Financial Performance - For the fiscal year ending July 31, 2023, the company's revenue increased by approximately 89.3% to about SGD 18,524,000, up from approximately SGD 9,787,000 for the fiscal year ending July 31, 2022[11]. - Gross profit rose by approximately 97.7% to about SGD 4,294,000 for the fiscal year ending July 31, 2023, compared to approximately SGD 2,172,000 for the previous fiscal year[11]. - The company recorded a profit of approximately SGD 565,000 for the fiscal year ending July 31, 2023, reversing a loss of approximately SGD 1,717,000 from the previous year[11]. - Other income and gains increased from approximately 375,000 SGD for the fiscal year ended July 31, 2022, to about 1,010,000 SGD for the fiscal year ended July 31, 2023[19]. - Administrative expenses rose by approximately 497,000 SGD from about 3,917,000 SGD for the fiscal year ended July 31, 2022, to about 4,414,000 SGD for the fiscal year ended July 31, 2023[20]. - The overall gross margin rose from approximately 22.2% for the fiscal year ended July 31, 2022, to about 23.2% for the fiscal year ended July 31, 2023[18]. - The increase in revenue and profit was also supported by government subsidies and gains from the sale of subsidiaries[11]. Revenue Sources - Revenue from manpower outsourcing services increased from approximately SGD 9,670,000 to approximately SGD 18,419,000, with the hotel and resort sector contributing SGD 14,530,000, representing 78.9% of the total outsourcing revenue[15]. - The manpower recruitment service revenue slightly decreased from approximately SGD 117,000 to approximately SGD 105,000, primarily due to reduced demand for new foreign workers[16]. Business Strategy and Future Plans - The company continues to focus on expanding its manpower solutions, particularly in the hotel sector, as Singapore's economy progresses towards recovery[10]. - The company plans to review its business strategies and expand the types of manpower solutions offered as opportunities arise[10]. - The company aims to leverage the reopening of Singapore's borders to enhance demand for its manpower outsourcing services[15]. Corporate Governance - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced composition for effective independent judgment[58]. - The board held a total of eight meetings during the fiscal year ending July 31, 2023, with active participation from the majority of directors[60]. - The company has established board committees with specific written terms of reference to clearly define their authority and duties[56]. - The board is satisfied with the effectiveness of the corporate governance policies reviewed and assessed as of July 31, 2023[56]. - The company has maintained compliance with GEM listing rules regarding the appointment of at least three independent non-executive directors, constituting at least one-third of the board[59]. - The chairman and CEO roles are held by the same individual, Lin Zhenye, as of December 28, 2022, to enhance operational efficiency[52]. Risk Management and Compliance - The company has adopted a three-tier risk management approach to identify, assess, and mitigate risks associated with business operations[88]. - The board is responsible for evaluating the nature and extent of risks the company is willing to take to achieve its strategic objectives[87]. - The company has engaged an independent third-party internal control consultant to review its internal control system, which is deemed effective with no significant deficiencies found[89]. - The company has established procedures to handle and communicate inside information in compliance with the Securities and Futures Ordinance and GEM Listing Rules[91]. - The group has a zero-tolerance policy towards bribery and corruption, with no confirmed legal cases related to these issues as of July 31, 2023[94]. Environmental, Social, and Governance (ESG) - The board is responsible for overseeing the group's environmental, social, and governance (ESG) strategies and performance, ensuring effective risk management systems are in place[105]. - The ESG working group, led by department heads, regularly assesses related risks and reports progress to the board annually[106]. - The company focuses on integrating environmental measures into operations, aiming to reduce greenhouse gas emissions and improve waste management[109]. - The group has committed to sustainable operations, providing a safe and healthy environment for employees and supporting local communities[126]. - The group adheres to strict national environmental laws and regulations, with no reported non-compliance incidents during the reporting year[126]. Employee Welfare and Training - The company emphasizes equal opportunity and non-discrimination in all aspects of employment, with regular training to raise awareness[151]. - All full-time employees are covered by a health insurance plan that includes outpatient and dental check-ups[157]. - The company has implemented a five-day work week and offers various family-oriented employment measures to improve work-life balance[150]. - A total of 66 hours of training provided to employees, with 13% of employees receiving training, averaging 0.6 hours per employee[160]. Shareholder Communication - The company encourages shareholders to communicate with the board through written inquiries and provides a dedicated email for feedback[104]. - The company has established a governance framework to ensure effective communication with shareholders and potential investors, including quarterly and annual reports[99].
星亚控股(08293) - 2023 - 年度财报