Yahoo Finance Golden Bull Award Singapore 2023: Absotech blends strong grounding and innovative adaptable leadership
With a focus on Asia Pacific, Absotech has honed in on a region known for its efficient supply chain
Since its establishment in 2002, Absotech has transformed from a traditional bulk trading/distribution company with inventories into a dynamic and innovative force in the chemical distribution industry. Its journey has been marked by adaptability, sustainability, and a profound commitment to both business growth and societal well-being.
The company’s humble beginnings were rooted in the world of bulk trading, where modest profit margins were the norm. However, what sets Absotech apart even then was its ability to leverage its industry expertise and nurture long-lasting customer relationships. Absotech harnessed this advantage to provide clients with a unique form of supply stability, particularly during turbulent market conditions that saw frequent price fluctuations.
In 2008, Absotech embarked on a transformative path by developing proprietary blend formulations. These formulations were specifically designed for use in various industries, including oil and gas, construction, mining, and agriculture. This strategic shift marked a pivotal moment in the company's history. Today, Absotech’s proprietary blend business not only contributes significantly to its revenue but also forms the central focus of its future endeavours.
Absotech is more than just a chemical distributor; it is a champion of sustainability. Absotech’s proprietary blending process stands as a testament to its commitment to reduce environmental impact. It involves the transformation of by-products into valuable resources for diverse sectors, including oil and gas, construction, mining, and agriculture. This approach not only aligns with the company’s business goals but also fosters a greener and more sustainable future. Absotech has made it a mission to turn what was once considered waste into new, useful products.
In addition to its commitment to sustainability through chemical innovation, Absotech has another environmentally friendly business unit that focuses on the distribution of waste bins from plastic omnium and sulo. This venture was established in 2009 and plays a crucial role in supporting waste collectors who operate under the regulatory oversight of the National Environment Agency, which awards the tender for public waste collection
Absotech’s pursuit of growth is relentless, guided by strategic diversification and valuable partnerships. In addition to its core business, in 2018, Absotech operated the LNG affiliate, AbsoEnergy, through a partnership with Pavilion Energy. The company took bold steps in showcasing the potential of small-scale LNG bunkering. Notably, Absotech became the first company in Singapore to use a 40-footer T75 ISO tank filled with LNG to supply China's Sinochem, from Jurong Port, a testimony to its commitment to innovation and growth. This project is part of Absotech’s continuous development efforts, and it is working tirelessly to supplement its growth in the small-scale LNG industry.
With a focus on Asia Pacific, Absotech has honed in on a region known for its efficient supply chain. This region remains the primary hub of its global expansion strategy. However, the pursuit of global expansion mirrors the company’s dedication to serving a broader customer base and staying at the forefront of industry developments. Absotech is planning a second operation outside Singapore and is in the process of establishing a branch in Johor, Malaysia, further supporting its global expansion strategy.
Looking ahead, Absotech’s vision is grounded in long-term sustainability and adaptability. Absotech aims to remain a resilient, dynamic, and innovative company, evolving every 5 to 10 years to meet the ever-changing needs of customers and the market. This journey of evolution is exemplified by its transition from solvent trading distribution to proprietary blend formulations and, most recently, venturing into small-scale LNG. Absotech’s commitment to innovation and adaptability ensures that it remains relevant and prosperous in the years to come.
As a recipient of the Golden Bull Award, Absotech’s journey speaks volumes about its substantial evolution and the impact it has made on society. Absotech’s enduring presence in the industry is a testament to the resilience and commitment to excellence. Through numerous challenges, the company has not only survived but thrived, reflecting its dedication to growth and progress. Beyond business, Absotech’s corporate social responsibility efforts highlight its commitment to more than just profits. Absotech takes immense pride in its contributions to society and its unwavering dedication to creating a sustainable and positive impact. Absotech is blessed to have the privilege of supporting the Care Community Services Society for the past 15 years and beyond. Its commitment to both environmental sustainability and community welfare is at the heart of the company’s values, and it remains steadfast in its mission to make a difference.
In conclusion, Absotech is more than a chemical distributor; it is a beacon of adaptability, innovation, and sustainability. The journey from modest beginnings to becoming a leader in proprietary blend formulations and small-scale LNG supply demonstrates its unwavering commitment to growth and progress. As Absotech moves forward, it remains dedicated to meeting the evolving needs of customers and society at large, driven by the vision of a sustainable and dynamic future.
Absotech’s primary business involves proprietary blending, crafting customized chemical solutions to different industries, including Oil and Gas, construction, mining, and agriculture Absotech also takes pride in chemical distribution, serving local and international communities with a focus on companies that require high standards of approving vendors as approved vendors.
Like any business, Absotech faced formidable challenges, including pandemic disruptions, manpower shortages, recruitment hurdles, and stringent safety regulations. The company tackled these issues by implementing robust safety measures, diversifying product offerings, cross-training its workforce, and enhancing safety compliance. The company was created in 2002 from a strong vision.
“When I founded this company back in 2002, I had a strong vision of creating a legacy, and looking back, I believe we have indeed laid the foundation for that legacy. However, I believe that we can be even better. I aim to extend our vision to not just create a legacy but to build a stronger, more empowered, and long-lasting legacy. This new challenge represents another level of ambition for us. It means that one of the key indicators of our success will be our ability to establish a succession plan that ensures the continuity of this vision beyond my leadership. We are currently in the process of turning this vision into a reality, and we are determined to achieve it in the shortest time possible," says Kelvin Sim, CEO and Absotech.
“I have always believed in the principle of always doing our best in everything we undertake. With my faith in God, I trust that God will be behind us, guiding our path and providing the strength to overcome any challenges. Together, with our dedication and divine guidance, we will write the next chapter of our company's remarkable journey," says Sim.
“Winning the prestigious Golden Bull Award fills us with immense pride and honour. It does not only recognize our past achievements but also symbolizes a fresh beginning. This award motivates our entire team and acknowledges the hard work of those who have contributed behind the scenes. It signifies our ability to conquer challenges and marks the start of a promising and progressive future. It fuels our commitment to striving for excellence and innovation in all our endeavours," he adds.
Winner’s Quote
From the CEO: “We will do our best and God will do the rest.”
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