According to the Public Utilities Board (PUB), Singapore’s daily water consumption is about 440 million gallons. That is enough to fill up 800 Olympic-sized swimming pools. As the city-state’s population and economy continue to grow in the long term, total water demand is expected to double by 2065, with the non-domestic sector accounting for 60% of that demand.
As water demand grows, water treatment operators play a critical role in ensuring safe, clean drinking water for the general population. This long-term trend could spark renewed interest in these water treatment operators.
China Everbright Water
Listed on the Singapore Exchange (SGX) back in May 2014, China Everbright Water is an environmental protection company focusing on water environment management. The company operates across various segments, including raw water protection, municipal wastewater treatment, industrial wastewater treatment, reusable water, and river-basin ecological restoration.
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The company is dual-listed on the exchanges in Singapore and Hong Kong, with its controlling shareholder, Hong Kong-listed China Everbright Environment Group, holding 72.9%.
Its parent company, China Everbright Environment, has grown to become the largest environmental enterprise in China and a leading player in Asia’s environmental protection industry. Apart from its vast operations in China, China Everbright Environment operates in 16 other international markets, including Germany, Poland, Vietnam and Uzbekistan.
In its most recent 1HFY2025 ended June 30, China Everbright Water’s revenue saw a minor dip of 2% y-o-y to HK$3.28 billion ($546 million), on the back of lower revenue from the construction service segment. Meanwhile, profit attributable to equity holders of the company fell 3% y-o-y to HK$564 million.
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China Everbright Water remains optimistic about its prospects. It says it remains committed to seizing development opportunities within the environmental protection industry. The company will also continue to prioritise sustainable scale growth alongside continuous efficiency improvement.
At the recent The Edge Singapore Centurion Club 2025, held on Nov 6, the company clinched two awards in the utilities sector for “Highest Weighted Return on Equity Over Three Years” and “Overall Sector Winner”.
SIIC Environment
SICC Environment is an integrated player in China’s water and environmental markets. Similar to China Everbright Environment, it is listed on both SGX (since 2005) and the Hong Kong Stock Exchange in 2018. The company is in wastewater treatment, water supply, sludge treatment, solid waste incineration and other environmentally related businesses.
Currently, it boasts an overall portfolio of about 250 water treatment and supply projects, five waste incineration projects and 13 sludge treatment projects across 20 municipalities and provinces in China.
The controlling shareholder of SIIC Environment is Hong Kong-listed Shanghai Industrial Holdings, a conglomerate established in 1996 with interests in infrastructure, real estate and consumer products, among others.
In 1HFY2025 ended June 30, SIIC Environment reported revenue fell 4.4% y-o-y to RMB3.2 billion ($590 million). The lower revenue was due to lower contributions from the construction segment, resulting from the completion of major construction projects in FY2024 and the commencement of new projects with revenue recognition expected only in 2HFY2025 onwards.
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Despite the drop in revenue, net profit attributable to shareholders increased by 7.1% y-o-y to RMB344.3 million. The higher net profit was driven by improved gross margins and lower finance costs.
SIIC Environment’s CEO Ji Guanglin says the company will continue to actively explore market merger and acquisition opportunities, and further expand new projects and businesses, with a focus on cross-border development opportunities in Hong Kong, Singapore and other regions to drive breakthroughs in overseas expansion.
“Additionally, the company will continue to centre on refined operations, digital and intelligent empowerment, and technological innovation to continuously enhance operational efficiency, strengthen core competitiveness, ensure stable profitability and sustainable development, and deliver returns to investors,” adds Ji.
Memiontec Holdings
Listed on SGX in March 2020, Memiontec is a water treatment company with more than 20 years of experience in water and wastewater management services. The company has a presence in Singapore, Indonesia and China. The company’s primary water treatment technologies include using membranes, ion exchange, and physical, chemical and biological processes. It also leans on its in-house fabrication and assembly capabilities to design and produce reliable, compact, cost-effective, innovative and space-efficient water and wastewater treatment solutions.
