a strategic collaboration in financial business with GLAM Capital Limited (“GLAM Capital”). The two parties held a “Signing Ceremony of the Memorandum of Understanding on Strategic Partnership between WHealth and GLAM Capital” and the “Innovating New Capital Circle, Financial Trends Summit in the Post-epidemic Era” at the Golden Lilies International Banquet Hall on March 22nd, inviting a group of industry peers and social celebrities gathered to witness. Many famous people in the financial industry attended and participated in the discussion.

Signing Ceremony of the memorandum of understanding on strategic partnership between WHealth and GLAM Capital
Signing Ceremony of the memorandum of understanding on strategic partnership between WHealth and GLAM Capital

Deepen the strategic partnership of financial business, and achieve mutual integration within a win-win position

Rich Power Capital, an affiliated company responsible for managing investment business for the Group, has signed a memorandum of understanding (MOU) on a strategic partnership with GLAM Capital. This partnership will establish a long-term and stable strategic cooperative relationship between the two entities. The cooperation will involve more profound exchanges in investment decision-making, fund management, and other relevant aspects, aiming to produce synergistic effects and achieve fruitful results for mutual integration and win-win results. Additionally, GLAM Capital has announced the launch of two new Alternative Investment Funds, namely “GLAM Signature Alternative Investment Fund” and “GLAM Prestige Alternative Investment Fund”.

Innovating New Capital Circle, Financial Trend Summit Forum in the Post-epidemic Era
Innovating New Capital Circle, Financial Trend Summit Forum in the Post-epidemic Era

Celebrities came to support the financial forum, gathered outstanding insights

The financial summit held on the day mainly focused on the development trend of the global economy in the post-epidemic era, meanwhile reviewing and discussing Hong Kong’s major international financial status. The session included Prof. Witman HUNG, JP, the Hong Kong Deputy to the 13th National People’s Congress (NPC) and Chairman Emeritus of the Y.Elites Association; Mr. Lau Chi Yuen, a seasoned investor in Hong Kong; Mr. Ernie Hon, Managing Director of Essence International Securities (HK) Limited; Mr. Kenny Wen, Head of Investment Strategy KGI Asia, and Mr. Sunny Wan, co-founder of Yin Ding Family Office and Greater China director of Chartered Institute of China Family Office.

Professor Hung believed the Hong Kong market could create a complete chain reaction with the Greater Bay Area to accelerate economic recovery. Mr. Lau Chi Yuen concluded the changes in Hong Kong’s financial market since the 1980s and suggested exploring cooperation opportunities with the Southeast Asian financial markets. He is optimistic about the development potential of the capital community. Mr. Hon Chi Lap emphasized the importance of focusing on the Mainland’s economic development and the challenges the Hong Kong financial market may face during the global economic slowdown. Mr. Kenny Wan analyzed the economic situation in the post-epidemic era. He provided an outlook on the investment prospects of Hong Kong’s financial market with professional suggestions for Southeast Asian investors. Mr. Sunny Wan shared his views on the recent turmoil in the banking industry in Europe and America. He prospected a steady recovery of the economy and the potential for Hong Kong’s financial market to create new successes.

Based on the “Community Capital” platform to expand the financial service business

WHealth Enterprise Group Limited is involved in incubating biotechnology projects, agency sales of biotechnology products, and operating e-commerce platforms for the entire industry chain. The company aims to explore the potential of biotechnology in Hong Kong, connect with advanced international technology, and create a first-class local biotechnology industry. Additionally, WHealth has formed strategic partnerships with several listed companies and financial institutions in Hong Kong, integrating community ideas and capital concepts to create a “Capital Community” platform and launch a portfolio of financial products and services.

During the summit, all experts agreed that the partnership between WHealth and GLAM Capital is a comprehensive consolidation of their future strategic deployment. This partnership will optimize and strengthen the professional background of WHealth’s financial business division. Through sincere cooperation and complementary advantages, WHealth can rely on GLAM Capital’s industry know-how and professional advantages to provide more new and better services to the Group’s long-term followers and investors. This is believed to achieve mutual benefit and win-win cooperation through improved information and ideal investment returns.

Hashtag: #WHealth

The issuer is solely responsible for the content of this announcement.

GLAM Capital Limited

Established in Hong Kong in 2018, GLAM Capital Limited (“GLAM”) is an SFC-licensed asset management company to conduct Types 1, 4, and 9 regulated activities. Stay to “Aggregation of wealth creation. We are here to serve you” as its unwavering motto, the Company specializes in providing top-notch financial services, including placing and underwriting, investment advisory, discretionary investment management, and fund management services in Hong Kong and across the Asian region. Dedication to its clients lies at the heart of the business.

GLAM Capital has a comprehensive system of investment management, risk control, and performance evaluation, providing international, diversified, and high-quality asset management services for institutional investors, corporate clients, and high-net-worth clients.

