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Mitsubishi Corporation, Kaluza, and Miraiz to Launch Initiative for Decarbonising Mobility in Japan
Kaluza's platform is being deployed to optimise when EVs charge at users' homes so they store cheap and green energy, helping to reduce energy costs for society as a whole while providing a rewarding charging experience for customers. Through the deployment, Kaluza will demonstrate the effectiveness of its technology and benefits of this type of service in the Japanese market.
Based on the results obtained from this trial, the three companies will continue to develop smart services for electric vehicles, helping increase adoption and powering progress towards a decarbonised society.
Kaluza works with a number of leading automotive and energy companies in the UK including OVO Energy, the country's third largest energy supplier. Kaluza's platform uses AI to optimise the charging of a variety of distributed energy resources, including electric vehicles, to help customers reduce their energy costs, expand the use of renewable energy, and reduce congestion on power transmission and distribution networks, thereby contributing to the creation of a decarbonised society. Kaluza is also partnering with Mitsubishi Corporation to develop new services for electric vehicle drivers in Japan.
Yasuhiko Okabe, COO of Mitsubishi Corporation's Utility Retail division, commented:
"In line with our greenhouse gas emission reduction targets and energy transformation investment guidelines set out in October 2021, and as a business involved a diverse array of business including resources and energy, we are committed to fulfilling our responsibility to ensure a stable supply of energy while balancing the common global challenge of achieving a carbon-neutral society. We look forward to expanding our collaboration with Miraiz and other electric retailers and automakers who support our alliance with Kaluza to provide solutions for the electric vehicles of the future."
Scott Neuman, CEO of Kaluza commented:
"This new initiative enables energy, transport and advanced software to come together and deliver low-carbon solutions centred around the customer. We are delighted to deploy our smart charging technology in Japan with Mitsubishi Corporation and Mir aiz, and look forward to pioneering new propositions together with a range of auto manufacturers."
Taro Usui, Manager of Service Platform Development Dept. of Miraiz commented: "In line with the 'Zero Emissions Challenge 2050' announced by the Chubu Electric Power Group on March 23, 2021, we will continue to develop energy management services and other services to support electrification and reduce CO2 emissions.
Inquiry Recipient:
Mitsubishi Corporation
Telephone:+81-3-3210-2171
Facsimile:+81-3-5252-7705
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comMitsubishi Corporation, Kaluza Ltd. and Chubu Electric Power Miraiz Co. has started a smart charging trial for electric vehicles (EVs) in order to accelerate the development of decarbonisation-focused services for the mobility sector.
Q&M Dental records historic highest-ever revenue and profit after tax for year ended 31 December 2021 and declares a full year dividend yielding 7%
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Quarterly Financial Performance since the start of Covid-19 (From 4Q2019)
The Covid-19 pandemic had no impact on the Group's core dental and medical clinics business segment and continued its strong growth trend. On a Quarterly basis, the Group's revenue also recorded a steady increase from S$36.4 million in 4Q2019 to S$53.3 million in 4Q2021.
FY2021 Financial Performance
For the FY2021, total revenue improved by S$68.0 million or 49% from S$137.6 million to S$205.6 million. Revenue from dental and medical clinics increased by 27% to S$160.2 million. The increase was mainly due to higher revenue from existing and new dental clinics in Singapore.
Revenue from medical laboratory and dental equipment & supplies segment jumped by 304% to S$45.4 million. The increase was mainly due to revenue from the Group's Covid-19 medical laboratory business. The medical laboratory license from MOH was obtained in September 2020.
The Group's EBITDA for FY2021 correspondingly increased by 68% to S$63.3 million, from S$37.7 million in the previous period.
The Group's net profit after tax in FY2021 increased by 98% to S$39.4 million from the S$19.8 million recorded in FY2020. PATMI (Profit after tax attributable to Shareholders excluding Minorities) grew by 55% to S$30.5 million, from S$19.7 million in the previous period.
Earnings per share increased to 3.23 Singapore cents for FY2021, from 2.09 Singapore cents in the previous period.
As at 31 December 2021, the Group's financial position remains strong with net assets of S$97.8 million, as well as cash and cash equivalents of S$47.6 million. Bank borrowings and financial liabilities amounted to S$83.7 million.
Fourth interim Dividend
The Group declares a fourth interim dividend of 1.0 Singapore cent per ordinary share for 4Q2021. In the last three quarters of 2021, the Group paid 1.0 Singapore cent in 1Q2021, 1.0 Singapore cent in 2Q2021 and 1.0 Singapore cent in 3Q2021. The total dividends work out to 4.0 Singapore cents for FY2021 translating to a 7% dividend yield based on closing share price of 56.5 cents and a dividend payout ratio of 113%. The 4Q2021 dividend will be paid on 24 March 2022.
