Financial Performance - For FY2024, the Group recorded consolidated revenue of approximately S$57.2 million, representing an increase of approximately 2.7% from S$55.7 million for FY2023[29][32]. - The Group's consolidated net profit after tax for FY2024 was approximately S$2.8 million, a decrease of approximately 61.6% from approximately S$7.3 million in FY2023[30][32]. - The decrease in profit after tax was primarily due to a decrease in fair value changes of investment properties by approximately S$4.8 million and an increase in finance costs by approximately S$0.8 million[30][32]. - Revenue from the sale of cooked food, beverages, and tobacco products decreased by approximately S$0.6 million or 1.4% from approximately S$43.9 million for FY2023 to approximately S$43.3 million for FY2024, mainly due to the closure of underperforming stalls[97]. - Rental income from leasing premises to tenants and providing cleaning and utilities services increased by approximately S$2.1 million or 17.8% from approximately S$11.8 million for FY2023 to approximately S$13.9 million for FY2024, attributed to a higher occupancy rate and improved leasing terms[98]. - Other income, gains, and losses decreased by approximately S$0.1 million or 8.3%, from S$1.2 million in FY2023 to S$1.1 million in FY2024, primarily due to the absence of a one-time gain from the disposal of a subsidiary[104]. - Cost of inventories consumed decreased by approximately S$0.2 million or 1.1%, from S$18.7 million in FY2023 to S$18.5 million in FY2024, in line with the decrease in revenue from sales[105]. - Staff costs increased by approximately S$0.4 million or 2.4%, amounting to S$17.4 million in FY2024, which accounted for 30.5% of revenue[106]. - Finance costs increased by approximately S$0.8 million or 28.6%, from S$2.8 million in FY2023 to S$3.6 million in FY2024, attributed to higher interest rates on outstanding loans[117]. - The income tax expense decreased by approximately S$0.3 million or 50.0%, from S$0.6 million in FY2023 to S$0.3 million in FY2024[118]. Strategic Initiatives - The Group's strategic initiatives included divesting assets to reallocate capital towards higher-value growth opportunities[13]. - The Group aims to divest lower-performing assets to reallocate capital towards higher-value growth opportunities[95]. - The Group is adopting an asset-light model to enhance operational efficiency and reduce fixed costs, allowing for greater financial flexibility[41]. - The Group plans to closely track interest rate trends, as elevated rates are expected to affect finance costs[39]. - The Group plans to expand its network of food outlets in high-demand locations to enhance business potential[95]. - The Group's strategic initiatives will focus on upgrading existing food centres to create a distinctive dining experience[95]. Operational Challenges - High interest rates and rising manpower costs have increased operational challenges, particularly in the food and beverage sector[19]. - The ongoing labor shortage in the F&B industry is expected to persist, leading to rising labor costs despite proactive recruitment efforts[40]. - Labor shortages in the food and beverage industry are anticipated to persist, leading to rising labor costs despite efforts to improve compensation packages[43]. - The operating environment in 2024 was characterized by global economic uncertainties and inflationary pressures[12]. - The operating environment for the food and beverage industry in Singapore remains challenging, with elevated interest rates and rising manpower costs impacting operational expenses[92]. Corporate Governance - The company has adopted all applicable corporate governance codes as per the Listing Rules for FY2024, except for a deviation disclosed in the report[149]. - The Board consists of six Directors, including three executive Directors and three independent non-executive Directors, ensuring a strong independence element in its composition[160]. - The company has arranged appropriate liability insurance for Directors, which will be reviewed annually[159]. - The roles of chairman and chief executive officer are held by Mr. Chu, which the Board believes is beneficial for business prospects and management[166]. - The Board met the requirement of having at least three independent non-executive Directors throughout FY2024, representing one-third of the Board[167]. - Independent non-executive Directors provide independent judgment and advice on overall management and lead in potential conflicts of interest[168]. - All independent non-executive Directors confirmed their independence in accordance with the Listing Rules for FY2024[169]. - The Company has established written guidelines for employees regarding securities trading to ensure compliance with the standard code[150]. - The Board has reviewed the delegation of responsibilities to senior management and deemed it appropriate for FY2024[158]. - The Company will continue to review and enhance its corporate governance practices to ensure compliance with the governance codes[149]. Management Team - Mr. Wong has over 30 years of banking experience, including roles in syndicated loans, project financing, and mergers and acquisitions[62]. - Mr. Mah has over 30 years of industry experience, having worked in managerial positions across various sectors including entertainment and investment management[71]. - Mr. Ng has held executive positions in multinational corporations and was the CEO of City Gas and Netlink, showcasing extensive leadership experience[75]. - Mr. Yin, the financial controller, has more than 10 years of experience in external audit, managing statutory audits for several SGX-ST listed companies[81]. - Ms. Koh has been with the Group since 2008 and currently oversees all food establishments, ensuring compliance with laws and regulations[83]. - Mr. Man, the company secretary, holds a master's degree in corporate governance and has extensive experience in the company secretarial profession[78]. - The Group is focused on strategic planning and internal control, as highlighted by Mr. Yin's responsibilities[80]. - The management team includes individuals with significant educational backgrounds, such as Mr. Mah's accountancy degree and Mr. Ng's MBA[70][75]. - The Group's operational management is led by experienced professionals, ensuring effective oversight of business operations[83]. Community Engagement - The Group is committed to corporate social responsibility, actively supporting community initiatives and collaborating with local organizations[34][36]. Property Transactions - The Group disposed of its property at 200 Jalan Sultan for S$8.8 million, recording a gain of S$450,000, resulting in a net profit of approximately S$1.3 million since acquisition[14]. - The Group sold a portion of its current office property for S$2.0 million, resulting in a disposal gain of S$235,000[15]. - In October 2024, the Group acquired a property for S$9.5 million, which will enable the Group to generate additional income[27][31]. - The Group has secured a temporary occupation permit for its new headquarters, with plans to officially launch in 2025[15]. Employee Statistics - The total number of employees decreased to 381 in FY2024 from 412 in FY2023, with a gender ratio of approximately 57.2% male to 42.8% female[141].

