Financial Performance - The audited revenue for the year ended December 31, 2023, was approximately SGD 66.5 million, an increase of about SGD 3.1 million or 4.9% compared to SGD 63.4 million for the year ended December 31, 2022[5]. - The audited profit after tax for the year ended December 31, 2023, was approximately SGD 0.5 million, a significant increase of about SGD 2.1 million or 129.7% from a loss of SGD 1.6 million for the year ended December 31, 2022[5]. - Basic and diluted earnings per share for the year ended December 31, 2023, were SGD 0.0002, compared to a loss of SGD 0.0008 per share for the year ended December 31, 2022[5]. - Total revenue for the year ended December 31, 2023, was approximately 66.5 million SGD, an increase of about 4.9% compared to approximately 63.4 million SGD for the year ended December 31, 2022[45]. - Cost of sales for the year ended December 31, 2023, was approximately 57.5 million SGD, an increase of about 5.0% from approximately 54.8 million SGD for the year ended December 31, 2022[46]. - Gross profit increased from approximately 8.6 million SGD for the year ended December 31, 2022, to approximately 9.0 million SGD for the year ended December 31, 2023, with a slight decrease in gross margin from 13.6% to 13.5%[47]. - The company confirmed government grants totaling approximately 0.6 million SGD for the year ended December 31, 2023, down from 2.9 million SGD in 2022[47]. - Other income increased from approximately SGD 121,000 for the year ended December 31, 2022, to approximately SGD 406,000 for the year ended December 31, 2023, mainly due to increased interest income from longer-term fixed bank deposits[50]. - Net profit for the year ended December 31, 2023, was approximately SGD 0.5 million, a 129.7% increase compared to a net loss of SGD 1.6 million for the year ended December 31, 2022[53]. Dividends - The board has proposed a final dividend of SGD 0.0015 per share for the year ended December 31, 2023[5]. - The board proposed a final dividend of 0.0015 SGD per ordinary share for the year ending December 31, 2023, subject to shareholder approval[36]. - The board proposed a final dividend of SGD 0.0015 per share for the year ended December 31, 2023, compared to SGD 0.001 per share for 2022[54]. Assets and Liabilities - Total assets as of December 31, 2023, were SGD 44.475 million, a decrease from SGD 46.871 million as of December 31, 2022[10]. - Total liabilities as of December 31, 2023, were SGD 14.381 million, down from SGD 15.274 million as of December 31, 2022[12]. - The net current assets as of December 31, 2023, were SGD 28.196 million, compared to SGD 31.695 million as of December 31, 2022[12]. - As of December 31, 2023, the group's current assets were approximately SGD 39.9 million, with a current ratio of 3.4, down from 3.9 as of December 31, 2022[55]. - The net cash position as of December 31, 2023, indicated that cash and cash equivalents exceeded bank borrowings, making the net debt-to-equity ratio not applicable[55]. Expenses - Administrative expenses decreased to SGD 8.644 million in 2023 from SGD 10.005 million in 2022[6]. - Total employee benefits expenses rose to 44,158 thousand SGD in 2023, compared to 38,280 thousand SGD in 2022, reflecting an increase of approximately 15.4%[30]. - Employee benefits expenses, including directors' remuneration, increased to 44.2 million SGD in 2023 from 38.3 million SGD in 2022[9]. - Financial costs decreased to 203 thousand SGD in 2023 from 275 thousand SGD in 2022, a reduction of approximately 26.18%[32]. - The group’s tax expense for 2023 was 77 thousand SGD, down from 228 thousand SGD in 2022, indicating a decrease of about 66.3%[32]. Revenue Sources - Revenue from cleaning services was 66,454 thousand SGD in 2023, up from 63,182 thousand SGD in 2022, indicating a growth of about 4.27%[24]. - The group’s revenue from Thailand increased significantly to 7,678 thousand SGD in 2023 from 3,133 thousand SGD in 2022, representing a growth of approximately 145.5%[25]. - Interest income increased significantly to 366 thousand SGD in 2023 from 37 thousand SGD in 2022, marking a growth of over 890%[27]. Employment - The group employed 2,609 employees as of December 31, 2023, an increase from 1,904 employees as of December 31, 2022[66]. Compliance and Governance - The company has established an audit committee in compliance with listing rules, consisting of three independent non-executive directors[71]. - The annual performance for the year ended December 31, 2023, was prepared in accordance with International Financial Reporting Standards[72]. - The company's auditor confirmed that the consolidated financial statements for the year ended December 31, 2023, are consistent with the reported figures[73]. - The company has maintained the required public float as per listing rules[75]. Future Outlook - The company aims to enhance productivity through investments in technology and training despite increasing competition in the environmental services industry in Singapore[44]. - The group expects that the application of new accounting standards will not have a significant impact on the consolidated financial statements in the foreseeable future[22]. Miscellaneous - There were no major investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2023[60]. - The group currently has no significant contingent liabilities as of December 31, 2023[57]. - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries for the year ended December 31, 2023[74]. - The total net proceeds from the company's listing amounted to approximately SGD 11.8 million, with various allocations planned for future expenditures[64]. - The 2024 Annual General Meeting is scheduled for May 30, 2024[78]. - The company will suspend the transfer of shares from May 27, 2024, to May 30, 2024, to determine eligibility for voting at the AGM[79]. - The annual performance announcement will be published on the Stock Exchange and the company's website[80]. - The report period refers to the year ended December 31, 2023[84]. - The company was listed on the main board of the Stock Exchange on July 3, 2020[85].