Operational Update - Growth & Expansion in medical clinics
As at 31 December 2021, the Group has 136 dental clinics as compared to 118 in 31 December 2020, an increase of 18. The Group's number of medical clinics in Singapore remained unchanged at 5. (See Table 1)
In Singapore, the Group's number of dental clinics in Singapore grew to 97 in FY2021 from 83 in FY2020. The Group opened 15 new clinics and consolidated 1 clinic in Singapore in 2021 resulting in a net increase of 14 clinics. (See Table 2)
Similarly, for overseas, the number of dental clinics has increased to 39 in FY2021, as compared to 35 previously. 38 dental clinics are in Malaysia and 1 dental clinic is in the People's Republic of
China ("PRC"). The locations of the dental clinics in Malaysia are 15 in Johor, 18 in Kuala Lumpur and 5 in Malacca. (See Table 3).
To support this growth, the Group has also increased its total number of dentists to 270 as at 31 December 2021, as compared to 250 a year ago.
Updates on subsidiary - Acumen Diagnostics Pte Ltd
The Group continues to focus on investment opportunities in sectors that are synergistic and aligned with its business strategy. Associate Company Aoxin Q&M Dental Group Limited ("Aoxin")'s recent acquisition of a 49% shareholding of Acumen Diagnostics Pte. Ltd. ("Acumen Diagnostics"), raised Q&M's effective interest in Acumen Diagnostics to 67% from 51% in October 2021. With 1 scientist, 16 medical technologists and 36 other staff, Acumen Diagnostics' technical capabilities and infrastructure in molecular diagnostics, enables it to do research and development, manufacturing, as well as clinical laboratory testing.
- Capabilities to Tackle Omicron Covid-19 Variant
For Acumen Diagnostics, the Group will continue to offer COVID-19 testing by polymerase chain reaction ("PCR") for patients that require PCR test results and for travelers as Singapore opens its borders, as well as distribute COVID-19 antigen rapid tests ("ART"). It will also launch a panel of new PCR tests for infectious diseases, sepsis and cancer.
On 11 November 2021, Acumen Diagnostics announced that it has been granted the license by Ministry of Health, Singapore to provide door-to-door COVID-19 PCR home swab services.
On 3 December 2021, Acumen Diagnostics announced that its proprietary, locally-manufactured PCR test kits Acu-Corona 2.0 and Acu-Corona Duplex are able to detect COVID-19 positive cases infected with the Omicron variant. On 16 December 2021, Acumen Diagnostics announced that it has been granted a license by Ministry of Health, Singapore to provide offsite COVID-19 PCR swab services and serology sample collection at 100 clinics.
Acumen Diagnostics will continue to roll out its testing services via the Group's network of clinics, and also at its headquarters located at The Gemini, 41 Science Park Road, Singapore. Currently, the Company has about 61 clinics providing the testing services island-wide.
- Appoints UOB Kay Hian Private Limited as Arranger to Explore NASDAQ Listing
On 17 January 2022, Q&M announced that Acumen Diagnostics is exploring a proposed listing of its securities on the NASDAQ stock exchange in New York, USA. Acumen Diagnostics has appointed UOB Kay Hian Private Limited to assist Acumen Diagnostics with the listing evaluation and all relevant preparatory work including the selection of professional advisers and underwriting banks in relation to the proposed NASDAQ listing and fundraising exercise.
Looking Forward - Expansion Plans
Dr Ng Chin Siau, said "Q&M will embark on 4 pillars of growth. Firstly, expansion of our core dental business in Singapore, Malaysia as well as South East Asia and China for sustainable growth. "Our Group intends to open at least 30 dental clinics a year from 2021 onwards in Singapore and Malaysia for the next 10 years."
Secondly, the use of medical technology such as our proprietary Artificial Intelligence Guided Clinical Decision Support System to provide the most effective and suitable treatment plans for patients This will enable us to scale up consistency and quality throughout our network clinics.
Thirdly, expand our clinical testing laboratory business to test Covid-19 and other diseases such as dengue sepsis and other bacterial pathogens.
Fourthly, invest in medical and healthcare business that will enhance our shareholder's value such as Acumen Diagnostic."
Q&M Group will continue to execute our business plans outlined below:
1. Expansion of network of dental clinics in Singapore, Malaysia and Southeast Asia
Q&M will focus on its operations in Singapore and has initiated a strategy of intensive organic growth for its dental clinics in Singapore. It will expand its team of dentists to support the future growth of its operations in Singapore.