Financial Performance - For the fiscal year ending December 31, 2024, total revenue reached SGD 57,172,000, an increase of 2.6% compared to SGD 55,740,000 in 2023[4] - The company reported a net profit of SGD 2,793,000 for 2024, down 61.8% from SGD 7,310,000 in 2023[4] - Basic and diluted earnings per share for 2024 were SGD 0.35, a decrease from SGD 0.91 in 2023[4] - The total comprehensive income for the year was SGD 2,790,000, compared to SGD 8,844,000 in the previous year, indicating a significant decline[4] - The company reported a fair value gain of SGD 1,546,000 from investment properties, down from SGD 6,320,000 in 2023[4] - The tax expense for 2024 was SGD 284,000, compared to SGD 609,000 in 2023, showing a decrease of 53.4%[4] - The overall financial performance shows a mixed trend with certain revenue streams growing while others decline, necessitating strategic adjustments moving forward[27][28] Revenue Breakdown - Total revenue for the year ending December 31, 2024, is projected to be 57,172 thousand Singapore dollars, with external rental income contributing 9,211 thousand Singapore dollars[18] - The segment profit for the year is reported at 3,077 thousand Singapore dollars, with a breakdown showing a profit of 4,017 thousand Singapore dollars from one segment and a loss of 3,414 thousand Singapore dollars from another[18] - The group recorded a total revenue of SGD 57.2 million for the 2024 fiscal year, with 75.7% of this revenue coming from the sale of cooked food, beverages, and tobacco products[48] - The cleaning and utility services contributed approximately SGD 4.7 million or 8.2% to the total revenue in the 2024 fiscal year, up from SGD 3.9 million or 7.1% in the previous year[48] Expenses and Costs - The cost of goods sold was SGD 18,527,000, slightly lower than SGD 18,732,000 in the previous year[4] - Employee costs increased to SGD 17,417,000 in 2024 from SGD 16,964,000 in 2023, reflecting a rise of 2.7%[4] - The company incurred operating expenses of SGD 4,572,000 for rental and related expenses, up from SGD 4,362,000 in 2023[4] - Financial costs for 2024 amounted to SGD 4,115,000, an increase of 27.3% from SGD 3,233,000 in 2023[29] - Cost of goods consumed decreased from approximately SGD 18.7 million in FY2023 to about SGD 18.5 million in FY2024, a decline of 1.1%[51] Assets and Liabilities - Total assets as of December 31, 2024, amounted to SGD 180,828,000, an increase from SGD 177,751,000 in 2023, reflecting a growth of approximately 1.2%[5] - The company's net assets increased to SGD 89,208,000 in 2024 from SGD 86,418,000 in 2023, representing a growth of about 3.3%[5] - Total liabilities rose to SGD 91,620,000 in 2024, compared to SGD 91,333,000 in 2023, indicating a slight increase of 0.3%[5] - The company's cash and cash equivalents decreased to SGD 7,158,000 in 2024 from SGD 7,386,000 in 2023, a decline of approximately 3.1%[5] - The total current assets as of December 31, 2024, were SGD 9.779 million, while current liabilities were SGD 23.217 million, resulting in a net current liability of SGD 13.438 million[65] Strategic Initiatives - The company plans to focus on market expansion and new product development to drive future growth[3] - The group aims to drive sustainable growth and enhance long-term stakeholder value through strategic initiatives focused on high-demand areas and upgrading existing food centers[44] - The group plans to remove underperforming assets and reallocate capital to higher-value growth opportunities[46] Corporate Governance and Compliance - The audit committee consists of three independent non-executive directors, ensuring oversight of the group's financial reporting[75] - The group has adhered to corporate governance standards since its listing date, with ongoing reviews to ensure compliance[72] - The company is committed to transparency and will publish the annual report on both the Hong Kong Stock Exchange and its official website[78] Market Environment - The operating environment for the food and beverage industry in Singapore remains challenging, with rising interest rates and labor costs impacting operational expenses[44]

Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 28,619,000, an increase of 8.4% compared to SGD 26,384,000 for the same period in 2023[4] - The company reported a pre-tax profit of SGD 125,000, a significant improvement from a loss of SGD 328,000 in the previous year[4] - The net loss for the period was SGD 130,000, compared to a loss of SGD 575,000 in the same period last year, indicating a reduction in losses[6] - Operating cash flow for the six months was SGD 4,165,000, up from SGD 3,863,000 in the previous year, reflecting improved operational efficiency[12] - The company reported a comprehensive loss of SGD 130 thousand for the period[1] - The company reported a loss of SGD 2,011,000 for the six months ended June 30, 2024, compared to a loss of SGD 2,304,000 in the same period of 2023[34] - The company’s total comprehensive loss for the period reflects a decrease