OTS Holdings is a brand builder and food manufacturing group in the consumer industry with a strong niche in ready-to-eat and ready-to-cook meat products. The group's products are distributed under eight house brands including "Golden Bridge", "Kelly's", "GoldenLion" and "Orchid" for its non-halal food products, and "El-Dina" and "Kizmiq" for its halal food products. Listed on the SGX Catalist Board since June 2021, the group's food products have been marketed and sold globally.
1. What is OTS Holdings’ core business and its key segments?
Established in 1993 and listed in 2021, OTS Holdings is a consumer food manufacturing group with a strong niche in ready-to-eat and ready-to-cook meat products. Our primary markets are Singapore and Malaysia.
We serve halal and non-halal consumer segments, offering over 1,100 products across 13 main product categories. Our flagship brands, “Golden Bridge” and “Kelly’s,” are household names in Singapore and Malaysia.
In June 2022, we launched our 7th brand, ANEW, a plant-based ready-to-eat brand that delivers quality, nutrition, and convenience with a taste of heritage.
Driven by innovation, we continue to refine our recipes and explore technological advancements to improve efficiency and product quality. Our in-house R&D team is key in helping us stay ahead of evolving consumer trends.
We operate three modern food manufacturing facilities — two in Singapore and one in Simpang Renggam, Johor, Malaysia. In Singapore, our integrated facilities span 9,131 sqm and have an annual production capacity of around 2,500 tonnes.
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Our products are sold in major supermarkets, convenience stores, provision shops, hotels, and restaurants across Singapore and Malaysia. They are also exported to markets including Australia, Hong Kong, India, Indonesia, Brunei and the Philippines.
2. OTS Holdings recorded 6.8% y-o-y revenue growth to $16.8 million in 1HFY2025. What were the key drivers?
Export sales primarily drove the growth. However, we recently entered the Japanese distribution market, where initial order volumes tend to be higher to stock multiple outlets. In subsequent periods, order quantities may decrease as it will only be replenishing depleted stock. Nevertheless, with our FSSC 22000 certification and being two of only four of Singapore’s EU-approved meat processing facilities, we are well-positioned to further expand into international markets.
Singapore remains the primary revenue contributor, accounting for 60%–70% of total revenue. Across all business segments, the revenue distribution is relatively uniform. General trade, encompassing sales from convenience stores, provision shops, and wholesalers, contributes the most to overall revenue.
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3. Looking ahead to 2030, what are the group’s top three strategic goals?
We need to continue developing new or better products and market them beyond Singapore and Malaysia. We hope to achieve the following:
To become a globally recognised brand for high-quality food products.
To be known for product innovation and great-tasting offerings.
To expand our presence across more regions and food categories.
4. How will the upcoming Johor facility impact the group’s cost structure, capabilities and market reach?
We acquired a new production facility in Johor in November 2023. The new halal-certified facility is four times larger than our existing one in Singapore. It will allow the group to meet growing demand both in domestic and international markets. It positions us to significantly scale our halal offerings and expand into Muslim-majority markets.
The Johor facility also serves as a lower-cost production base that helps us improve cost efficiency and offer more competitive pricing.
Establishing operations in Malaysia reduces reliance on a single-country production model, providing a hedge against localised disruptions. Meanwhile, Johor’s proximity to Singapore allows efficient logistics and supply chain integration.
5. Malaysia saw a 32.1% revenue decline in FY2024. What strategies are being deployed to strengthen the business there?
Revenue contribution from Malaysia continues to face challenges due to weaker spending power and increased market competition affecting sales of our premium brands. Post-Covid, consumer spending in Malaysia has been weaker, but we remain optimistic as 1HFY2025 has already shown improvement.
The group remains committed to Malaysia as a key growth market. Following the completion of the acquisition of the Johor factory in May 2024, the facility is expected to start manufacturing by the middle of this year, introducing more products and driving higher sales volumes in Malaysia.
6. With Singapore contributing 75% of FY2024 revenue, how is the group addressing saturation and evolving domestic preferences?