Financial Performance - For the six months ended June 30, 2023, the total revenue of the group was approximately SGD 31.1 million, a decrease of about 9.4% compared to SGD 34.3 million for the same period in 2022[11]. - Gross profit decreased from approximately SGD 6.3 million for the six months ended June 30, 2022, to approximately SGD 4.1 million for the same period in 2023, with the gross margin dropping from 18.3% to 13.1%[14]. - The net profit for the six months ended June 30, 2023, was approximately SGD 92,000, compared to SGD 1.3 million for the same period in 2022[18]. - Operating profit decreased significantly to 262 thousand SGD, compared to 1,982 thousand SGD in the previous year, reflecting a decline of 86.8%[51]. - The company reported a net loss of SGD 1,270,000 for the six months ended June 30, 2023, compared to a profit of SGD 1,269,000 in the same period of 2022[64]. - Basic and diluted earnings per share dropped to 0.0038 SGD for the six months ended June 30, 2023, compared to 0.064 SGD in 2022, a decline of 94.1%[78]. Revenue Breakdown - Revenue from cleaning services was SGD 31,078,000, down from SGD 34,272,000 in the previous year, reflecting a decline of 9.5%[65]. - Revenue from Singapore was SGD 27,597,000, a decrease from SGD 33,473,000 in the previous year, while revenue from Thailand increased to SGD 3,523,000 from SGD 865,000[66]. - The total revenue for the six months ended June 30, 2023, was SGD 31,120,000, a decrease of 9.5% compared to SGD 34,338,000 for the same period in 2022[65]. Cost and Expenses - The cost of sales for the same period was approximately SGD 27.1 million, down about 3.6% from SGD 28.1 million in the previous year[12]. - Employee benefit expenses rose to 20,401 thousand SGD in the first half of 2023, compared to 19,894 thousand SGD in 2022, an increase of 2.5%[73]. - Financial costs decreased to 109 thousand SGD for the six months ended June 30, 2023, down from 150 thousand SGD in 2022, a reduction of 27.3%[75]. - Income tax expense for Singapore was 61 thousand SGD for the six months ended June 30, 2023, significantly lower than 563 thousand SGD in the same period of 2022, a decrease of 89.2%[76]. Assets and Liabilities - As of June 30, 2023, the group's current assets were approximately SGD 50.0 million, including cash and cash equivalents of about SGD 11.5 million[19]. - Total assets as of June 30, 2023, were 42,431 thousand SGD, down 9.4% from 46,871 thousand SGD at the end of 2022[53]. - Current assets decreased to 37,820 thousand SGD from 42,499 thousand SGD, a decline of 11.0%[53]. - Total borrowings decreased to 4,820 thousand SGD as of June 30, 2023, from 5,762 thousand SGD as of December 31, 2022, a reduction of 16.3%[89]. - Trade receivables increased to 12,699 thousand SGD as of June 30, 2023, from 10,656 thousand SGD as of December 31, 2022, an increase of 19.1%[82]. Employee and Operations - As of June 30, 2023, the group employed approximately 2,223 employees, an increase from 1,904 employees as of December 31, 2022[31]. - The company has established a progressive salary scheme for employees in accordance with local regulations[33]. - The group aims to enhance productivity through investments in technology and training despite increasing competition in the Singapore environmental services industry[10]. Government Support and Subsidies - The group has confirmed government subsidies totaling approximately SGD 0.5 million for the six months ended June 30, 2023, down from SGD 1.9 million in the previous year[14]. Cash Flow and Dividends - The cash flow from operating activities for the first half of 2023 was negative SGD 1,818,000, compared to positive SGD 3,784,000 in the same period of 2022[57]. - The company paid dividends of SGD 2,000,000 during the first half of 2023[57]. Compliance and Governance - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2023, confirming compliance with applicable accounting principles[37]. - The company has maintained the required public float as per listing rules[41]. - The company maintained compliance with financial covenants throughout the reporting period[92]. Investments and Capital Expenditures - The company has not made any significant investments, acquisitions, or disposals during the reporting period[23]. - There were no significant capital expenditures incurred during the six months ended June 30, 2023, apart from those disclosed in the interim report[20].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號︰1650） 截至2023年6月30日止六個月之 中期業績公告 Hygieia Group Limited（「本公司」，連同其附屬公司為「本集團」）董事（「董事」）會（「董 事會」）欣然宣佈本集團截至2023年6月30日止六個月之中期業績及未經審核中期 簡明綜合財務資料，連同截至2022年6月30日止六個月之比較數字。該等業績已 由審核委員會（「審核委員會」）審閱，並於2023年8月31日經董事會批准。 財務摘要 • 本集團截至2023年6月30日止六個月之未經審核收益約為31.1百萬新元，較 截至2022年6月30日止六個月之收益約34.3百萬新元減少約3.2百萬新元或9.4%。 • 本集團截至2023年6月30日止六個月之未經審核除稅後溢利約為92,000新元， 較截至2022年6月30日止六個月之未經審核除稅後溢利約1.3百萬新元減少約1.2 百萬新元。 ...