from the previous reporting period[1] Assets and Liabilities - Total assets as of June 30, 2024, were SGD 190,683,000, slightly down from SGD 190,683,000 as of December 31, 2023[10] - The company’s net assets stood at SGD 86,288,000, a minor decrease from SGD 86,418,000 at the end of 2023[10] - Total assets amounted to SGD 200,887 thousand, with total liabilities at SGD 114,599 thousand[29] - Total assets as of June 30, 2024, were SGD 191,077,000, while total liabilities were SGD 114,078,000[34] - The group's current liabilities increased to SGD 24,060,000 from SGD 20,378,000, resulting in a net current liability of SGD (13,856,000) compared to SGD (9,610,000) in the previous period[59] - The total outstanding bank borrowings amounted to SGD 94.7 million, reflecting a slight increase of SGD 4.0 million or 4.5% from SGD 90.7 million as of December 31, 2023[59] - The capital-to-debt ratio as of June 30, 2024, was approximately 109.8%, up from 104.9% as of December 31, 2023, primarily due to increased borrowings during the reporting period[61] Costs and Expenses - The company incurred finance costs of SGD 1,715,000, an increase from SGD 1,242,000 in the previous year, indicating rising borrowing costs[4] - The company incurred finance costs of SGD 1,785,000 for bank loans and SGD 176,000 for lease liabilities, compared to SGD 1,293,000 and SGD 123,000 respectively in the previous year[36] - Employee costs for the reporting period were approximately SGD 8.9 million, representing about 31.4% of total revenue, an increase of about SGD 0.5 million or 5.7% due to wage increases and additional staff for new outlets[54] - Property rental and related expenses increased by approximately SGD 0.3 million or 14.5% to about SGD 2.1 million, attributed to the opening of multiple new outlets during the reporting period[55] - Financial costs rose from approximately SGD 1.2 million in the first half of 2023 to SGD 1.7 million in the current period, an increase of about 40.0% due to higher interest rates on outstanding loans and additional working capital loans[58] Revenue Sources - For the six months ended June 30, 2024, total revenue was SGD 22,062 thousand, with external rental income contributing SGD 6,557 thousand[29] - Customer contract revenue from food and beverage sales was SGD 22,062,000, up 6.9% from SGD 20,631,000 year-over-year[34] - Revenue from the sale of prepared food, beverages, and tobacco products was approximately SGD 22.1 million, representing 77.1% of total revenue, an increase of about SGD 1.5 million or 6.9% from SGD 20.6 million in the previous year[51] - Rental income from leasing space to tenants increased by approximately SGD 0.6 million or 16.0% to about SGD 4.4 million, driven by improved occupancy rates in the first half of 2024[52] Business Segments - The company operates two main business segments: rental and shop management, and food stalls, focusing on leasing restaurant spaces and managing food stalls[26] - The segment profit for the rental and shop management division was SGD 2,371 thousand, while the food stall segment reported a loss of SGD 301 thousand[29] Corporate Governance and Compliance - The group has maintained compliance with corporate governance codes and has a balanced board structure with three executive directors and three independent non-executive directors[70] - The group’s financial statements are prepared in accordance with the International Financial Reporting Standards and the Hong Kong Stock Exchange listing rules[19] Shareholder Information - The company does not recommend declaring any interim dividends during the reporting period[78] - As of June 30, 2024, the company’s major shareholders include Strong Oriental with a beneficial ownership of 600,000,000 shares, representing 75.00% of the total shares[77] Future Commitments and Acquisitions - The group has capital commitments of approximately SGD 1.7 million related to the redevelopment of a subsidiary's property as of June 30, 2024[63] - The acquisition of New Chance Properties Pte. Ltd. is ongoing, with a total consideration of SGD 9.5 million, of which SGD 475,000 has been paid to date[63] - A subsidiary of the company entered into a share purchase agreement on April 3, 2024, to acquire shares for a total consideration of SGD 9,500,000, expected to complete on October 11, 2024[79] - The company exercised an option to purchase a property for a total consideration of SGD 8,800,000 on June 19, 2024, with completion expected on September 11, 2024[79]

Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 28,619,000, representing an increase of 8.4% compared to SGD 26,384,000 for the same period in 2023[1] - The company reported a net loss of SGD 130,000 for the first half of 2024, an improvement from a net loss of SGD 575,000 in the same period of 2023[2] - The basic and diluted loss per share for the first half of 2024 was SGD (0.01), an improvement from SGD (0.07) in the same period of 2023[2] - The company reported a net profit of SGD 58,891 for the six months ended June 30, 2024, compared to a net profit of SGD 51,695 for the same period in 2023, representing an increase of approximately 13.5%[6] - The total comprehensive loss for the period was SGD 130, which includes a loss of SGD 575 compared to a loss of SGD 16 in the previous period[6] Cash Flow and Assets - Operating cash flow for the six months ended June 30, 2024, was SGD 4,165,000, up from SGD 3,863,000 in the prior year, indicating a 7.8% increase[5] - Total assets as of June 30, 2024, were SGD 190,683,000, compared to SGD 187,361,000 as of December 31, 2023, reflecting a growth of 1.2%[3] - The company’s cash and cash equivalents at the end of June 30, 2024, were SGD 6,481,000, down from SGD 7,386,000 at the end of 2023[5] - The company’s retained earnings as of June 30, 2024, were reported at SGD 58,891, reflecting a positive growth trend[6] Liabilities and Equity - The company's total liabilities decreased slightly to SGD 90,539,000 as of June 30, 2024, from SGD 91,333,000 at the end of 2023[4] - As of June 30, 2024, the total equity amounted to SGD 86,304, a decrease from SGD 86,418 as of January 1, 2024[6] - The group’s current liabilities increased to SGD 24,060,000 from SGD 20,378,000, resulting in a net current liability of SGD (13,856,000) compared to SGD (9,610,000) in the previous period[41] Costs and Expenses - The cost of goods sold for the first half of 2024 was SGD 9,446,000, which is an increase of 7.5% from SGD 8,785,000 in the same period of 2023[1] - Employee costs rose to SGD 8,979,000 in the first half of 2024, compared to SGD 8,492,000 in the previous year, marking a 5.7% increase[1] - The company’s financial costs increased to SGD 1,715,000 in the first half of 2024, up from SGD 1,242,000 in the same period of 2023, representing a significant rise of 38.1%[1] - Other operating expenses decreased by approximately SGD 0.2 million or 11.7% to about SGD 2.1 million, primarily due to reductions in administrative and legal expenses[39] Business Segments and Operations - The company operates in two business segments: rental and shop management, and food stall operations, focusing on leasing restaurant spaces and managing food stalls[11][12] - Rental income from external contracts was SGD 24,196 thousand, with a significant contribution from food and beverage segments amounting to SGD 22,062 thousand[18] - The company reported a segment profit of SGD 125 thousand, compared to a loss of SGD 328 thousand in the previous year, indicating an improvement in operational efficiency[16] - The company aims to expand its market presence through strategic management of its restaurant and food stall operations[12] Compliance and Governance - The financial statements are prepared in accordance with International Financial Reporting Standards, ensuring compliance with the latest accounting standards[9][10] - The company has implemented new accounting standards effective from January 1, 2024, which include several amendments to existing IFRS[10] - The company confirmed compliance with the standards for securities trading by directors during the reporting period[51] Future Outlook and Strategy - The company is actively exploring new product development and technology enhancements to drive future growth[17] - The company plans to continue expanding its market presence in Singapore, focusing on enhancing service offerings and customer engagement[17] - The company is focusing on cost control measures and optimizing asset utilization to mitigate economic pressures and maintain financial stability[33] - The company remains committed to maintaining profitability and ensuring long-term growth despite ongoing challenges in the operating environment[33]

Financial Performance - The Group's net profit after tax improved by approximately 28.8%, rising from approximately S$5.7 million in FY2022 to approximately S$7.3 million in FY2023[11] - The Group recorded consolidated revenue of approximately S$55.7 million for FY2023, an increase of approximately 17.9% from S$47.3 million in FY2022[22] - The consolidated net profit after tax for FY2023 was approximately S$7.3 million, representing an increase of approximately 28.8% from approximately S$5.7 million in FY2022[23] - The Group generated cash from operating activities of approximately S$8.9 million and from investing activities of approximately S$3.7 million, resulting in a net increase in cash and cash equivalents from approximately S$1.4 million to approximately S$7.4 million[24] - The profit after tax increased primarily due to higher revenue of approximately S$8.4 million and fair value changes of investment properties of approximately S$4.1 million[125] - Net profit after tax increased mainly due to revenue growth of approximately S$8.4 million and fair value changes in investment properties of approximately S$4.1 million, offset by increased costs in inventory, employee expenses, and financial costs[129] Revenue Growth - The Group's revenue increased by approximately S$8.4 million or 17.9%, from approximately S$47.3 