Financial Performance - The group's revenue for the fiscal year ended December 31, 2020, was approximately SGD 13.7 million, a slight increase of about 1.9% compared to SGD 13.5 million for the fiscal year 2019[11]. - The group recorded a profit of approximately SGD 66,000 for the fiscal year 2020, compared to a profit of SGD 600,000 in fiscal year 2019, primarily due to the impact of COVID-19 on expected revenue and increased operating costs from three new treatment centers[11]. - The group's total revenue for the fiscal year 2020 was approximately SGD 13,724,000, an increase of SGD 262,000 or 1.9% compared to SGD 13,462,000 in fiscal year 2019[19]. - Total comprehensive income for the year was approximately SGD 44,000, a decrease from SGD 638,000 in the previous fiscal year, primarily due to the impact of Covid-19 and increased operating costs from the opening of three new treatment centers[36]. - The group reported a net cash inflow from operating activities of approximately SGD 0.8 million, compared to a net cash outflow of SGD 2.7 million in the previous fiscal year[38]. - The group’s total equity as of December 31, 2020, was approximately SGD 13.3 million, slightly up from SGD 13.2 million in the previous fiscal year[38]. - The group did not declare a final dividend for the year, consistent with the previous fiscal year[37]. - The company had no distributable reserves as of December 31, 2020, consistent with the previous year[99]. Revenue Breakdown - Revenue from consultation services decreased from approximately SGD 1,355,000 in 2019 to SGD 1,296,000 in 2020, a decline of about 4.4%[21]. - Revenue from medical examination services fell from approximately SGD 4,040,000 in 2019 to approximately SGD 3,382,000 in 2020, a decrease of about 16.3%[22]. - Revenue from treatment services increased from approximately SGD 8,067,000 in 2019 to approximately SGD 9,046,000 in 2020, a growth of about 12.1%[22]. - The group’s treatment services accounted for 65.9% of total revenue in 2020, up from 59.9% in 2019, indicating a shift in revenue contribution[22]. Operational Expansion - The group operates a network of ten DTAP treatment centers and one SA treatment center, with plans to establish at least two additional treatment centers in the fiscal year 2021[12]. - The group launched a treatment center in Tanjong Pagar in fiscal year 2020, providing rapid STD and HIV testing services[12]. - The group opened three new treatment centers (Kovan, Orchard, and Tanjong Pagar), contributing to improved revenue despite challenges from Covid-19[18]. - The group aims to expand its market share in primary care and seeks to explore business opportunities outside of Singapore to become a preferred healthcare provider in Asia[13]. - The group aims to expand its market share in the primary healthcare sector through its brand DTAP (Dr. Tan & Partners) as demand for healthcare services in Singapore is expected to grow[18]. Expense Management - Employee benefits expenses increased by SGD 1,759,000 or 38.6% to SGD 6,311,000 due to increased staffing for the new treatment centers[27]. - Other operating expenses rose by approximately SGD 458,000 or 18.2% to about SGD 3,000,000, largely driven by increased marketing expenditures[31]. - The group will continue to manage expenses effectively and streamline workflows to improve productivity and ensure financial sustainability[13]. Corporate Governance - The board of directors experienced changes, with Mr. Liu Wei Hung replacing Mr. Leung Ho Shan as the chairman of the audit committee[14]. - The company has a strong management team with extensive experience in finance and healthcare sectors[75]. - The board of directors consists of four members, with independent non-executive directors making up over 50% of the board[155]. - All independent non-executive directors confirmed their independence in accordance with GEM listing rules, ensuring compliance with the requirement for independent oversight[156]. - The company has implemented a fair disclosure policy to ensure compliance with GEM listing rules and has strict measures against unauthorized use of confidential information[200]. Shareholder Information - As of December 31, 2020, the total number of shares issued by the company was 520,000,000[129]. - Dr. Chen holds 390,000,000 shares, representing 75% of the company's issued shares[128]. - Cher Sen Holdings Limited, fully owned by Dr. Chen, is the direct shareholder of the company with 390,000,000 shares[131]. - The company maintains sufficient public float, with at least 25% of its issued shares held by the public as per GEM listing rules[134]. Risk Management - The company has established policies and procedures for risk management and internal controls, ensuring the effectiveness of these systems[195]. - The board of directors is responsible for overseeing the risk management and internal control systems, which are deemed adequate and effective for the review period[195]. - The company has a structured approach to managing risks associated with its daily operations, with management identifying risks for board review[195]. Audit and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the annual audited consolidated financial statements and deemed them to be properly prepared in accordance with applicable accounting standards and GEM listing rules[145]. - Baker Tilly TFW LLP was appointed as the independent auditor for the fiscal year ending December 31, 2018, and will be proposed for reappointment at the 2021 annual general meeting[147]. - The total remuneration for the independent auditor for the year ended December 31, 2020, was SGD 140,000 for audit services[191]. - The company has complied with all relevant laws and regulations without any major violations during the year[138].
REPUBLIC HC(08357) - 2020 - 年度财报