Financial Performance - The company recorded revenue of approximately SGD 8.7 million for the fiscal year 2024, a decrease of about 13% from SGD 10.0 million in fiscal year 2023[9] - The company reported a loss of approximately SGD 0.20 million in fiscal year 2024, significantly improved from a loss of SGD 0.86 million in fiscal year 2023[9] - Revenue from consultation services, medical examination services, and treatment services were approximately SGD 1.24 million, SGD 2.10 million, and SGD 5.32 million, accounting for about 14.3%, 24.2%, and 61.5% of total revenue respectively[15] - The company recorded total revenue of approximately SGD 8.7 million for the fiscal year 2024, a decrease of about SGD 1.3 million or 13% compared to SGD 10.0 million in fiscal year 2023[18] - Revenue breakdown for fiscal year 2024 includes: SGD 1,235,000 (14.2%) from consultations, SGD 2,097,000 (24.2%) from medical examinations, and SGD 5,324,000 (61.5%) from treatment services[19] - Total comprehensive loss for the year was approximately SGD 201,000, a reduction from SGD 862,000 in fiscal year 2023[31] Operational Developments - The company established a presence in the Philippines in 2024, marking a significant step in its regional expansion efforts, with educational services set to launch in Q3 2025[9] - The company is facing challenges in its online healthcare business due to intense competition, leading to a temporary suspension of online business expansion to enhance long-term viability[9] - The company anticipates ongoing pressure from global economic uncertainty and rising operational costs, alongside increased competition from online healthcare service providers[15] - The company operates five DTAP clinics located in Robertson, Novena, Holland Village, Kovan, and Paragon[12] Cost Management - Cost-saving measures have helped mitigate the overall loss despite the decrease in revenue[9] - Employee benefits expenses slightly decreased to approximately SGD 4.2 million in the current year, reflecting cost efficiency measures[23] - Other operating expenses decreased by approximately 24.6% to about SGD 1.94 million, primarily due to lower-than-expected marketing expenses[27] Cash Flow and Equity - The company's total equity as of December 31, 2024, was approximately SGD 12.6 million, compared to SGD 12.8 million in fiscal year 2023[37] - The company had cash and bank balances of approximately SGD 11.4 million as of December 31, 2024, down from SGD 11.9 million in fiscal year 2023[37] - Operating cash flow net amount was approximately SGD 0.1 million, a significant improvement from a net cash outflow of SGD 0.9 million in fiscal year 2023[37] - The capital debt ratio as of December 31, 2024, was approximately 6%, compared to 7.6% in fiscal year 2023[37] Strategic Plans - The group plans to establish a new online business branch for Dtap, with an estimated launch around May 2025[56] - The primary use of funds will be for future expansion of the group's existing business and potential acquisitions or investments when suitable opportunities arise[57] - The board has decided to reallocate the net proceeds for operational funding instead of expanding the treatment center business, as it is not deemed the best time for such expansion[57] Governance and Compliance - The company has confirmed compliance with the GEM Listing Rules regarding related party transactions, with no significant related party transactions outside of disclosed employment contracts[108] - The company has a non-competition agreement in place with its controlling shareholders, effective since May 18, 2018, to prevent competition in its business areas[110] - The company is committed to maintaining high standards of corporate governance and regularly reviews its governance practices[137][139] - The company has complied with all relevant laws and regulations without any significant violations during the year[128] Board and Management - The board consists of over 50% independent non-executive directors, ensuring a balanced composition for independent judgment[147] - The company has appointed independent non-executive director Ms. Jiang Li'e effective from September 30, 2024, to replace Mr. Kevin John Chia, who will resign on the same date[95] - The company is committed to ensuring that all directors are subject to rotation and re-election at least once every three years during the annual general meeting[178] - The Compensation Committee held two meetings during the year ending December 31, 2024, to review and provide recommendations on the remuneration of directors and senior management[175] Risk Management - The group has identified key risks including the ability to attract and retain skilled professionals, which is critical for maintaining service quality and operational performance[47] - The internal control system is designed to minimize risks associated with daily operations, with the board overseeing its effectiveness[185] - The audit committee has reviewed the effectiveness of the risk management and internal control systems, finding them adequate and effective for the review year[186]
REPUBLIC HC(08357) - 2024 - 年度财报