million for FY2022 to approximately S$55.7 million for FY2023[100] - Revenue from the sale of cooked food, beverages, and tobacco products rose by approximately S$8.3 million or 23.4%, from approximately S$35.6 million for FY2022 to approximately S$43.9 million for FY2023[101] - Revenue from the sale of cooked food, beverages, and tobacco products rose by approximately S$8.3 million or 23.4% to approximately S$43.9 million in FY2023, driven by an increase in the number of food stalls[104] Operational Expansion - The Group opened more than 10 food stalls across five locations in Singapore during the year, while also closing underperforming stalls to optimize resources[18] - A new coffee shop outlet was opened in September 2023 at Punggol Drive, offering nine different food options in a vibrant dining environment[17] - The number of food and beverage stalls operated by the Group increased from 62 to 63 during FY2023, with 13 stalls opened and 12 closed[98] - The Group owned and managed 24 food centres as of December 31, 2023, an increase from 23 centres at the beginning of the year[97] - The Group intends to increase its presence in Singapore by opening new food establishments[99] Cost Management - Rising utility costs, rental expenses, and inventory costs have posed challenges, but the Group aims to enhance costing strategies to maintain sustainable operational expenses[35] - The operational costs in Singapore, including food, rent, utilities, and labor, have increased due to inflationary pressures[98] - Staff costs rose by approximately S$4.3 million or 33.9% from approximately S$12.7 million in FY2022 to approximately S$17.0 million in FY2023, accounting for approximately 30.4% of revenue in FY2023[111] - Property rentals and related expenses increased by approximately S$0.8 million or 20.7% from approximately S$3.6 million in FY2022 to approximately S$4.4 million in FY2023, due to the opening of new stalls[112] - Finance costs increased by approximately S$1.2 million or 70.1% from approximately S$1.6 million in FY2022 to approximately S$2.8 million in FY2023, mainly due to higher interest rates on outstanding loans[123] Strategic Initiatives - The Group's strategic focus includes efficient resource management and constant evaluation of operational strategies to optimize assets[11] - The Group plans to review and dispose of underperforming assets to free up capital for growth opportunities[38] - The Group is committed to exploring new markets and strategic investments to diversify income streams and enhance shareholder value[38] - The Group's strategic initiatives will focus on upgrading existing food centres to enhance the dining experience for customers[99] - The Group aims to acquire promising F&B businesses and brands to enhance its product offerings[99] Corporate Governance - The Group is committed to high corporate governance standards, complying with the Corporate Governance Code during FY2023[161] - The Board of Directors consists of six members, including three executive directors and three independent non-executive directors[178] - The Company has arranged liability insurance for Directors to indemnify them against liabilities arising from corporate activities, with annual reviews of coverage[177] - The Company believes that having the same individual serve as both Chairman and CEO is beneficial for business prospects and management[184] - The Board composition meets the Listing Rules requirement of having at least three independent non-executive Directors, representing one-third of the Board[185] Challenges and Outlook - The Group anticipates ongoing challenges due to a manpower shortage in the F&B industry, leading to expected increases in labor costs[30] - The company faces challenges due to rising utility costs, rent, inventory, and construction material costs, alongside increasing competition and weak consumer spending[39] - Despite these challenges, the company has successfully mitigated the impact of economic headwinds through prudent financial management and strategic decision-making[39] - The company maintains a cautious but optimistic outlook for the food and beverage industry, acknowledging ongoing uncertainties in the global landscape[39] - The company is committed to adapting to changing market dynamics while upholding its core values and strategic objectives[39]