Financial Performance - Total revenue for the year ended December 31, 2022, was approximately SGD 63.4 million, a decrease of about 11.4% compared to SGD 71.6 million for the year ended December 31, 2021[16]. - The cost of sales for the year ended December 31, 2022, was approximately SGD 54.8 million, a decrease of about 4.1% from SGD 57.2 million for the previous year[17]. - The group reported a loss before tax of SGD 1.371 million for the year ended December 31, 2022, compared to a profit of SGD 5.88 million in 2021[10]. - Gross profit decreased from approximately SGD 14.5 million for the year ended December 31, 2021, to approximately SGD 8.6 million for the year ended December 31, 2022, with a gross margin decline from 20.2% to 13.6%[19]. - Net loss for the year ended December 31, 2022, was approximately SGD 1.6 million, a decrease of about 131.3% compared to a net profit of SGD 5.1 million for the year ended December 31, 2021[23]. - Administrative expenses increased from approximately SGD 8.5 million for the year ended December 31, 2021, to approximately SGD 10.0 million for the year ended December 31, 2022, primarily due to increased employee benefits and professional fees[20]. Assets and Liabilities - Total assets as of December 31, 2022, were SGD 46.871 million, down from SGD 56.534 million in 2021[11]. - Total liabilities as of December 31, 2022, were SGD 15.274 million, a decrease from SGD 18.842 million in 2021[11]. - The equity attributable to owners of the company was SGD 31.596 million as of December 31, 2022, down from SGD 37.697 million in 2021[11]. - As of December 31, 2022, current assets were approximately SGD 42.5 million, with cash and cash equivalents of approximately SGD 17.5 million[25]. - The current ratio as of December 31, 2022, was 3.9, compared to 4.1 as of December 31, 2021[25]. - As of December 31, 2022, the company's outstanding bank borrowings amounted to approximately SGD 5.762 million[75]. Dividends - The board proposed a final dividend of SGD 0.001 per share for the year ended December 31, 2022, compared to SGD 0.00075 per share for the year ended December 31, 2021[24]. - The company reported a final dividend of SGD 0.001 per share for the year ended December 31, 2022, subject to shareholder approval at the annual general meeting[66]. - The company has established a dividend policy to ensure shareholders can share in profits while retaining sufficient liquidity for future growth opportunities[67]. Employee and Operational Insights - The group employed 1,736 full-time employees and 168 part-time employees as of December 31, 2022, a decrease from 2,294 full-time and 181 part-time employees in the previous year[92]. - Total salary costs for the group amounted to SGD 38,280,000 for the year ended December 31, 2022, down from SGD 47,541,000 in the previous year[92]. - The company is committed to maintaining an effective risk management system to address various operational risks, including contract duration and potential cost overruns[63]. - The company has not set measurable targets for gender diversity at the employee level but is committed to equal consideration for all qualified candidates regardless of gender[166]. Corporate Governance - The company emphasizes the importance of good corporate governance to enhance management and protect shareholder interests[140]. - The board of directors is committed to maintaining high ethical standards and effective corporate governance to enhance shareholder value and benefit employees and the community[144]. - The board has established mechanisms to ensure independent views and opinions are available, with half of the board members being independent non-executive directors[154]. - The company has adopted the corporate governance code and has complied with its provisions for the year ended December 31, 2022, except for one specific provision[144]. Risk Management and Compliance - The company has adopted a three-tier risk management approach to identify, assess, and manage various risks associated with its operations[183]. - The company has implemented an effective internal control system to safeguard significant assets and shareholder interests, which has been reviewed and deemed effective by the audit committee[184]. - The company has established a shareholder communication policy to ensure timely and equal access to information for shareholders and potential investors[190]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to sustainable development, as outlined in its environmental, social, and governance report[194]. - The board of directors is responsible for overseeing the group's environmental, social, and governance (ESG) matters, with a sustainable development committee assisting in reviewing and approving related strategies and goals[195]. - The group has set environmental goals related to greenhouse gas emissions, energy efficiency, waste management, and water consumption, with the board reviewing progress at least once a year[197]. Related Party Transactions - The independent non-executive directors confirmed that the disclosed related party transactions were conducted in the ordinary course of business and in accordance with fair and reasonable terms[104]. - Total amount paid to 2K Services Pte Ltd for the year ended December 31, 2022, was SGD 333,229, which is below the annual cap of SGD 822,000[102]. - The new framework agreement with 2K Services Pte Ltd includes contracts with two additional clients and will expire on December 31, 2024[101]. Board Composition and Diversity - As of December 31, 2022, the board consists of one female director and five male directors, following the appointment of Ms. Choi[162]. - Employee gender diversity as of December 31, 2022, shows 42.8% male and 57.2% female employees, promoting a diverse and inclusive work environment[164]. - The company has established a board diversity policy to enhance the effectiveness of the board by ensuring a balance of skills, experience, and diverse perspectives[162].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 截至 年 月 日止年度之 2022 12 31 年度業績公告 Hygieia Group Limited（「本公司」，連同其附屬公司為「本集團」）董事（「董事」）會（「董事 會」）欣然宣佈本集團截至2022年12月31日止年度之年度業績及經審核年度綜合財務資料， 連同截至2021年12月31日止年度之比較數字。該等業績已由審核委員會（「審核委員會」） 審閱，並於2023年3月30日經董事會批准。 財務摘要 • 本集團截至2022年12月31日止年度之經審核收益約為63.4百萬新元，較截至2021年12 月31日止年度之收益約71.6百萬新元減少約8.2百萬新元或11.4%。 • 本集團截至2022年12月31日止年度之經審核除稅後虧損約為1.6百萬新元，較截至 ...

