Financial Performance - Revenue increased by approximately 13.6% from about SGD 40.3 million for the year ended December 31, 2020, to approximately SGD 45.8 million for the year ended December 31, 2021[16]. - Truck transportation service revenue decreased by approximately SGD 4.9 million or 23.7% due to the impact of COVID-19 on certain end-client industries, despite increased demand for essential services like supermarket logistics[17]. - Freight forwarding service revenue increased from approximately SGD 15.4 million in 2020 to SGD 24.4 million in 2021, representing a growth of about 58.4% due to high demand during the COVID-19 pandemic[18]. - Value-added transportation service revenue rose from approximately SGD 4.1 million in 2020 to SGD 5.6 million in 2021, marking an increase of 36.6% attributed to new temporary storage income from leased logistics yards[19]. - Gross profit decreased by SGD 0.5 million or 3.6%, from SGD 13.9 million in 2020 to SGD 13.4 million in 2021, primarily due to increased fuel and direct employee costs[20]. - The company reported a net profit decline from approximately SGD 4.3 million in 2020 to SGD 2.9 million in 2021, resulting in a net profit margin drop from 10.7% to 6.3%[30]. - Administrative expenses increased from approximately SGD 8.3 million in 2020 to SGD 9.9 million in 2021, driven by higher employee costs and depreciation[26]. - The company had cash and bank balances of approximately SGD 12.7 million in 2020 and SGD 23.9 million in 2021, indicating a significant increase in liquidity[33]. - The actual tax rate for the company was approximately 19.2% in 2020 and 24.3% in 2021, higher than the statutory corporate tax rate of 17% in Singapore[29]. - The company did not declare or pay any dividends for the year ended December 31, 2021, compared to SGD 4.0 million declared for the previous fiscal year[31]. - As of December 31, 2021, the company's debt ratio was approximately 9.8%, a decrease from 22.6% on December 31, 2020, primarily due to a reduction in bank loans by approximately SGD 0.5 million and lease liabilities by approximately SGD 1.2 million[36]. Corporate Governance - The company has adopted all provisions of the Corporate Governance Code as per the Hong Kong Stock Exchange's Listing Rules, except for provision A.2.1[69]. - The board consists of two executive directors and three independent non-executive directors, ensuring a balanced governance structure[71]. - The company is committed to high standards of corporate governance to protect shareholder interests and enhance company value[69]. - The board is responsible for formulating and implementing the company's policies and business strategies, as well as overseeing financial performance[70]. - The company has established systems and procedures to achieve its corporate governance objectives, including regular reviews of compliance with governance codes[71]. - The board holds regular meetings to monitor business development and financial performance, ensuring effective oversight[70]. - The company has a dedicated company secretary with over 12 years of experience in corporate governance and compliance[66]. - The management team includes professionals with backgrounds in accounting, finance, and logistics, enhancing decision-making capabilities[64][65]. - The company has implemented training and professional development programs for directors and senior management to ensure compliance with legal and regulatory requirements[71]. - The company aims to appoint at least one female director by the end of 2023, targeting a minimum of 10% female representation on the board[85]. - The company has adopted a board diversity policy to ensure a balanced perspective related to its business and development[81]. - The independent non-executive directors have appropriate professional qualifications or financial management knowledge[76]. - The company will strive to promote gender diversity at all levels and ensure opportunities for female employees in career development[85]. Strategic Plans and Market Position - The company successfully listed on the Hong Kong Stock Exchange on January 13, 2021, marking a significant milestone[7]. - The company plans to continue focusing on strategic acquisitions to expand its business and achieve long-term growth[7]. - The company is actively seeking opportunities to expand its customer base and market share to enhance shareholder value[12]. - The net proceeds from the share offering will provide financial resources to achieve the company's business goals and strategies, further solidifying its market position in Singapore[12]. - The company acknowledges that while growth areas will take time to fully realize, additional operational expenses may impact short to medium-term business performance[13]. - The company remains optimistic about Singapore's long-term economic prospects despite the significant risks posed by the pandemic in 2022[7]. Risk Management - The board is responsible for maintaining effective risk management and internal control systems to protect shareholder interests and ensure compliance with applicable regulations[104]. - The risk management system aims to manage risks rather than eliminate them, providing reasonable assurance against significant misstatements or losses[108]. - The company has engaged external consultants to perform internal audit functions and review the effectiveness of risk management and internal control systems annually[108]. - The board reviews the risk management and internal control systems at least once a year to ensure their adequacy and effectiveness[105]. - The company has established a risk management policy and procedures, including a risk management matrix and risk management table[105]. Employee and Operational Insights - The total employee cost for the year ended December 31, 2021, was approximately SGD 10.1 million, compared to approximately SGD 9.1 million in 2020, with a total of 163 employees as of December 31, 2021, up from 141 in 2020[41]. - The company has a mechanism in place for annual performance reviews of employees, which serves as a basis for salary adjustments, bonuses, and promotions[188]. - The company has established stable business relationships with major customers, with most of the top five customers having long-term relationships ranging from three to nine years[190]. Shareholder Information - The company has maintained sufficient public float since its listing date up to the date of the annual report[195]. - The company will suspend share transfer registration from June 21 to June 24, 2022, to determine the shareholders eligible to attend the annual general meeting[200]. - The company does not have any provisions for preemptive rights in its articles of association or under the laws of the Cayman Islands[196]. - The company has confirmed that there are no significant uncertainties affecting its ability to continue as a going concern[100]. Connected Transactions - The company has entered into a main service agreement with R&S Engineering Works Pte. Ltd. and JH Tyres & Batteries Pte. Ltd. for maintenance and tire supply services, with annual caps of SGD 640,000, 690,000, and 750,000 for R&S and SGD 660,000, 710,000, and 770,000 for JH Tyres for the years ending December 31, 2020, 2021, and 2022 respectively[148]. - The independent non-executive directors have reviewed the ongoing connected transactions and confirmed that they are conducted in the ordinary course of business and on normal commercial terms[148]. - The company has obtained a clean opinion from the auditors regarding the ongoing connected transactions under the main service agreements[149]. Miscellaneous - Charitable donations made by the group amounted to approximately SGD 18,750 for the year ending December 31, 2021[128]. - The company underwent a restructuring process completed on December 18, 2020, prior to its listing on January 13, 2021[117]. - The company has maintained its primary business nature without significant changes as of December 31, 2021[119]. - The company does not have any share option plans as of the date of the report[158]. - The share award plan was adopted on December 18, 2020, and is effective for a period of three years[163].