Thomas Karst appointed as CEO of Skyborn Renewables

  • Thomas Karst, Skyborn Renewables Executive, appointed CEO as of 28 March 2023
  • Achim Berge Olsen to remain with Skyborn as member of Strategic Advisory Board

HAMBURG, GERMANY – EQS Newswire – 28 March 2023 – Thomas Karst has been appointed as Chief Executive Officer (CEO) of Skyborn Renewables (Skyborn), replacing Achim Berge Olsen, who will remain with Skyborn as a member of the Strategic Advisory Board.

“We believe that offshore wind, one of the fastest growing renewables segments, will be critical to achieving net zero carbon targets and energy transition goals. At Skyborn, we are working to create one of the world’s leading offshore wind platforms. I am delighted that Thomas Karst, with his extensive industry experience and knowledge of Skyborn, will be leading the Skyborn team as they continue to deliver on this goal,” commented Raj Rao, President and Chief Operating Officer of Global Infrastructure Partners (GIP). “We thank Achim for his leadership and dedication in building this offshore wind organization over the past 20 years and his support as CEO over the past several months. We look forward to continuing to work with him as member of Skyborn’s Strategic Advisory Board.”

Thomas Karst has an international career that spans more than three decades of experience in executing international infrastructure projects. Having worked for companies such as Siemens Gamesa, MHI Vestas Offshore Wind, Ørsted and Make Consulting, he has in-depth knowledge of the wind energy sector.

“There is great potential in Skyborn and the offshore wind power market, and I look forward to working together with all the dedicated employees in Skyborn to transform the company into a leading independent producer of renewable power,” said Thomas Karst, CEO of Skyborn.

Skyborn was launched by GIP, a leading independent global infrastructure investor, on 16 September 2022, following the acquisition of 100% of the business which was previously operated as wpd offshore.

In addition to Thomas Karst, the Skyborn Executive Team includes:

  1. João Metelo, Chief Investment & Financial Officer (CIFO), a senior energy executive with over 23 years of international experience
  2. Morten Melin, Chief Operating Officer (COO), an industry expert with more than 25 years of on- and offshore wind experience
  3. Cathrin Browne, General Counsel, an experienced lawyer with renewable energy industry expertise from top-tier private practice and in-house positions

Hashtag: #SkybornRenewables

The issuer is solely responsible for the content of this announcement.

About Skyborn Renewables

Skyborn Renewables is driving global decarbonization by accelerating offshore wind energy across the world. We believe offshore wind is a cornerstone of the clean energy transition and an enabler to achieve net-zero targets, ensure energy security, and a sustainable energy supply for future generations. Skyborn is an accomplished offshore wind developer and operator with more than 20 years’ experience and a track record of more than 7 GW built, approved or under procurement around the globe to date. Our capabilities cover the entire offshore wind value chain, including greenfield development, engineering and design, procurement, financing, construction management and asset management. Skyborn’s portfolio includes a global pipeline of > 30 GW in various stages of development. Headquartered in Germany, the company is present in 14 European and APAC markets. For more information, visit

About Global Infrastructure Partners

Global Infrastructure Partners (GIP) is a leading independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport, digital infrastructure, and water/waste sectors in both OECD and select emerging market countries. GIP’s global renewables portfolio includes solar, wind, hydro, and battery storage assets representing 17 GW of operating generation capacity, royalty interests in over 21 GW of operating renewable projects, and over 195 GW of assets under construction or in development. Headquartered in New York, GIP operates out of 10 offices: New York, London, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. GIP manages c. US $87 billion for its investors. GIP’s portfolio companies have combined annual revenues of c. US $80 billion and employ over 100,000 employees.

Tourism in Luang Prabang Takes a Hit Due to Air Pollution

Foreign Tourists Cancel Trip to Luang Prabang as PM 2.5 Erupts
Luang Prabang engulfed with PM 2.5 dust at night (photo: Evensong Film)

Tourists are canceling hotel reservations in Luang Prabang citing health concerns over hazardous PM2.5 levels reported this week.

Kerry Logistics Network Maintains Growth in Revenue and Core Net Profit

HONG KONG SAR – Media OutReach – 28 March 2023 – Kerry Logistics Network Limited (‘Kerry Logistics Network’ or together with its subsidiaries, the ‘Group’ or ‘KLN Group’; Stock Code 0636.HK) today announced the Group’s annual results for 2022.