Financial Performance - For the six months ended June 30, 2022, the total revenue of the group was approximately SGD 34.3 million, a decrease of about 3.3% compared to SGD 35.5 million for the same period in 2021[11]. - The cost of sales for the same period was approximately SGD 28.1 million, an increase of about 5.1% from SGD 26.7 million in the previous year[12]. - Gross profit decreased from approximately SGD 8.8 million for the six months ended June 30, 2021, to approximately SGD 6.3 million for the same period in 2022, resulting in a gross margin decline from 24.8% to 18.3%[14]. - The net profit for the six months ended June 30, 2022, was approximately SGD 1.3 million, a decrease of about 70.6% compared to SGD 4.3 million for the same period in 2021[18]. - Operating profit decreased to 1,982 thousand SGD from 5,073 thousand SGD, reflecting a decline of approximately 60.9%[58]. - The company reported a profit attributable to owners of the company of 1,270 thousand SGD for the six months ended June 30, 2022, down 70.7% from 4,328 thousand SGD in the same period of 2021[163]. - Basic and diluted earnings per share for the period were 0.064 SGD, down from 0.22 SGD in the previous year, representing a decline of approximately 70.9%[58]. Assets and Liabilities - As of June 30, 2022, the group's current assets were approximately SGD 50.0 million, including cash and cash equivalents of about SGD 32.4 million[20]. - Total assets as of June 30, 2022, were SGD 54,078 thousand, a decrease from SGD 56,534 thousand as of December 31, 2021, representing a decline of approximately 4.3%[60]. - Total liabilities decreased to SGD 15,117 thousand from SGD 18,842 thousand, a reduction of approximately 19.4%[60]. - The company’s total liabilities to total assets ratio improved to approximately 27.9% from 33.4% as of December 31, 2021, indicating a stronger financial position[60]. - The company’s non-current borrowings decreased to 4,739,000 SGD as of June 30, 2022, from 5,734,000 SGD as of December 31, 2021, a decrease of 17.4%[177]. Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2022, was SGD 3,784 thousand, down from SGD 6,663 thousand in the same period of 2021, a decrease of approximately 43.3%[138]. - The company reported a net cash inflow of SGD 1,359 thousand for the six months ended June 30, 2022, compared to SGD 8,756 thousand in the previous year, indicating a significant decrease of approximately 84.5%[138]. - Cash and cash equivalents rose to 32,377,000 SGD as of June 30, 2022, up from 31,018,000 SGD as of December 31, 2021, an increase of 4.4%[174]. Employee and Operational Metrics - As of June 30, 2022, the company had approximately 1,596 employees, a decrease from 2,475 employees as of December 31, 2021[36]. - Employee benefits expenses totaled 19,894 thousand SGD, a reduction of 8.56% from 21,768 thousand SGD in the prior year[156]. - The company maintains good employee relations and has not experienced any significant labor disputes during the reporting period[39]. Contracts and Business Operations - The group holds 294 ongoing service contracts with an unpaid contract value of approximately SGD 42.3 million as of August 31, 2022[9]. - The group continues to aim to establish itself as a comprehensive service provider in the environmental services industry, focusing on maintaining high-quality cleaning services[10]. Shareholder Information - As of June 30, 2022, TEK Assets Management Limited, controlled by Mr. Chao Ronggui, held 1,500,000,000 shares, representing 75% of the company[54]. - Chua Seok Joo, spouse of Mr. Chao Ronggui, also holds 1,500,000,000 shares, equating to 75% ownership, as per securities regulations[54]. - The company did not grant any share options during the reporting period, and there were no unexercised options under the share option plan[56]. Financial Management and Compliance - The audit committee has reviewed the unaudited consolidated interim results for the six months ended June 30, 2022, confirming compliance with applicable accounting principles[42]. - The company has adopted new and revised International Financial Reporting Standards effective from January 1, 2022, with no significant impact on its financial position or performance[143]. Related Party Transactions - Related party transactions for the six months ended June 30, 2022, amounted to 174 thousand SGD, slightly down from 181 thousand SGD for the same period in 2021, a decrease of about 3.9%[189].

