Hands-on financial governance approach pays off for GVT

[SINGAPORE] The Covid-19 pandemic struck soon after Robby Sucipto joined manufacturing services provider Grand Venture Technology (GVT) as chief financial officer in early 2020. He feared losing his job while also having to navigate difficult conversations with the chief executive officer over certain accounting matters.

The pandemic forced GVT to “navigate through a very uncertain environment”, said Sucipto in an interview with The Business Times.

The company had to contend with national quarantine measures and apply for waivers to continue operations. Despite these challenges, the team remained focused on keeping the business running.

Amid this uncertainty, the ramp-up phase of semiconductor manufacturing arrived unexpectedly, added Sucipto, providing a timely boost for GVT.

Worldwide semiconductor sales grew 6.5 per cent to US$439 billion in 2020, despite pandemic-related disruptions, according to the Semiconductor Industry Association. This enabled GVT’s revenue to quickly grow from S$61.4 million in FY2020 to S$116.256 million in FY2021, accelerating the company’s trajectory ahead of its five-year plan.

The rapid growth was particularly exciting for Sucipto as he witnessed first-hand how the leadership’s vision and five-year plan were coming to fruition.

Founded in 2012, GVT produces parts such as sheet metal components and modules for the semiconductor, life sciences, aerospace, medical, and other industries. It was listed on the Singapore Exchange (SGX) Catalist board in January 2019 and transferred to the Mainboard in November 2021.

Safeguarding financial reporting

Sucipto has always taken a hands-on approach to GVT’s financial governance. Upon joining the company, he emphasised the importance of safeguarding financial reporting.

“Whether it is a good set of numbers or not, it should reflect what is going on and not be subject to being challenged by auditors or the public,” he said.

In the first six months of his role, Sucipto worked intensively because GVT was a newly listed company and the previous CFO had left after just a year.

During this period, he conducted deep dives into every item and prepared monthly reports highlighting areas of risk and opportunities for improvement. To his encouragement, the CEO took his reports seriously by scrutinising everything and taking actions immediately.

“That was very comforting and I realised I had very good partners so I needed to buck up and be able to contribute more,” said Sucipto, who leads a finance team of around 20 people.

His efforts earned him the Best CFO in the small-cap category, for companies with market capitalisation of under S$300 million, at this year’s Singapore Corporate Awards.

The award recognises CFOs who have played a significant role in supporting good corporate governance, disclosure and transparency.

Sucipto credits the accolade not only to his own efforts but also to the capable team he works with.

“It is a pat on the back, a recognition of the hard work I have poured in over the years and underscores my dream to be a successful CFO in the commercial sector,” he said.

Financial GPS

As GVT’s CFO, Sucipto’s goal is to establish a “financial GPS” to track the past and chart the road ahead.

Internally, the company has a KPI that its unaudited results match the audited financial statements with zero audit adjustments. Potential accounting issues are flagged out early, discussed and where necessary, a technical memo is prepared.

“Coming from an audit background helps me understand the risks and potential pitfalls in financial reporting and driving through the process for the whole group to make sure that checklists are being adhered to,” he said.

In its latest financial results, the manufacturing service provider reported a profit after tax of $3.15 million for the first half of 2025, down 26.8 per cent year-on-year. This led to earnings per share falling to 0.93 cents from 1.27 cents,

The decline was attributed to foreign exchange losses and higher corporate expenses, which included its paused secondary listing in Malaysia and ongoing scheme of arrangement.

Looking forward

GVT is set to continue improving and leveraging financials to drive business performance, particularly as it prepares for potential privatisation by Netherlands-incorporated Aalberts Advanced Mechatronics.

The firm is proposing to acquire all ordinary shares in GVT’s issued and paid-up share capital, intending to delist the company from the SGX.

Sucipto noted that moving from a smaller outfit to being part of a large multinational offers opportunities to learn as well as strengthen internal processes since GVT is a small and young company.