We are actively working to maintain brand visibility through promotions and trade shows. Additionally, we are launching new products to keep our offerings fresh and appealing to local consumers. The group maintains eight house brands targeting different demographics and dietary needs (e.g., halal, plant-based, premium Western-style meats).
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We launched our new plant-based ready-to-eat brand “ANEW” in 2022. It aims to deliver quality, nutrition and convenience to consumers with a taste of heritage. OTS also has a dedicated team focusing on developing new recipes and packaging formats to meet changing tastes and lifestyles, such as smaller portion sizes for convenience and single households.
7. What are the key ESG priorities for OTS Holdings?
OTS Holdings identifies several key sustainability priorities:
Customer satisfaction is central to our success, contributing to economic growth and job creation.
We actively conserve water and manage effluent while reducing waste and improving energy efficiency to cut greenhouse gas emissions.
A safe, hazard-free workplace is maintained through regular safety checks and training.
Employee development is supported via training, workshops, and benefits, fostering retention and satisfaction.
OTS promotes equality and diversity through inclusive HR policies. Community engagement is ongoing, with campaigns that support local well-being.
The group also upholds strict food safety and quality standards across its operations.
Finally, strong corporate governance underpins its sustainability, with zero tolerance for corruption and a whistle-blowing policy to ensure accountability.
8. How does OTS uphold and strengthen its food safety and hygiene certifications?
As a food company aiming to be trusted for quality, food safety is non-negotiable. The group’s production facilities in Singapore have been certified under the globally recognised FSSC 22000 Food Safety System since 2015, demonstrating robust food safety management systems.
Additionally, both Golden Bridge Foods Manufacturing and Ellaziq have consistently achieved Grade ‘A’ status from the Singapore Food Agency (SFA) for excellence in food hygiene and safety since 2010 and 2011, respectively. To cater to diverse consumer needs, Ellaziq’s facility is also halal-certified by Majlis Ugama Islam Singapura (Muis), ensuring compliance with Islamic dietary laws.
Beyond certifications, OTS enforces stringent internal quality assurance protocols. These include regular audits, employee training in food safety and hygiene, and the use of accredited third-party labs for product testing.
Our ERP system not only plans production but also tracks batch-level data. We actively welcome customer feedback, which our QC team reviews to make continual improvements.
9. Can you share the results of your solar power initiatives so far?
As part of the group’s climate change transition plan, OTS Holdings has included the generation of solar energy as part of its Produce strategic lever (one of the three strategic levers of Reduce, Produce and Neutralise), to reduce 30% of our aggregated absolute Scope 1 and 2 GHG emissions by FY2035, with FY2023 as our baseline.
Due to space constraints, the number of solar panels installed at our facility has reached its practical limit. The energy output from solar panels is equivalent to 10% of the energy purchased from the grid. Following the completion of renovations at our Johor plant, we plan to implement solar solutions at the site.
In addition, the group plans to explore using renewable energy certificates (RECs) and carbon credits to offset the unavoidable residual GHG emissions. This reflects OTS’s proactive stance in transitioning towards a low-carbon future and enhancing its long-term sustainability.
10. What is OTS Holdings’ value proposition to shareholders and what might investors be overlooking?
We believe our share price is undervalued, as the market just reflects the net assets backing on our balance sheet. For instance, our Singapore property is recorded at a net book value of around $5 million, but a recent valuation we did put it at $20 million.
Moreover, we are in a transformation phase, setting up our Johor halal plant and exiting underperforming ventures like the JV plant in Bulan, which may temporarily affect profitability but position us for stronger long-term growth.
10 in 10 – 10 Questions in 10 Minutes with SGX-listed companies
Designed to be a short read, 10 in 10 provides insights into SGX-listed companies through a series of 10 Q&As with management. Through these Q&As, management will discuss current business objectives, key revenue drivers, as well as the industry landscape. Expect to find wide-ranging topics that go beyond usual company financials.
This report contains factual commentary from the company’s management and is based on publicly announced information from the company. For more, visit sgx.com/research.
For more company information, visit www.ots-holdings.com.
Raphael Lim is an associate director of research and FinLit at the Singapore ExchangeGroup