Financial Performance - Total revenue for the year ended December 31, 2021, was approximately SGD 71.6 million, a decrease of about 1.4% compared to SGD 72.6 million for the year ended 2020[18]. - Cost of sales for the year ended December 31, 2021, was approximately SGD 57.2 million, an increase of about 13.3% from SGD 50.5 million for the year ended 2020[19]. - Gross profit decreased from approximately SGD 22.2 million for the year ended December 31, 2020, to approximately SGD 14.5 million for the year ended December 31, 2021, with a gross margin decline from 30.5% to 20.2%[21]. - Net profit for the year ended December 31, 2021, was approximately SGD 5.1 million, a decrease of about 41.9% compared to SGD 8.8 million for the year ended December 31, 2020[25]. - Administrative and listing expenses reduced from approximately SGD 12.5 million for the year ended December 31, 2020, to approximately SGD 8.5 million for the year ended December 31, 2021[22]. - Financial costs decreased from approximately SGD 0.4 million for the year ended December 31, 2020, to SGD 0.3 million for the year ended December 31, 2021, due to reduced use of short-term financing[23]. Assets and Liabilities - The group's total assets increased to SGD 56.5 million in 2021 from SGD 50.2 million in 2020, representing an increase of approximately 12.5%[13]. - Total liabilities rose to SGD 18.8 million in 2021 from SGD 17.6 million in 2020, an increase of about 6.9%[13]. - The equity attributable to the company's owners increased to SGD 37.7 million in 2021 from SGD 32.6 million in 2020, reflecting an increase of approximately 15.5%[13]. - Current assets as of December 31, 2021, were approximately SGD 51.6 million, including cash and cash equivalents of approximately SGD 31.0 million[26]. - The current ratio as of December 31, 2021, was 4.1, compared to 3.6 as of December 31, 2020[26]. Operational Overview - The group had 278 ongoing service contracts as of June 30, 2022, with an outstanding contract value of approximately SGD 43.7 million[16]. - The company faced operational risks including fixed-term service contracts ranging from one to three years and potential cost overruns[67]. - The company primarily engages in providing cleaning services through its subsidiaries[63]. - The group employed 2,294 full-time employees and 181 part-time employees as of December 31, 2021, a decrease from 2,331 full-time and 222 part-time employees in the previous year[98]. Market Position and Strategy - The group aims to maintain its market leadership in the environmental services industry and enhance its market position[17]. - The company is committed to providing consistent high-quality cleaning services and will make necessary adjustments to adapt to market conditions[17]. - The company has been recognized with a silver award for cleaning standards by the National Environment Agency[16]. - The company has not made any charitable donations during the reporting period[66]. Shareholder Information - The company reported a final dividend of SGD 0.00075 per share for the year ended December 31, 2021, subject to shareholder approval at the annual general meeting[71]. - The company has established a dividend policy to ensure appropriate procedures for declaring and recommending dividends, allowing shareholders to share in profits while retaining liquidity for future growth opportunities[72]. - As of December 31, 2021, the company's outstanding bank borrowings amounted to approximately SGD 7.546 million[80]. Governance and Compliance - The company has adopted the corporate governance code and has complied with its provisions since listing until December 31, 2021[165]. - The board of directors has held 8 out of 8 meetings, demonstrating full attendance and engagement in governance matters[168]. - The audit committee reviewed the accounting principles and practices adopted by the group and discussed audit, internal control, and financial reporting matters for the year ending December 31, 2021[156]. - Independent non-executive directors confirmed their independence according to listing rules, ensuring unbiased decision-making[174]. - The company has established appropriate liability insurance arrangements for legal actions against directors[155]. Risk Management - The company is committed to ensuring effective risk management systems to address various operational and market risks[67]. - The group is currently monitoring foreign exchange risks and has no foreign exchange hedging policy in place[35]. Use of Proceeds - The net proceeds from the company's initial public offering amount to approximately SGD 11.8 million after deducting underwriting commissions and other estimated expenses[83]. - As of December 31, 2021, the allocation of net proceeds includes 15.0% (SGD 1,774,000) for the acquisition of Garden View Company, which remains unutilized[86]. - 21.3% (SGD 2,520,000) of the net proceeds is allocated for the procurement of waste treatment equipment, with SGD 150,000 already utilized[86]. - The company plans to continue utilizing the net proceeds in accordance with the purposes outlined in the prospectus[83]. Related Party Transactions - Total amount paid to 2K Services Pte Ltd for the year ended December 31, 2021, was SGD 368,653, which is below the annual cap of SGD 385,000[108]. - Independent non-executive directors confirmed that the related party transactions were conducted in the ordinary course of business and on normal commercial terms[109]. Share Option Plan - The maximum number of shares that may be issued under the share option plan is capped at 10% of the issued shares as of the listing date, equivalent to 200,000,000 shares[122]. - The company has a total of 200,000,000 shares available for issuance under the share option plan, representing 10% of the total shares issued as of December 31, 2021[136]. - No share options were granted, exercised, lapsed, or cancelled under the share option plan for the year ending December 31, 2021[136]. Customer and Supplier Concentration - The largest customer contributed 23.7% to the group's revenue, while the top five customers accounted for 43.3% of total revenue as of December 31, 2021[149]. - The largest supplier and subcontractor represented 12.8% of total procurement, with the top five suppliers and subcontractors making up 41.1% of total procurement as of December 31, 2021[149].