The Group intends to open at least 30 dental clinics a year for the next 10 years from 2021 onwards in Singapore and Malaysia and continue to look for opportunities to expand its business through the opening of new dental clinics in Southeast Asia.
The eventual number of dental outlets will depend on available opportunities, pertinent market conditions and the evolving Covid-19 situation.
2. Expansion into private dental healthcare market in China
Q&M's main thrust of expansion in China is through organic growth to develop a new and sustainable growth pillar that can yield long term value for the Group.
3. Artificial Intelligence Guided Clinical Decision Support System (AI-GCDSS)
Q&M will continue to develop, invest, and optimise its proprietary digital Artificial Intelligence (AI) Guided Clinical Decision Support System to provide the most effective and suitable treatment plans for patients. The Group believes it is well-positioned to cater to patients' rising demand for primary and higher value specialist dental healthcare services.
4. Medical Laboratory
Q&M will focus on rolling out its clinical testing laboratory's pipeline of new tests including PCR assays for dengue sepsis and the identification of bacterial pathogens and their associated antibiotics resistance in pneumonia and bloodstream infections.
Looking Forward
Barring any unforeseen circumstances, such as a rapid worsening of the Covid-19 situation in Singapore and Malaysia, there are no known significant changes in the trends and competitive conditions of the industry in which the Group operates and no other major known factors or events that may adversely affect the Group in the next reporting period and the next 12 months.
[1] Based on closing share price of 56.5 cents as at 17 February 2022
Please see links for PDF documents from SGXNET.
https://links.sgx.com/FileOpen/QnM_FY%202021_PRESS_RELEASE.ashx?App=Announcement&FileID=703150
https://links.sgx.com/FileOpen/QnM_4Q2021_Result_Announcement.ashx?App=Announcement&FileID=703149
About Q&M Dental Group (Singapore) Limited (QC7.SI) www.QandMDental.com.sg
Q&M Dental Group (Singapore) Limited ("Q&M" or together with its subsidiaries, the "Group") is a leading private dental healthcare group in Asia. The Group owns the largest network of private dental outlets in Singapore, operating 98 dental outlets across the country. Underpinned by about 270 experienced dentists, 7 doctors and over 350 supporting staff, the Group sees an average of 40,000 patient visits a month in Singapore. The Group also operates 5 medical clinics and a dental supplies and equipment distribution company.
Outside of Singapore, the Group has 38 dental clinics and a dental supplies and equipment distribution company in Malaysia, as well as a dental clinic in the People's Republic of China ("PRC"). Q&M is also the substantial shareholder of Aoxin Q&M Dental Group Limited, a dental Group listed on the Catalist board of the Singapore Exchange, which operates dental clinics and hospitals primarily in the North- eastern region of the PRC. The Group aims to expand its operations geographically and vertically through the value chain in Malaysia, the PRC and within ASEAN.
In 2018, the Group made inroads into the development of advanced technology in healthcare with the establishment of EM2AI Pte. Ltd. ("EM2AI", formerly known as Q&M Dental AI Pte. Ltd.). EM2AI focuses on developing an Artificial Intelligence (AI) ethical enhanced guided treatment plan.
In 2019, the Group expanded into dental postgraduate education with the establishment of the Q&M College of Dentistry. It offers Singapore's first private postgraduate diploma programme in clinical dentistry.
In 2020, the Group also expanded into the medical laboratories and research industry with the incorporation of Acumen Diagnostics Pte. Ltd. ("Acumen Diagnostics"). Acumen Diagnostics currently focuses on the manufacture, sale and distribution of COVID-19 diagnostic test kits, as well as COVID-19 testing.
The Group was listed on the Mainboard of the Singapore Exchange Securities Trading Limited ("SGX- ST") on 26 November 2009.
For more information, please contact:
Waterbrooks Consultants Pte Ltd
Tel: +65 6958 8008 (M) +65 9690-4959 email: [email protected]
Wayne Koo - [email protected] (M) +65 933 88166
Derek Yeo - [email protected]
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comQ&M Dental Group (Singapore) Limited ("Q&M" or together with its subsidiaries, the "Group"), a leading private dental healthcare group in Asia, today reported the highest-ever revenue and profit after tax of S$205.6 million and S$39.4 million respectively for the financial year ended 31 December 2021 ("FY2021").
XRSPACE teams up with Foxconn to conquer the Metaverse
XRSPACE has landed $15 million of investment from electronics manufacturer Foxconn, in a partnership that could be worth $100 million
The post XRSPACE teams up with Foxconn to conquer the Metaverse appeared first on VRWorldTech Magazine.
SMEStreet and Tally Solutions Join Hands for National Productivity Day’s Exclusive Webinar on Industry 4.0
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The National Productivity Day is a part of the National Productivity Week observed from 12th-18th February every year in the country by the National Productivity Council under the Ministry of Commerce and Industry.