Financial Performance - Total revenue for the fiscal year 2023 reached SGD 55,740,000, an increase of 17.5% compared to SGD 47,290,000 in 2022[3] - The company reported a gross profit of SGD 19,008,000, representing a gross margin of approximately 34.1% for 2023, compared to SGD 16,804,000 and a margin of 35.5% in 2022[3] - Profit before tax for the year was SGD 7,919,000, a 28.2% increase from SGD 6,176,000 in 2022[3] - Net profit for the fiscal year 2023 was SGD 7,310,000, up 28.8% from SGD 5,674,000 in the previous year[3] - Earnings per share (EPS) increased to SGD 0.91 from SGD 0.71, reflecting a growth of 28.2%[3] - Total comprehensive income for the year amounted to SGD 8,844,000, compared to SGD 5,674,000 in 2022, marking a rise of 55.5%[3] Investment and Assets - Investment property fair value gains amounted to SGD 6,320,000, up from SGD 2,230,000 in the previous year, reflecting a significant growth of 183.8%[3] - Total assets as of December 31, 2023, amounted to SGD 177,751,000, an increase from SGD 175,886,000 in 2022[4] - Net assets rose to SGD 86,418,000 in 2023, compared to SGD 77,574,000 in 2022, indicating an increase of about 11%[4] - The company’s investment properties increased to SGD 132,750,000 in 2023 from SGD 113,130,000 in 2022, reflecting a growth of about 17.4%[4] Liabilities and Equity - Current liabilities increased to SGD 20,378,000 in 2023 from SGD 14,929,000 in 2022, reflecting a rise of approximately 36.5%[4] - Total liabilities decreased to SGD 91,333,000 in 2023 from SGD 98,312,000 in 2022, showing a reduction of about 7%[4] - The company reported a total equity of SGD 86,418,000 in 2023, up from SGD 77,574,000 in 2022, marking an increase of approximately 11%[4] - The company's debt-to-equity ratio as of December 31, 2023, was approximately 104.9%, down from about 123.6% on December 31, 2022, primarily due to the repayment of loans related to the sale of a subsidiary[77] Revenue Sources - Total revenue for the year ended December 31, 2023, was SGD 55,740,000, with a significant contribution from external rental income of SGD 7,900,000[17] - Revenue from sales of cooked food, beverages, and tobacco products rose by approximately SGD 8.3 million or 23.4% from about SGD 35.6 million in FY2022 to approximately SGD 43.9 million in FY2023, attributed to an increase in the number of food stalls[51] - Overall rental and service income was reported at SGD 23,347,000, which is crucial for ongoing operations[17] Operational Highlights - The company operates primarily in the leasing of restaurant spaces and management of food stalls, indicating a focus on the food and beverage sector[6] - The group managed 24 food centers as of December 31, 2023, compared to 23 in 2022, with 2 new centers opened and 1 closed during the year[49] - The number of food stalls operated by the group increased from 62 at the beginning of the year to 63 by December 31, 2023, with 13 new stalls opened and 12 closed[50] Cost Management - Operating expenses increased to SGD 34,127,000 from SGD 30,000,000, indicating a rise of 13.4% year-over-year[3] - Employee costs rose to approximately SGD 17.0 million, a 33.9% increase from SGD 12.7 million, accounting for 30.4% of total revenue[59] - Financial costs for 2023 totaled 3,233 thousand Singapore dollars, significantly higher than 1,795 thousand Singapore dollars in 2022, representing an increase of 80.1%[32] Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[3] - Future outlook remains cautiously optimistic, with plans for market expansion and potential acquisitions being discussed[17] - The group plans to enhance customer dining experiences by upgrading existing food centers and exploring sustainable growth opportunities despite rising operational costs due to inflation[50] Corporate Governance - The company has adopted corporate governance standards to ensure shareholder rights and enhance corporate value, with a board consisting of three executive directors and three independent non-executive directors[86] - The group plans to continue reviewing and improving its corporate governance practices to ensure compliance with established standards[86] Compliance and Reporting - The group has applied the revised International Financial Reporting Standards (IFRS) effective for the fiscal year 2023, including IFRS 17 related to insurance contracts[8] - The financial statements will be published on the Hong Kong Stock Exchange and the company's website, and will be sent to shareholders in due course[92]

Financial Performance - Revenue for the first half of 2023 reached SGD 26,384,000, a 20.5% increase from SGD 21,912,000 in the same period of 2022[3] - The company reported a net loss of SGD 575,000 for the first half of 2023, compared to a profit of SGD 1,317,000 in the first half of 2022[3] - Basic and diluted loss per share for the first half of 2023 was SGD 0.07, down from earnings of SGD 0.16 per share in the same period of 2022[3] - Total revenue for the six months ended June 30, 2023, was SGD 26,384,000, an increase of 20% compared to SGD 21,912,000 for the same period in 2022[23] - Revenue from customer contracts, including sales of prepared food, beverages, and tobacco products, was SGD 22,572,000, up 24% from SGD 18,119,000 in the previous year[23] - The company reported a segment profit of SGD 2,304,000 from the food and beverage segment, compared to a profit of SGD 1,481,000 in the prior year[19] - Sales of cooked food, beverages, and tobacco products accounted for 78.2% of total revenue, increasing by approximately 26.8% to SGD 20,631,000 from SGD 16,269,000 in the previous year[43] Assets and Liabilities - Total assets as of June 30, 2023, were SGD 180,566,000, slightly down