Financial Performance - The company reported revenue of 72.611 million SGD for the year ended December 31, 2020, a decrease of 4.8% from 76.374 million SGD in 2019[11]. - Profit before tax increased significantly to 9.133 million SGD in 2020, compared to 3.789 million SGD in 2019, representing a growth of 141.5%[11]. - Total revenue for the year ended December 31, 2020, was approximately SGD 72.6 million, a decrease of about 4.9% compared to SGD 76.4 million for the year ended December 31, 2019[19]. - Cost of sales for the year ended December 31, 2020, was approximately SGD 50.5 million, a decrease of about 19.1% from SGD 62.4 million for the year ended December 31, 2019[20]. - Gross profit increased from approximately SGD 14.0 million for the year ended December 31, 2019, to approximately SGD 22.2 million for the year ended December 31, 2020, with a gross margin increase from 18.3% to 30.5%[22]. - Net profit for the year ended December 31, 2020, was approximately SGD 8.8 million, an increase of about 230.9% compared to SGD 2.7 million for the year ended December 31, 2019[26]. Assets and Liabilities - The total assets of the company rose to 50.159 million SGD in 2020, up from 36.305 million SGD in 2019, marking an increase of 38.2%[11]. - Current assets as of December 31, 2020, were approximately SGD 45.8 million, including cash and cash equivalents of about SGD 20.1 million[27]. - As of December 31, 2020, the company's outstanding bank borrowings amounted to approximately SGD 6.168 million[76]. Market Position and Strategy - The company aims to enhance its market position in the environmental services industry and establish itself as a regional integrated service provider[14]. - The company is focused on maintaining its market leadership in Singapore's environmental services sector despite challenges posed by COVID-19[10]. - The company aims to expand its market presence, leveraging its established relationships with clients, suppliers, and regulatory bodies[38]. - The company is exploring opportunities for market expansion into regions such as Myanmar, China, and Indonesia[46]. Operational Management - The company has implemented an ISO 9001:2015 certified quality management system for its cleaning and housekeeping services[13]. - The executive team has nearly 40 years of experience in the cleaning industry, contributing to operational management and strategic oversight[39]. - The executive team is focused on enhancing financial management and compliance to improve profitability and operational efficiency[41]. - The company has established a risk management system to address various operational and market risks, including interest rate, credit, and liquidity risks[64]. Corporate Governance - The board of directors has been actively involved in the company's governance and has adhered to the corporate governance code since the listing date until December 31, 2020[158]. - The company has complied with the listing rules regarding the appointment of at least three independent non-executive directors, ensuring a balanced board composition[165]. - The independent non-executive directors confirmed their independence, ensuring governance integrity within the board[101]. - The company emphasizes the importance of good corporate governance to enhance management and protect shareholders' interests[151]. Shareholder Relations - The company reported a final dividend of SGD 0.0015 per share for the year ended December 31, 2020, subject to shareholder approval at the annual general meeting[67]. - The company has established a dividend policy to ensure shareholders can share in profits while retaining liquidity for future growth opportunities[68]. - The company has maintained sufficient communication channels with shareholders, reviewing the implementation and effectiveness of its communication policy[200]. Risk Management - The company has adopted a three-tier risk management approach to identify, assess, and manage various risks associated with its operations[194]. - The internal audit function is designated to the finance department, which assists the board in evaluating the effectiveness of the internal control and risk management systems annually[194]. - The company has implemented an insider information policy to ensure timely and effective public disclosure of material information[197]. Employee Management - The group employed 2,331 full-time employees and 222 part-time employees as of December 31, 2020, compared to 2,536 full-time and 301 part-time employees as of December 31, 2019, indicating a decrease in full-time employees by 8.1% and part-time employees by 26.2%[93]. - The group has established an employee stock option plan to incentivize and retain key personnel, approved on June 8, 2020[112]. - The group regularly reviews its employee compensation policies based on industry practices and financial performance, ensuring competitive remuneration[94]. Audit and Compliance - The audit committee has reviewed the accounting principles and practices adopted by the group for the year ended December 31, 2020[150]. - The company has appointed Guo Wei Accounting Firm Limited as the auditor for the year ended December 31, 2020, and the financial statements have been audited in accordance with international financial reporting standards[153]. - The audit committee is responsible for reviewing and supervising the financial reporting process and internal control systems of the group[181].

