Financial Performance - For the fiscal year ended July 31, 2024, the group's revenue decreased by approximately 33.5% to about SGD 12,315,000 from approximately SGD 18,524,000 for the fiscal year ended July 31, 2023[14]. - Gross profit for the same period fell by approximately 29.8% to about SGD 3,016,000 from approximately SGD 4,294,000[14]. - The group recorded a net loss of approximately SGD 3,270,000 for the fiscal year ended July 31, 2024, compared to a profit of approximately SGD 565,000 for the fiscal year ended July 31, 2023[14]. - Revenue from manpower outsourcing services decreased from approximately SGD 18,419,000 to approximately SGD 12,257,000, representing a decline of about 33.5%[19]. - Revenue from the hotel and resort sector dropped by approximately 35.0%, from about SGD 14,530,000 to approximately SGD 9,445,000[19]. - Revenue from manpower recruitment services decreased by approximately 44.8% to about SGD 58,000 from approximately SGD 105,000[20]. - The decline in revenue is primarily attributed to reduced demand for manpower outsourcing services[19]. - Other income decreased by approximately SGD 264,000 or 33.2% from about SGD 796,000 for the year ended July 31, 2023, to about SGD 532,000 for the year ended July 31, 2024[23]. - Administrative expenses increased by approximately SGD 10,000 to about SGD 4,424,000 for the year ended July 31, 2024[25]. - The group confirmed an impairment loss of approximately SGD 1,847,000 on an investment in an associate due to adverse changes in the hospitality industry[30]. Business Strategy and Development - The group continues to focus on developing business opportunities with existing and potential clients, particularly in the hotel sector[13]. - The group is reviewing its business strategies to expand the types of manpower solutions offered when opportunities arise[13]. - The company aims to enhance its service offerings to meet the evolving needs of clients in various industries[13]. - The group aims to deepen relationships with existing clients and explore new business opportunities to maintain market competitiveness and enhance shareholder value[48]. - The group is actively seeking opportunities to expand market share and implement new business strategies to enhance competitiveness[48]. Corporate Governance - The board of directors consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced composition[65]. - The company has complied with GEM listing rules by appointing at least three independent non-executive directors, representing at least one-third of the board[66]. - The board has established specific written terms of reference for its committees, clearly defining their authority and duties[63]. - The company has maintained high levels of corporate governance, achieving satisfaction with the effectiveness of its governance policies as of July 31, 2024[63]. - The chairman and CEO roles are held by the same individual, which the board believes enhances operational efficiency despite not adhering to the corporate governance code's recommendation[60]. - The company has a compliance officer who oversees adherence to legal and regulatory requirements, ensuring proper governance practices[57]. - The board regularly reviews the functions and responsibilities of executive directors and senior management to align with the company's needs[63]. - The company has adopted a code of conduct for directors' securities trading, ensuring compliance with GEM listing rules[61]. - The independent non-executive directors contribute significantly to board meetings and various committees, providing valuable business and financial expertise[66]. - The company has a strong commitment to fostering a culture of accountability and integrity within its operations[59]. Risk Management and Internal Controls - The board has established a three-tier risk management system to identify, assess, and mitigate risks, ensuring effective internal controls[102]. - No significant internal control deficiencies were found during the review by the independent internal control consultant for the fiscal year ending July 31, 2024[103]. - The company has a zero-tolerance policy towards bribery and corruption, with no confirmed public legal cases related to such issues for the fiscal year ending July 31, 2024[110]. - The company’s internal control and risk management systems are deemed effective, with no indications of misconduct or fraud[103]. - The company has engaged an independent third-party internal control consultant to review its internal control systems annually, which is considered more cost-effective given the company's size and nature[103]. Environmental, Social, and Governance (ESG) Initiatives - The board is responsible for overseeing the company's environmental, social, and governance (ESG) management strategies, ensuring effective risk management and internal control systems are in place[122]. - The company has established an ESG working group led by department heads to promote sustainable business practices and monitor ESG-related data collection[123]. - The company aims to integrate environmental measures into its operations, focusing on energy conservation, reducing greenhouse gas emissions, and improving waste management[124]. - The company recognizes the importance of stakeholder engagement in managing ESG matters and has conducted a survey to identify key ESG aspects[127]. - The ESG report covers the company's operations in Singapore from August 1, 2023, to July 31, 2024, detailing its management policies and performance related to ESG issues[128]. - The total greenhouse gas emissions for the fiscal year 2023/24 amounted to 14.66 tons of CO2 equivalent, with a density of 0.17 tons of CO2 equivalent per employee[143]. - The company consumed 21,906 kWh of electricity and 37,500 sheets of paper during the reporting year[143]. - Scope 2 emissions were recorded at 14.46 tons of CO2 equivalent, while Scope 3 emissions were 0.20 tons of CO2 equivalent[143]. - The company aims to maintain electricity consumption at previous levels while increasing the proportion of clean energy in its purchased electricity[143]. - The company has implemented various measures to promote energy efficiency and minimize resource usage, including the use of energy-saving appliances and encouraging employees to turn off devices when not in use[149]. Employee Management and Development - The group employed a total of 86 employees as of July 31, 2024, down from 113 in the previous year, with a gender ratio of approximately 66.3% male and 33.7% female[47]. - Total employee count stands at 86, with 57 males and 29 females[170]. - Employee turnover rate is 33%, with 62% for females and 18% for males[174]. - Full-time employee turnover rate is 46%, while support staff and executive directors have a turnover rate of 0%[174]. - The company employs 61 full-time staff, 21 support staff, and 4 executive directors[170]. - The company emphasizes equal opportunity and non-discrimination in hiring practices[169]. - All employees participate in annual performance evaluations to support career development[165]. - The company provides competitive compensation and benefits, including bonuses based on performance[167]. - Health and safety policies are in place, ensuring ergonomic office equipment and health insurance for all full-time employees[175]. - The company has implemented family-friendly employment measures to improve work-life balance[168]. Community Engagement and Social Responsibility - The company actively supports community investment by hiring more local residents to meet business needs and support the local labor market[192]. - Due to the impact of the pandemic, community activities conducted during the reporting year were limited[193]. - The company is committed to sustainable business practices while earning profits and fulfilling social responsibilities[194]. - The company will continue to regularly publish environmental, social, and governance reports to monitor and review its performance and progress[194]. - The company emphasizes stakeholder feedback to enhance its performance[194].
星亚控股(08293) - 2024 - 年度财报