IPS Securex Holdings Limited provided group earnings guidance for the twelve months ended June 30, 2023. The Group is expected to report net loss after tax for fiscal year 2023 as compared to a net profit after tax of approximately SGD 263,000 for fiscal year 2022. The net loss after tax of the Group for fiscal year 2023 is mainly due to a decrease in revenue in the first six months of fiscal year 2023.

This was attributable to procurement disruptions due to customers budget prioritization towards defence and pandemic requirements, increasing material costs, delays in the calling of prospective tenders by potential and existing customers in the region and delays in ongoing projects due to supply chain disruptions (shortage of materials) during the still present COVID-19 pandemic and amidst geo-political uncertainties. The expiry of government grants and subsidies also contributed to the decline in profitability.