August 14, 2019

What has HRnetGroup H1 2019 results say about hiring trend?

What has HRnetGroup H1 2019 results say about hiring trend?

The number of placement made was down 4.2% across the region, but the flexible staffing business held up with 0.8% growth.

HRnetGroup is a leading recruitment and staffing firm in Asia listed on the mainboard of SGX.  They published their H1 2019 financial statements yesterday (13 Aug 2019).  The group's  business consists of mainly permanent recruitment business (placement) and flexible staffing business (temporary staffing).

Gross profit dropped by 3.6% to S$73.5 million compared to the same period last year.

The decline was believed to be due to turbulence in economy across the region, with companies exercising more caution in recruiting permanent staff.

The number of placement made was down 4.2% across the region, but the flexible staffing business held up with 0.8% growth.

Coupled with a flat GDP growth forecast announced by MTI yesterday, looks like we are not optimistic about hiring this year.