Financial Performance - The group's revenue increased by approximately SGD 27.4 million (or 29.2%) from SGD 93.6 million in FY2023 to approximately SGD 121.0 million in FY2024, primarily due to growth in space optimization and facilities management businesses[1]. - Revenue from industrial properties slightly increased by approximately SGD 0.1 million (or 0.5%) from SGD 25.2 million in FY2023 to approximately SGD 25.3 million in FY2024[2]. - Revenue from commercial properties decreased by approximately SGD 1.6 million (or 27.0%) from SGD 5.9 million in FY2023 to approximately SGD 4.3 million in FY2024, mainly due to the expiration of three major leases[3]. - Revenue from residential properties surged by approximately SGD 24.2 million (or 82.6%) from SGD 29.3 million in FY2023 to approximately SGD 53.6 million in FY2024, driven by increased income from co-living businesses in Singapore[4]. - Facilities management revenue rose by approximately SGD 4.2 million (or 13.4%) from SGD 31.3 million in FY2023 to approximately SGD 35.5 million in FY2024, attributed to increased parking business and facilities management services[6]. - Energy business revenue increased significantly by approximately SGD 1.0 million (or 190.1%) from SGD 0.5 million in FY2023 to approximately SGD 1.6 million in FY2024, mainly due to growth in solar and electricity services[6]. - Gross profit increased by approximately SGD 10.3 million from SGD 53.8 million in FY2023 to approximately SGD 62.2 million in FY2024, primarily due to the rise in co-living business in residential properties[6]. - The group's profit before tax increased from approximately SGD 23.0 million in fiscal year 2023 to approximately SGD 51.4 million in fiscal year 2024, representing a growth of 123.7%[8]. - The total profit for the year rose from approximately SGD 40.2 million in fiscal year 2023 to approximately SGD 47.9 million in fiscal year 2024, an increase of 19.0%[8]. - The profit from continuing operations increased from approximately SGD 18.9 million in fiscal year 2023 to approximately SGD 47.9 million in fiscal year 2024, marking a significant increase of 153.1%[8]. Assets and Liabilities - Non-current assets increased by approximately SGD 153.8 million to about SGD 570.1 million as of September 30, 2024, primarily due to various factors including property acquisitions[8]. - Investment properties increased by approximately SGD 154.2 million, mainly due to acquisitions and fair value gains[10]. - Trade and other receivables decreased by approximately SGD 4.2 million, primarily due to capitalizing deposits paid for investment properties[10]. - Loans granted to associates and joint ventures increased by approximately SGD 16.1 million, mainly due to additional working capital provided in fiscal year 2024[10]. - The company’s non-current liabilities increased by approximately SGD 104.3 million to SGD 343.4 million as of September 30, 2024, mainly due to the factors outlined in the report[12]. - The asset-to-liability ratio increased to 59.6% as of September 30, 2024, compared to 56.2% a year earlier, due to increased bank borrowings[16]. - The net debt-to-equity ratio rose to 51.6% as of September 30, 2024, up from 43.6% the previous year, reflecting higher borrowings for property acquisitions[16]. Cash Flow and Income - The income tax expense decreased from approximately SGD 4.0 million in fiscal year 2023 to approximately SGD 3.5 million in fiscal year 2024, due to an increase in taxable profits offset by tax exemptions[8]. - The company recorded a net cash inflow from operating activities of approximately SGD 28.4 million, driven by positive operating profit and changes in working capital[12]. - Cash and cash equivalents decreased by approximately SGD 15.1 million to about SGD 43.3 million as of September 30, 2024[14]. Business Segments and Growth - The space optimization business reported revenue of SGD 83,207,000, marking a 37.7% increase from SGD 60,434,000[25]. - The residential property segment, specifically co-living in Singapore, saw significant growth, with revenue rising by 85.5% to SGD 52,425,000 from SGD 28,257,000[25]. - The energy business experienced over 100% growth, with revenue increasing to SGD 1,581,000 from SGD 545,000[25]. - The company expects to contribute revenue from newly completed properties located at 55 Tuas South Avenue in the next fiscal year[20]. - The group plans to convert properties at 141 Middle Road, 48 and 50 Arab Street, and 260 Upper Bukit Timah Road into co-living spaces by FY2025[52]. - The group aims to add approximately 800 new rooms annually, aligning with its long-term growth objectives in the co-living sector[171]. Sustainability and Corporate Responsibility - The company is committed to achieving net-zero emissions as a key element of its sustainability strategy[39]. - The company actively monitors energy usage to reduce electricity waste and has installed water-saving devices across its properties[39]. - The company has expanded its solar panel installation services to strata-titled buildings, increasing access to renewable energy for various property types[39]. - The company provided public space for TOUCH Young Arrows to support children from low-income and single-parent families, enhancing community service[87]. - The company has established long-term partnerships with charitable organizations, enhancing employee volunteer engagement and optimizing corporate social responsibility expenses[85]. Corporate Governance - The company maintains high standards of corporate governance, adhering to Singapore's corporate governance code and Hong Kong Stock Exchange regulations[88]. - The board is responsible for overseeing the company's long-term success and ensuring effective internal controls and risk management systems[146]. - The company has a strong commitment to maintaining high levels of corporate governance and transparency for all stakeholders[141]. - The board collectively oversees the overall strategic plan, including sustainability and environmental issues[146]. - The company has established a clear scope of the nomination committee to identify suitable candidates for the board, including assessing the independence of independent non-executive directors[146]. Employee Engagement and Development - The company emphasizes employee training and development to maintain a competitive edge in the industry[66]. - The company is committed to creating a positive social impact and a safe working environment for its employees[65][67]. - The company emphasizes employee well-being through annual health checks and monthly activities, fostering a positive work environment[83]. - The gender ratio of the group's employees, including senior management, is approximately 60% male and 40% female as of September 30, 2024[192]. Awards and Recognition - The company has been recognized with awards such as the Low Carbon Singapore recognition and the National Business Awards for property services[75][82]. - ICFM received the CLEAN MARK GOLD AWARD for cleanliness services in natural resources/public areas, commercial properties, and dining sectors[106]. - Coliwoo Property Management Pte. Ltd. won the 2024 SBR National Business Award in the property services category[106]. - Work Plus Store Pte. Ltd. received the 2024 Asia Mini Storage Award for creativity and effective marketing in Singapore[106].
LHN(01730) - 2024 - 年度财报