from SGD 180,972,000 at the end of 2022[4] - Current liabilities increased to SGD 22,409,000 as of June 30, 2023, compared to SGD 14,929,000 at the end of 2022[4] - The net asset value as of June 30, 2023, was SGD 76,999,000, a slight decrease from SGD 77,574,000 at the end of 2022[5] - The company’s total assets as of June 30, 2023, amounted to SGD 191,077,000, while total liabilities were SGD 114,078,000[19] - Total borrowings amounted to SGD 96,825,000 as of June 30, 2023, slightly up from SGD 95,910,000 at the end of 2022[38] - As of June 30, 2023, the group's current liabilities increased by approximately SGD 6.8 million, mainly due to an increase in the current portion of loans[54] - The group's total outstanding bank loans amounted to approximately SGD 96.8 million as of June 30, 2023, a slight increase of SGD 0.9 million or 1.0% compared to December 31, 2022[54] Cash Flow and Expenses - Cash and cash equivalents at the end of the first half of 2023 were SGD 6,703,000, up from SGD 5,946,000 at the end of 2022[8] - Operating cash flow for the first half of 2023 was SGD 3,863,000, down from SGD 4,964,000 in the first half of 2022[8] - Employee costs increased to SGD 8,492,000 from SGD 5,929,000, reflecting a rise in salaries and benefits[25] - The company incurred finance costs of SGD 1,242,000 in the first half of 2023, compared to SGD 764,000 in the same period of 2022[3] - Financial costs increased from approximately SGD 0.8 million in the first half of 2022 to SGD 1.2 million, representing a rise of about 62.6%, primarily due to rising interest rates on outstanding loans[53] - Property rental and related expenses increased by approximately SGD 0.3 million or 15.7% to about SGD 1.9 million, primarily due to the commencement of operations at Lazada One and the opening of multiple new stalls during the reporting period[48] - Management, cleaning, and utility expenses rose by approximately SGD 0.3 million or 22.7% to about SGD 1.7 million, attributed to the same factors as above[49] - Other operating expenses slightly decreased by approximately SGD 0.1 million or 2.1% to about SGD 2.3 million, mainly due to reduced legal and professional fees following the acquisition of First Capital Pte Ltd[52] Corporate Governance and Shareholder Information - The company did not recommend any interim dividend for the reporting period, consistent with the previous year[9] - The company has maintained a public float percentage in compliance with listing rules as of the report date[82] - As of June 30, 2023, the company’s major shareholders include Strong Oriental with 600,000,000 shares, representing 75.00% ownership[79] - The company completed a share sale agreement on August 23, 2023, for a total consideration of SGD 6,500,000 (approximately HKD 38,350,000)[81] - The company has adopted a share option scheme to incentivize and retain qualified personnel since February 1, 2019, with no unexercised options as of June 30, 2023[71] - The board consists of three executive directors and three independent non-executive directors, ensuring sufficient independence[73] - The company has complied with the corporate governance code throughout the reporting period[69] - The company’s chairman and CEO roles are held by the same individual, which the board believes benefits the group's business outlook and management[69] Employee and Operational Insights - The group employed 412 staff as of June 30, 2023, an increase from 373 employees as of December 31, 2022, reflecting the company's growth strategy[67] - The average credit period for customers was 7 days, with trade receivables aging analysis showing SGD 414,000 within 0 to 30 days[34] - Trade receivables increased to SGD 458,000 as of June 30, 2023, compared to SGD 300,000 at the end of 2022[33] - The company acquired property, plant, and equipment at a cost of approximately SGD 1,600,000 during the reporting period, significantly lower than SGD 21,061,000 in the same period of 2022[32] - The capital-to-debt ratio increased to approximately 125.7% as of June 30, 2023, from about 123.6% at the end of 2022, primarily due to increased borrowings during the reporting period[57] - As of June 30, 2023, the group had unutilized bank financing of at least SGD 16.6 million, aimed at maintaining sufficient liquidity for operational needs[56] - The group’s capital commitments amounted to approximately SGD 9.0 million for the redevelopment of a property held by a subsidiary as of June 30, 2023[61]

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的內容 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的任何損 失承擔任何責任。 K2 F&B HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：2108） 截 至2023年6月30日 止 六 個 月 的 中 期 業 績 公 告 K2 F&B Holdings Limited（「本公司」）董事（「董事」）會（「董事會」）欣然公佈，本 公司及其附屬公司（統稱為「本集團」）截至2023年6月30日止六個月（「報告期」 或「2023年 上 半 年」）之 未 經 審 核 簡 明 綜 合 中 期 業 績 連 同 截 至2022年6月30 日止六個月（「2022年上半年」）之比較數字。業績已由本公司審核委員會（「審 核委員會」）審閱。 簡明綜合損益及其他全面收益表 截至2023年6月30日止六個月 截至6月30日止六個月 2023年 2022年 附註 千新加坡元 千新加坡元 （未經審核） （未經審核） 收益 5 26,384 21,912 其他收益及虧損淨額 11 ...