Financial Performance - Revenue for the six months ended June 30, 2021, was SGD 21,425,543, an increase of 9% from SGD 19,656,168 in the same period of 2020[12] - Gross profit decreased to SGD 6,579,218, down 7% from SGD 7,098,830 year-on-year[12] - The net profit for the period was SGD 1,145,761, a decline of 59% compared to SGD 2,773,780 in the previous year[12] - Basic and diluted earnings per share were SGD 0.09, down from SGD 0.27 in the same period last year[12] - Total revenue for the six months ended June 30, 2021, was SGD 21,425,543, compared to SGD 19,656,168 for the same period in 2020, reflecting an overall growth of approximately 9.0%[50] - Profit for the period decreased from approximately SGD 2.8 million to about SGD 1.1 million, resulting in a net profit margin decline from approximately 14.2% to 5.1%[163] Assets and Liabilities - Total assets as of June 30, 2021, increased to SGD 37,340,439, compared to SGD 25,116,126 as of December 31, 2020[15] - Current liabilities decreased to SGD 7,505,757 from SGD 8,286,311 at the end of 2020[15] - Net assets rose to SGD 38,975,098, up from SGD 25,080,074 at the end of 2020, reflecting a significant increase in equity[18] - The company reported a significant increase in cash and cash equivalents, reaching SGD 22,683,278, compared to SGD 12,740,393 at the end of 2020[15] - Trade payables rose to SGD 1,428,944 as of June 30, 2021, up from SGD 955,697 as of December 31, 2020, indicating a growth of 49.5%[116] - Bank loans decreased to SGD 603,367 as of June 30, 2021, from SGD 1,096,521 as of December 31, 2020, reflecting a reduction of 45%[124] Cash Flow and Financing - The operating cash flow for the six months ended June 30, 2021, was SGD 2,130,151, down 51% from SGD 4,344,787 in the previous year[31] - The company generated net cash from financing activities of SGD 8,234,071, compared to a net outflow of SGD 2,893,399 in the same period of 2020[33] - Total cash and cash equivalents at the end of the period increased to SGD 22,683,278, up from SGD 12,496,719 a year earlier, representing an increase of 81%[33] - The company issued shares resulting in proceeds of SGD 12,749,263 during the reporting period[33] Revenue Breakdown - Revenue from truck transportation services decreased to SGD 8,750,185 from SGD 10,375,009, a decline of approximately 15.6% year-over-year[50] - Revenue from freight forwarding services increased to SGD 10,204,942 from SGD 7,464,711, representing a growth of approximately 36.9% year-over-year[50] - Revenue from value-added transportation services rose to SGD 2,470,416 from SGD 1,816,448, an increase of approximately 36.0% year-over-year[50] Expenses - Administrative expenses increased to SGD 4,628,575, up from SGD 3,904,240 in the previous year, reflecting higher operational costs[12] - The total employee costs, including directors' remuneration, amounted to SGD 4,985,694, an increase of 13% from SGD 4,411,891 in the previous year[63] - The company reported a total tax expense of SGD 420,492, down 33.1% from SGD 628,920 in the previous year[64] Corporate Governance - The company has adopted a code of conduct for securities trading by directors, which has been complied with since the IPO date[183] - The company has complied with the corporate governance code except for the separation of the roles of Chairman and CEO, which are held by the same individual, Mr. Huang Chun-Hsing[184] - The board consists of two executive directors and three independent non-executive directors as of the announcement date[196] Strategic Focus - The company is focused on expanding its logistics and transportation services through its subsidiaries, which include Rejoice Container Services and Radiant Overseas[36] - The company aims to leverage its successful listing to enhance future growth opportunities[146] Market Conditions - Truck transportation service revenue decreased by approximately SGD 1.7 million or 16.3% due to border restrictions imposed by the Singapore government to control COVID-19[151] - Freight forwarding service revenue increased by approximately SGD 2.7 million or 36.0% due to the recovery of global trade from COVID-19[152] - Value-added transportation service revenue increased by approximately SGD 0.7 million or 38.9% due to income from a newly leased logistics yard[153]