HRNet is the largest staffing company in Singapore and has a company culture which is laser-focused on maximising profits.With the company present in 13 Asian growth cities and a 24 year track record of profitable operations, this growth company should be a perfect fit for my income portfolio.

The company’s annual report is well written, focused on shareholder-friendly growth and reminds me of great companies like Berkshire Hathaway, Amazon and Netflix.

HRNet’s story began in 1992 with the company growing from a 4 man team in a 300 square feet office to over 1,000 employees in 2018 across 10 Asian growth cities.

HRNet financials

Revenue (SGDm) Net profit (SGDm) Operating cash flow (SGDm) Free cash flow (SGDm) Net cash (SGDm) Net margin 2014 324 33 40 39 123 10% 2015 356 39 50 49 120 11% 2016 365 41 53 53 106 11% 2017 392 41 35 34 289