Financial Performance - The audited revenue for the year ended December 31, 2021, was approximately SGD 71.6 million, a decrease of about SGD 1.0 million or 1.4% compared to SGD 72.6 million for the year ended December 31, 2020[3]. - The audited profit after tax for the year ended December 31, 2021, was approximately SGD 5.1 million, a decrease of about SGD 3.7 million or 41.9% compared to SGD 8.8 million for the year ended December 31, 2020[3]. - Basic and diluted earnings per share for the year ended December 31, 2021, were SGD 0.0026, compared to SGD 0.005 for the year ended December 31, 2020[3]. - Total comprehensive income for the year ended December 31, 2021, was SGD 5.1 million, compared to SGD 8.8 million for the year ended December 31, 2020[6]. - The company's operating profit for the year ended December 31, 2021, was SGD 6.1 million, down from SGD 9.6 million for the year ended December 31, 2020[6]. - The net profit attributable to the company's owners for 2021 was 5,145 thousand SGD, a decrease of 41.5% compared to 8,798 thousand SGD in 2020[47]. - Basic and diluted earnings per share for 2021 were 0.26 SGD, down from 0.50 SGD in 2020, indicating a decline of 48%[47]. - The net profit for the year ended December 31, 2021, was approximately SGD 5.1 million, a decrease of about 41.9% compared to SGD 8.8 million for the year ended December 31, 2020[81]. Dividends - The board proposed a final dividend of SGD 0.00075 per share for the year ended December 31, 2021[4]. - The company declared a final dividend of 0.00075 SGD per ordinary share for the year ended December 31, 2021, compared to 0.0015 SGD in 2020, a reduction of 50%[52]. Assets and Liabilities - Total assets as of December 31, 2021, were SGD 56.5 million, an increase from SGD 50.2 million as of December 31, 2020[12]. - Total equity attributable to owners of the company as of December 31, 2021, was SGD 37.7 million, compared to SGD 32.6 million as of December 31, 2020[12]. - The company’s cash and cash equivalents as of December 31, 2021, were SGD 31.0 million, an increase from SGD 20.1 million as of December 31, 2020[12]. - The company’s total liabilities as of December 31, 2021, were SGD 18.8 million, compared to SGD 17.6 million as of December 31, 2020[14]. - As of December 31, 2021, the group's current assets were approximately SGD 51.6 million, with cash and cash equivalents of about SGD 31.0 million[83]. Revenue and Expenses - The group's revenue for 2021 was 71,605 thousand SGD, a decrease of 1.4% from 72,611 thousand SGD in 2020[26]. - Revenue from Singapore was 70,347 thousand SGD in 2021, down from 71,144 thousand SGD in 2020, representing a decline of 1.1%[29]. - Total expenses for 2021 were 65,669 thousand SGD, an increase from 62,946 thousand SGD in 2020, representing a rise of 4.3%[49]. - The cost of sales for the year ended December 31, 2021, was approximately SGD 57.2 million, an increase of about 13.3% from approximately SGD 50.5 million for the year ended December 31, 2020[76]. - Gross profit decreased from approximately SGD 22.2 million for the year ended December 31, 2020, to approximately SGD 14.5 million for the year ended December 31, 2021, with a gross margin decline from 30.5% to 20.2%[77]. Employee and Administrative Expenses - Employee benefits expenses increased to 47,541 thousand SGD in 2021, up from 41,897 thousand SGD in 2020, reflecting a rise of 13.5%[40]. - The administrative and listing expenses decreased from approximately SGD 12.5 million for the year ended December 31, 2020, to approximately SGD 8.5 million for the year ended December 31, 2021[78]. - The company maintained approximately 2,475 employees as of December 31, 2021, a decrease from 2,553 employees in the previous year[95]. Credit and Receivables - Trade receivables decreased from 13,292,000 SGD in 2020 to 11,095,000 SGD in 2021, a decline of approximately 16.6%[53]. - Expected credit loss provision reduced significantly from 445,000 SGD in 2020 to 170,000 SGD in 2021, representing a decrease of about 61.8%[54]. - Total trade and other receivables decreased from 23,151,000 SGD in 2020 to 20,611,000 SGD in 2021, a reduction of approximately 11.0%[53]. - The aging analysis of trade receivables showed that amounts overdue by more than 120 days decreased from 1,880,000 SGD in 2020 to 556,000 SGD in 2021, a decline of about 70.4%[54]. - The group confirmed expected credit loss provision of 170,000 SGD for the year ended December 31, 2021, compared to 445,000 SGD in the previous year, indicating improved credit quality[54]. Government Support and Grants - Deferred government grant income was recorded as zero in 2021, down from 1,361,000 SGD in 2020, indicating a significant change in government support[60]. - The group received government subsidies related to the job support scheme, which were recognized in the financial statements for the year ended December 31, 2021[57]. - The group received a total of approximately SGD 2.1 million in one-time government subsidies for the year ended December 31, 2021, down from SGD 9.8 million for the year ended December 31, 2020[77]. Corporate Governance and Compliance - The audit committee confirmed compliance with applicable accounting principles and standards for the financial year ending December 31, 2021[100]. - The company has adopted a corporate governance code to ensure transparency and accountability to shareholders[98]. - The company has not engaged in the purchase, sale, or redemption of its listed securities during the financial year ending December 31, 2021[104]. - The company has maintained the required public float as per listing rules as of the announcement date[105]. Future Outlook - The company expects that the application of new and revised International Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[22]. - The group has not applied certain new and revised International Financial Reporting Standards that have been issued but are not yet effective, which may affect future financial reporting[21]. - The group aims to continue establishing and enhancing its market position in the environmental services industry in 2022[73].