Financial Performance - The Group registered greater growth in FY2022 compared to FY2021, reflecting recovery from the COVID-19 pandemic [10]. - The Group recorded consolidated revenue of approximately S$47.3 million for FY2022, representing an increase of approximately 26.5% from S$37.4 million in FY2021 [36]. - The consolidated net profit after tax for FY2022 was approximately S$5.7 million, an increase of approximately 23.9% from S$4.6 million in FY2021 [37]. - The Group's revenue increased by approximately S$9.9 million or 26.5% from S$37.4 million in FY2021 to S$47.3 million in FY2022, primarily due to increased rental income and sales of cooked food, beverages, and tobacco products [112]. - Revenue from the sale of cooked food, beverages, and tobacco products increased by approximately S$6.7 million or 23.1%, from approximately S$28.9 million for FY2021 to approximately S$35.6 million for FY2022 [109]. - Rental income increased by approximately S$1.8 million or 30.5%, from approximately S$6.0 million for FY2021 to approximately S$7.8 million for FY2022 [110]. - Revenue from management, cleaning, and utilities services increased by approximately S$1.4 million or 56.6%, from approximately S$2.5 million for FY2021 to approximately S$3.9 million for FY2022 [111]. Operational Expansion - The Group opened a total of 22 new stalls in 2022, expanding its operations to 23 F&B establishments, 15 beverage stalls, and 47 food stalls [22]. - The second "Food Dynasty" brand food court opened in March 2022 at Bras Basah Road, located in a vibrant shopping and cultural district [18]. - Almost all food stalls were onboarded with at least one delivery platform in 2022, despite increasing platform fees, indicating a growing trend in food delivery demand [16]. - The Group aims to expand its presence by opening more food establishments and seeking acquisitions of promising F&B businesses [31]. - The Group will continue to expand its presence in Singapore by opening new food establishments and renovating existing food centres [107]. Cost Management - Rising bank interest rates and supply chain disruptions have led to increased costs, including a S$2.4 million rise in staff costs and a S$2.2 million increase in inventory costs [28][37]. - The Group continues to enhance its costing strategies to manage operational expenses without compromising quality amid rising raw material prices [29]. - Staff costs rose by approximately S$2.4 million or 22.8% to S$12.7 million in FY2022, accounting for approximately 26.8% of revenue [121]. - The cost of inventories consumed increased by approximately S$2.2 million or 16.8% to S$15.5 million in FY2022, in line with revenue growth from food and beverage sales [120]. Strategic Initiatives - The Group acquired First Capital Pte. Ltd. in May 2022 to redevelop its property into an 8-storey food factory, with construction expected to commence in 2023 [23]. - The Group plans to divest underperforming assets to unlock capital for reinvestment in the F&B business and complementary growth areas [107]. - The Group plans to utilize the unutilized net proceeds by the year ending December 31, 2024, based on actual business needs and future development [164]. Leadership and Governance - The Group's management team has extensive experience in the food and beverage sector, contributing to its operational success [54][59]. - The Board of Directors consists of six members, including three executive directors and three independent non-executive directors, with no changes in composition during FY2022 [187]. - The Group is committed to high corporate governance standards and has complied with all applicable code provisions of the Corporate Governance Code during FY2022, except for a specific deviation disclosed in the report [170]. - Independent non-executive directors provide independent judgment and advice on overall management and lead in potential conflicts of interest [195]. Community Engagement - The Group has a commitment to community engagement, including providing scholarships and food vouchers to disadvantaged families [48]. - The Group continues to collaborate with community centers to enhance social support and public information initiatives [48]. - The Group expresses gratitude to stakeholders, including suppliers, clients, and the Singapore Government, for their support during challenging times [46][50]. Challenges and Outlook - The operating environment for the F&B sector may face challenges from rising food prices, tight labor market conditions, and increasing interest rates [106]. - The Group expects a steep increase in manpower costs for 2023 due to intensified competition for skilled labor [24]. - The Group acknowledges the impact of COVID-19 and highlights government support measures that provided relief and assistance to the business and employees [46][50].

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的內容 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的任何損 失承擔任何責任。 K2 F&B HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：2108） 截 至2022年12月31日 止 年 度 的 年 度 業 績 公 告 K2 F&B Holdings Limited（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公 司及其附屬公司（統稱「本集團」）如下所示的截至2022年12月31日止年度（「2022 財政年度」）的綜合業績，連同截至2021年12月31日止年度（「2021財政年度」） 的比較數字，其已由本公司審核委員會（「審核委員會」）審閱： 綜合損益及其他全面收益表 截至2022年12月31日止年度 2022年 2021年 附註 千新加坡元 千新加坡元 收益 4 47,290 37,386 投資物業公平值收益 2,230 654 其他收入、收益及虧損淨額 5 186 251 所消耗存貨成本 (15,486) (13,262) 員工成 ...