In light of the National Productivity Day that aims to highlight the importance of productivity, efficiency and innovation across different sectors of the economy so as to augment the economic growth of the country altogether, the focus of the webinar essentially revolved around understanding of Industry 4.0 and the kind of opportunities it brings to the table for the MSMEs particularly.
The webinar saw the presence of distinguished panelists who articulated their ingenious perspectives on various aspects of Industry 4.0 and the roadmap for MSMEs to navigate the same and equip themselves for the future.
Mr. BB Swain, Secretary, MSME Ministry, shed light on the enormous significance that technology holds as a means to drive the MSME sector and the digitization of manufacturing process therein. He also highlighted various schemes and measures undertaken by the Ministry to promote the integration of the essentials of industry 4.0 amongst MSMEs. The ministry is working on schemes still under discussion that are primarily concerned with providing necessary support and information to MSMEs regarding registration, access to credit and technology and to all related activities which can enhance their performance quality. "The ministry has been running several seminars, workshops and trainings to create awareness and familiarization of M2M, IoT, AI, etc. through its various technology centres."
Mr. Swain also added, "The Ministry of MSME is working with clusters and associations to assess ground level requirements. Among such endeavours is one of getting in place an IoT readiness index; it'll be a diagnostic study to assess the appetite and acceptability. Once available, the necessary and customized intervention will be provided."
Moreover, Mr. Swain elaborated on the endeavours of the Ministry like the Champions portal to curtail the ordeal faced by MSMEs post the onset of the pandemic, especially the micro industries that were impacted the most. The Champions Portal was set up to address the grievances of MSMEs about 15 per cent of which were technology related which in turn affirmed the receptiveness of the sector to technology and Industry 4.0 by and large.
Complete Recording of the Webinar
There exist a multitude of challenges that the MSME sector has to endure so as to sustain in the market and M. S. Ravi, Ex Chairman, BSE India, rightly elaborated on some of the key components that either make or break the MSMEs namely, Efficient business model, Equity and working capital, Operating costs, Ability to bear shocks and lastly an Efficient credit cycle.
Stressing on the relevance of incorporating technology into MSMEs to optimise productivity, M. Ravi said, "The operating costs can be reduced by 5-7 per cent through technology. Technology doesn't come easy; we have to have a shared platform for common industries so that at least the technology costs can come down." In addition, M. Ravi opined that the exorbitant compliance costs like GST, tax, etc. can also be reduced by a sizeable amount through the use of adequate technology.
Apart from technology; the ability to constantly adapt to the changing needs of the customers, to be able to engage with them and analyse the changing nuances of the market are all pivotal in fostering innovation amongst MSMEs. "As we look at the culture in addition to the customer, the second important pillar which I think each one of us as we reflect, will recognise, is the need to innovate," said Mr. Manoj Chugh, Board Member, Mahindra Group. He also added, "As we look at making investments in technology which are very very important, it is also incredibly important to look at reskilling our workforce because if our workforce doesn't understand how the new world is going to work, we are not going to be successful as an entrepreneur or as a small team which is driving the business."
Mr. Arun Kumar Jha, Ex Director General, NPC, also gave his insights regarding how industry 4.0 is likely to revolutionize how businesses work in the country in more ways than one and has out and out provided an exponential boost to the country's economic development through the generation of employment opportunities, foreign exchange by means of export of IT services to other countries so on and so forth.
However, It would be naIve to generalise that all existing entrepreneurs are familiar with ways to navigate the intricacies of technology and the digital ecosystem to operate their businesses. Vedanarayanan Vedantham, Business Head, Razorpay spoke on similar lines that how with the influx of sophisticated digital payment gateway providers such as Razor Pay, the new age start up entrepreneurs belonging to the MSME sector especially, although lack decent levels of financial and digital literacy, yet have been successful at running their businesses seamlessly by virtue of using easy to use digital payment products. He further added, "Digital payments have become democratized and accessible to everybody. It's no longer elitist, it's egalitarian. It has become essentially an aam aadmi platform."
About SMEStreet
SMEStreet.in is South Asia's leading MSME and startup ecosystem aimed to inform and motivate entrepreneurs to grow more and become more valuable for the economy.
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Committed for MSME development through various knowledge sharing and awareness-building activities aimed to empower various segments of MSMEs and entrepreneurs. Believing in the lines of nation-building through MSME development.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comSMEStreet along with Tally Solutions organized a webinar on the 12th of Februrary,2022 to mark the occasion of National Productivity Day, on the theme Industry 4.0 - Journey Ahead for MSMEs.
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