Financial Performance - Total revenue for the six months ended June 30, 2021, was approximately SGD 35.5 million, a decrease of about 1.5% compared to SGD 36.0 million for the same period in 2020[11]. - Cost of sales for the same period was approximately SGD 26.7 million, an increase of about 9.4% from SGD 24.4 million in 2020[12]. - Gross profit decreased from approximately SGD 11.6 million in 2020 to about SGD 8.8 million in 2021, with a gross margin decline from 32.3% to 24.8%[14]. - Net profit for the six months ended June 30, 2021, was approximately SGD 4.3 million, a decrease of about 43.5% from SGD 7.6 million in 2020[17]. - Operating profit decreased to 5,073 thousand SGD, a decline of 39.5% compared to 8,405 thousand SGD in the previous year[50]. - The company reported a basic and diluted earnings per share of 0.22 SGD, down from 0.51 SGD in the previous year, a decrease of 56.9%[50]. - The company reported a net cash increase of 8,756 thousand SGD for the six months ended June 30, 2021, compared to a decrease of 5,251 thousand SGD in the previous year[59]. - The total comprehensive income for the six months ended June 30, 2021, was 4,325 thousand SGD, compared to 4,318 thousand SGD for the same period in 2020, reflecting a slight increase[57]. Assets and Liabilities - Current assets were approximately SGD 51.0 million, including cash and bank balances of about SGD 28.8 million[18]. - Total assets as of June 30, 2021, amounted to 56,395 thousand SGD, an increase of 9.5% from 51,514 thousand SGD at the end of 2020[52]. - Total equity increased to 38,192 thousand SGD, up from 33,874 thousand SGD at the end of 2020, reflecting a growth of 12.5%[52]. - Total borrowings rose to 8,376 thousand SGD as of June 30, 2021, compared to 6,168 thousand SGD as of December 31, 2020, marking an increase of about 35.9%[97]. - The company reported a decrease in trade and other receivables to 22,165 thousand SGD as of June 30, 2021, down from 24,702 thousand SGD as of December 31, 2020, a decline of approximately 10.3%[87]. - Cash and cash equivalents increased to 28,846 thousand SGD as of June 30, 2021, compared to 20,091 thousand SGD as of December 31, 2020, representing a growth of about 43.5%[94]. Employee and Operational Metrics - The group employed approximately 2,534 employees as of June 30, 2021, a decrease from 2,621 employees in the previous year[30]. - Employee benefits expenses increased to 21,317 thousand SGD for the six months ended June 30, 2021, compared to 19,569 thousand SGD for the same period in 2020, reflecting an increase of approximately 8.9%[6]. - The group has not experienced any significant labor disputes during the reporting period[31]. - The group has established a progressive salary scheme for employees in accordance with local regulations[30]. Government Support and Subsidies - The group confirmed one-time government subsidies totaling approximately SGD 1.6 million for the six months ended June 30, 2021, down from SGD 6.0 million in the same period of 2020[14]. Future Plans and Utilization of Proceeds - The group aims to enhance its market position in the environmental services industry and maintain high-quality cleaning services[10]. - The board will continue to monitor the utilization of proceeds and report any significant changes to shareholders and potential investors[28]. - The group has utilized a total of 11,825 thousand SGD from the proceeds, with 7,791 thousand SGD already used and 4,034 thousand SGD remaining[28]. - Acquisition of Garden Scene Company accounted for 15.0% of the total proceeds, amounting to 1,774 thousand SGD, fully utilized by December 31, 2023[28]. - Procurement of waste treatment equipment represents 21.3% of the total proceeds, with 2,520 thousand SGD allocated, of which 2,370 thousand SGD remains to be utilized by December 31, 2023[28]. - Employment of waste treatment personnel constitutes 20.7% of the total proceeds, totaling 2,446 thousand SGD, with 2,272 thousand SGD yet to be utilized by December 31, 2023[28]. Compliance and Governance - The audit committee has reviewed the unaudited interim results and confirmed compliance with applicable accounting principles and standards[36]. - The company is required to maintain certain financial ratios as part of its loan agreements with banks[104]. - The company has provided corporate guarantees from Hygieia Group Limited for its bank financing arrangements[106]. Market and Trading Status - The company’s shares have been suspended from trading since April 1, 2021, pending the announcement of the audited annual results for 2020[47]. - The company is registered under the highest financial level FM02 in Singapore's contractor registration system[121].