As listed in its latest annual report, the husband-and-wife team of Tay Kiat Seng and Soelistyo Dewi Soegiharto collectively holds 72.7% of the company. Tay is the company’s executive director and CEO, while Soegiharto is the managing director.
In 1HYF2025 ended June 30, Memiontec’s revenue was down by 47% y-o-y to $15.9 million. The significant drop in revenue was mainly due to the lower revenue recognition from the total solutions with engineering, procurement and construction (TSEPC) business segment.
The decrease was partially offset by an increase in revenue from Indonesia’s TSEPC operations, driven by significant work completed on larger projects. With the cost of sales exceeding revenue, Memiontec posted a $3.9 million loss in 1HFY2025.
Going forward, Memiontec aims to tender for both public and private projects in Singapore involving membrane processes, mechanical, electrical and instrumentation control, and automation works for water and wastewater treatment plants.
In Indonesia, Memiontec is looking to scale up project sizes for EPC contracts by actively seeking opportunities in the government and private industrial sectors and partnering with local and overseas companies for large projects.
Memiontec is also eyeing Vietnam as a new market for expansion. The company is seeing strong demand for water and wastewater treatment projects, as well as “boot” (build, own, operate and transfer) projects in Vietnam, which typically provide for the supply and sale of water to consumers for a 50-year contractual concession period.
Sanli Environmental
Listed on SGX in June 2017, Sanli Environmental is an environmental engineering group that specialises in water and waste management.
Sanli offers a range of services, including the design, supply, delivery, installation, commissioning, maintenance, repair and overhaul of various types of equipment used in water treatment and reclamation plants, as well as reservoirs.
According to the latest annual report, the largest shareholder in Sanli is co-founder Sim Hock Heng, who has a 49.8% stake in the company. He is also the CEO and executive director for Sanli.
In 1HFY2026 ended Sept 30, Sanli reported a 3.3% y-o-y fall in revenue to $72.1 million. The decline was mainly due to lower contributions from the EPC and environmental & building solutions (EBS) segments, partially offset by an increase in the operations and maintenance (O&M) segment.
Despite the lower top line, Sanli’s reported earnings of $3.2 million, up 32.1% y-o-y, due to lower cost of contract works and higher other income arising from the gain on disposal of the property at 28 Kian Teck Drive of $2.3 million.
Commenting on the latest results, Sim is encouraged that gross margins are gradually normalising, reflecting the effectiveness of disciplined cost management and project execution as the few remaining Covid-legacy projects are being completed.
“With a strengthened order book providing healthy revenue visibility, we are also well-positioned to capitalise on emerging opportunities within the water and transport industry in Singapore and sustain a steady growth trajectory. In addition, we see good progress in our diversification strategy, particularly in our chemical manufacturing business segment, where production volumes are ramping up to meet growing customer demand,” he adds.
Apart from fulfilling its existing order book, Sanli has been active in the market to replenish it. On Nov 10, Sanli was awarded a $205 million contract by PUB to develop Changi NEWater Factory 3 over 24 months. Coupled with the recent $281 million contract win from LTA back in October, Sanli’s total order book has reached a new record level of $838.7 million.
Fundraising is also a focus for Sanli this year, as the company completed two placement transactions with various investors.
In July, Sanli raised $4 million by issuing 33.3 million shares at 12 cents each. Proceeds are to be used for general working capital purposes. A portion may also be used to improve its capital structure. Prominent investors include Lion Global Investors and Asdew Acquisitions.
More recently, on Nov 24, Sanli, taking advantage of its rising share price, tapped the market for more funds. It aims to raise $10 million by issuing 38.5 million shares at 26 cents each.
Prominent institutional investors, including Avanda Investment Management, Kenanga Investors Berhad, Lion Global Investors (as investment manager for and on behalf of its clients), UOB Asset Management and Value Partners Hong Kong, were among the investors for the placement.
Similarly, the proceeds raised this time round will be used for general working capital purposes, including funding the execution of ongoing EPC projects.
