Financial Performance - The company reported a net loss of approximately SGD 1.09 million for the fiscal year ending December 31, 2024, a decline of SGD 2.94 million or 169.3% compared to a net profit of SGD 1.74 million in 2023[11]. - Revenue decreased by approximately SGD 4.94 million, from SGD 9.91 million in 2023 to SGD 4.96 million in 2024, representing a decline of 49.9%[11]. - The group reported a net loss of SGD 1,204,000 for the year ended December 31, 2024, compared to a profit of SGD 1,737,000 in 2023, indicating a significant decline in performance[14]. - The company recorded a pre-tax loss of SGD 1.09 million in 2024, compared to a profit of SGD 2.41 million in 2023[12]. - Total comprehensive loss attributable to owners of the company amounted to SGD 2,060,000, contrasting with a total comprehensive income of SGD 1,534,000 in the previous year[14]. - The group reported a pre-tax loss of SGD 1,089,000 for the year ended December 31, 2024, compared to a profit of SGD 2,414,000 in 2023, indicating a significant decline in performance[21]. - Total revenue for the year ended December 31, 2024, was SGD 4,964,000, a decrease of 50% from SGD 9,906,000 in 2023[141]. Assets and Liabilities - Total assets increased to SGD 33.08 million in 2024 from SGD 31.60 million in 2023[10]. - Total liabilities rose to SGD 12.65 million in 2024, up from SGD 9.11 million in 2023[10]. - The group's total liabilities rose from SGD 6,650,000 in 2023 to SGD 9,980,000 in 2024, indicating a growing financial obligation[16]. - The net asset value decreased from SGD 22,487,000 in 2023 to SGD 20,427,000 in 2024, reflecting a decline in overall equity[17]. - The company’s current liabilities totaled SGD 6,112,000 in 2024, slightly down from SGD 6,219,000 in 2023, showing a minor improvement in short-term financial obligations[16]. Cash Flow and Investments - Operating cash flow before changes in working capital was SGD 83,000, a drastic decrease from SGD 3,965,000 in the previous year[21]. - Net cash used in investing activities amounted to SGD 10,192,000, a sharp decline from net cash generated of SGD 2,347,000 in 2023[22]. - The group experienced a net decrease in cash and cash equivalents of SGD 9,296,000, contrasting with an increase of SGD 6,934,000 in the prior year[22]. - Cash and cash equivalents at the end of the period stood at SGD 5,314,000, down from SGD 14,605,000 at the beginning of the year[22]. - The group’s financing activities generated a net cash inflow of SGD 2,606,000, a significant increase from SGD 831,000 in 2023[22]. Employee Costs and Remuneration - Employee costs were reduced by approximately SGD 1 million or 21.1%, from SGD 4.75 million in 2023 to SGD 3.75 million in 2024, due to a decrease in headcount from 30 to 27[11]. - The number of directors increased to 11 from 10, with total director remuneration recorded at SGD 1,446,000, down 26.0% from SGD 1,954,000[153]. - For the fiscal year ending December 31, 2024, the total remuneration for directors and senior executives amounted to SGD 1,446,000, a decrease from SGD 1,954,000 in the previous year[160]. Revenue Sources - The investment management segment generated revenue of SGD 541,000, down from SGD 798,000 in the previous year, representing a decline of 32.3%[140]. - Fund management fees fell to SGD 4,017,000, down 27.2% from SGD 5,521,000[146]. - Acquisition and project management fees dropped significantly to SGD 371,000 from SGD 3,550,000, a decrease of 89.5%[146]. - Revenue from Singapore was SGD 4,310,000 in 2024, down from SGD 9,254,000 in 2023, indicating a decline of 53.5%[141]. Impairment and Losses - The company recognized impairment losses of approximately SGD 0.37 million related to transitional loans in 2024[11]. - The specific provision for financial asset impairment is SGD 5,085,000, reflecting uncertainties related to the recovery actions against iProsperity Group[127]. - The company recorded a fair value loss through profit or loss of SGD 945,000 for the year[139]. Taxation - The income tax expense for the fiscal year ending December 31, 2024, was SGD 115,000, significantly lower than SGD 677,000 for the previous year[165]. - The effective tax rate for the group was calculated at 10.6% for the fiscal year ending December 31, 2024, compared to 28.1% for the previous year[165]. Loans and Receivables - The company provided a transitional loan of SGD 1,550,000 to ZACD Mount Emily Residential Development Fund for a residential redevelopment project in Singapore[196]. - The company provided a transition loan to ZACD (Development4) Ltd. with a significant portion expected to be repaid following a settlement received in September 2021[195]. - The company's trade receivables that are neither overdue nor impaired amounted to SGD 1,168,000 in 2024, up from SGD 476,000 in 2023[180]. Fair Value Measurements - The fair value of financial derivatives is measured using the Black-Scholes model, with inputs including volatility and risk-free rates[128]. - The group uses observable inputs for fair value measurements whenever possible, minimizing the use of unobservable inputs[44]. - Fair value measurements are based on orderly transactions in the principal or most advantageous market[40]. Regulatory and Compliance - The company has not adopted any new standards that are issued but not yet effective, indicating a cautious approach to regulatory changes[29]. - The group assesses control over subsidiaries based on voting rights and other relevant factors, re-evaluating control if any of the three control elements change[32].
杰地集团(08313) - 2024 - 年度业绩