Group’s Financial Highlights

  • Revenue increased by 10% to HK$86,649 million (2021: HK$78,955 million*)
  • Core operating profit dropped by 12% to HK$4,790 million (2021: HK$5,441 million*)
  • Core net profit increased by 11% to HK$3,572 million (2021: HK$3,220 million*)
  • Profit attributable to the Shareholders was HK$3,579 million, which represents a growth of 8% (2021: HK$3,309 million*). Year-on-year drop is 55% if profit from discontinued operations in 2021 is also included
  • Integrated Logistics (‘IL’) business recorded a segment profit of HK$1,375 million (2021: HK$1,073 million*), which represents an increase of 28%
  • E-commerce and Express (‘E&E’) business recorded a segment loss of HK$826 million (2021: profit of HK$41 million)
  • International Freight Forwarding (‘IFF’) business recorded a segment profit of HK$4,703 million (2021: HK$4,825 million*), which represents a slight drop of 3%
  • Proposed final dividend of 38 HK cents per Share to be payable on or around Thursday, 8 June 2023

* Excluding discontinued operations

William MA, Group Managing Director of Kerry Logistics Network, said, “2022 was a turbulent year. For the logistics industry, it was a pendulum swinging from one extreme to the other with severe supply-demand fluctuations. Inflation, rising interest rates, overstocking alongside consumers’ shift in spending pattern and overcapacity, all led to a sharp drop in the global product demand and purchase orders in 2022 2H. Despite a tough 2022, KLN Group recorded a revenue of HK$86.6 billion and a core net profit of HK$3.6 billion in its continuing operations riding on its unparalleled network in Asia, diversified global service offerings and cross-selling synergies with S.F. Holding in various arenas.”

Integrated Logistics

The segment profit of the IL division recorded a 28% growth supported by the increase in demand for pandemic-related services in Hong Kong as well as the rebound of production activities in Asia. Following the subsequent reopening of the Mainland of China, the IL segment is expected to maintain its growth momentum in 2023 riding on a rebound in retail sales and household consumption.

E-commerce and Express

The E&E division registered a drastic decline in its segment profit due to the intense competition Kerry Express Thailand faced in 2022. A series of restructuring and lean programmes has been launched to improve profitability. The loss is expected to narrow in 2023.

International Freight Forwarding

The IFF division reported only a 3% drop in segment profit in 2022 despite an extremely volatile market. Asia exports plunged in 2022 2H as global demand for finished products and purchase orders started falling. Coupled with a swift increase in both ocean and air freight capacity, freight rates tumbled from unprecedented highs within a short period of time, putting the global freight forwarding sector under tremendous pressure. Extraordinary events and world affairs continued to reshape the global supply chains. Higher freight capacity and low cargo volume were spread across countries, posing increasing challenges to the freight forwarding industry. Nonetheless, the IFF business was able to maintain its profit margin at a similar level as the previous year and will continue to actively look for new business opportunities.

Integration With S.F. Holding

The business integration and development between KLN Group and S.F. Holding is progressing smoothly and successfully, strengthening KLN Group’s IL, IFF and express service capabilities, particularly those within Asia. To enhance KLN Group’s air freight capacity and last-mile delivery capabilities, KLN Group is expanding its own-controlled air freight network and seeking new business potentials with S.F. Airlines by developing new products, services and trade routes. KLN Group’s cross-border express network in Southeast Asia has also gained ground. The synergies thus created are further increasing KLN Group’s competitiveness and diversity of global solutions it offers across the region.

William Ma concluded, “The global economy is poised to experience a deeper slowdown in 2023 with greater market volatility, uncertainties and risks for the year. While the road back to full recovery will be long and bumpy, Asia exports will rebound gradually in 2023 Q2 at the earliest, in an optimistic scenario. 2023 will be one of the most challenging years for the global logistics market in more than a decade. Considering that KLN Group achieved record results in 2022 1H, the Group expects a considerable disparity for 2023 in comparison. Looking ahead, the Group will continue to take an active part in the global supply chain reshuffling as the logistics landscape evolves, while adapting to shifting market conditions to serve its customers’ ever-changing needs.”Hashtag: #KerryLogisticsNetwork

The issuer is solely responsible for the content of this announcement.

About Kerry Logistics Network Limited (Stock Code 0636.HK)

Kerry Logistics Network is an Asia-based, global 3PL with a highly diversified business portfolio and the strongest coverage in Asia. It offers a broad range of supply chain solutions from integrated logistics, international freight forwarding (air, ocean, road, rail and multimodal), e-commerce and express to industrial project logistics and infrastructure investment.

With a global presence across 59 countries and territories, Kerry Logistics Network has established a solid foothold in half of the world’s emerging markets. Its diverse infrastructure, extensive coverage in international gateways and local expertise span across the Mainland of China, India, Southeast Asia, the CIS, Middle East, LATAM and other locations.

Kerry Logistics Network generated a revenue of over HK$86.6 billion in 2022 and is the largest international logistics company listed on the Hong Kong Stock Exchange as well as a constituent of the Hang Seng Corporate Sustainability Benchmark Index.

Community Shaken by Wave of Tragic Suicides from Pakse Bridge

Some possessions of a 15-year-old boy left at the Pakse bridge earlier this month.

More than four people have jumped to their deaths from the Laos-Japan Bridge in Pakse since September last year, following the notable suicide of a local singer.