Financial Performance - The company's revenue for the year ended December 31, 2024, was SGD 10,459,000, an increase of 14.3% compared to SGD 9,148,000 in 2023[4] - Gross profit for the year was SGD 228,000, a significant improvement from a gross loss of SGD 730,000 in the previous year[4] - The operating loss decreased to SGD 2,618,000 from SGD 4,600,000 year-on-year, indicating a 43% reduction in operating losses[4] - The total comprehensive loss for the year was SGD 2,631,000, down from SGD 6,835,000 in 2023, representing a 61% improvement[4] - For the fiscal year ending December 31, 2024, total revenue from continuing operations was SGD 10,459,000, an increase from SGD 9,148,000 in the previous year, representing a growth of approximately 14.3%[31] - The segment profit for continuing operations was SGD 228,000 for the fiscal year ending December 31, 2024, compared to a loss of SGD 730,000 in the previous year, indicating a significant turnaround[26][27] - The company reported a net loss before tax of SGD 2,785,000 for the fiscal year ending December 31, 2024, compared to a loss of SGD 6,921,000 in the previous year, showing an improvement of approximately 59.8%[26][27] - The company reported a loss from continuing operations of SGD 2,785,000 for 2024, compared to a loss of SGD 4,759,000 in 2023, representing a 41.5% improvement[35] - The company recorded a net loss of approximately SGD 2.6 million for the fiscal year 2024, an improvement from a net loss of approximately SGD 6.8 million in fiscal year 2023, primarily due to increased gross profit and reduced one-time losses[48] Assets and Liabilities - The company's cash and cash equivalents increased to SGD 1,779,000 from SGD 1,598,000, reflecting a 11.3% increase[6] - Non-current assets decreased to SGD 2,262,000 from SGD 4,126,000, a decline of 45.2%[6] - Current assets rose to SGD 6,491,000, up from SGD 5,933,000, marking a 9.4% increase[6] - The company's total liabilities decreased to SGD 3,077,000 from SGD 2,624,000, indicating a 17.3% increase in liabilities[7] - The net asset value decreased to SGD 2,126,000 from SGD 2,869,000, a decline of 26%[7] - The total assets decreased from SGD 10,059,000 in 2023 to SGD 8,753,000 in 2024, a decline of approximately 12.9%[29] - The total liabilities also decreased from SGD 7,190,000 in 2023 to SGD 6,627,000 in 2024, reflecting a reduction of about 7.8%[29] - As of December 31, 2024, the current ratio is approximately 1.8, up from 1.4 in 2023, due to an increase in trade and other receivables[60] - The debt-to-equity ratio increased to approximately 2.0 in 2024 from 1.5 in 2023, primarily due to a net loss for the fiscal year[60] - Total borrowings as of December 31, 2024, were approximately SGD 2.4 million, down from SGD 4.2 million in 2023[61] Revenue Sources and Expenses - Revenue from major customers contributed over 10% of total revenue, with Customer A generating SGD 7,859,000 and Customer B generating SGD 1,594,000 in 2024[30] - Government grants for continuing operations increased significantly from SGD 25,000 in 2023 to SGD 498,000 in 2024[32] - Research and development expenses rose significantly to SGD 559,000 in 2024, up from SGD 278,000 in 2023, marking an increase of 101.4%[34] - Administrative expenses increased slightly from approximately SGD 2.5 million in fiscal year 2023 to approximately SGD 2.7 million in fiscal year 2024, primarily due to increased R&D expenditures[57][58] - Employee costs for the fiscal year 2024 totaled approximately SGD 3.8 million, a decrease from SGD 4.1 million in 2023[67] Financial Standards and Compliance - The group has adopted new accounting standards effective from January 1, 2024, including IFRS 16 (revised) related to lease liabilities[12] - The application of the revised IAS 1 regarding the classification of liabilities as current or non-current has been implemented without significant impact on the financial statements[13] - The group is expected to apply new and revised IFRS standards in the foreseeable future without significant impact on the consolidated financial statements[18] - The revised IFRS 9 clarifies the recognition and derecognition of financial assets and liabilities, with specific conditions for cash-settled financial liabilities[19] - The revised IFRS 7 requires disclosure of fair value gains or losses related to equity investments classified as fair value through other comprehensive income[20] - IFRS 18 introduces new presentation and disclosure requirements for financial statements, which will affect the presentation of the income statement and future disclosures[21] - The group is currently assessing the detailed impact of IFRS 18 on its consolidated financial statements[21] - The revised IAS 1 and IFRS 7 will come into effect for annual periods beginning on or after January 1, 2026[17] - The group has not early adopted the new standards and interpretations that will be mandatory for annual periods starting after January 1, 2024[15] - The application of the revised standards is not expected to have a significant impact on the group's financial position and performance[20] Corporate Governance and Compliance - The company has complied with the GEM Listing Rules and corporate governance code for the fiscal year 2024, except for the separation of the roles of Chairman and CEO[81] - The audit committee consists of three independent non-executive directors and is responsible for reviewing financial statements and overseeing internal controls[85] - The company’s auditor has confirmed that the financial figures in the performance announcement are consistent with the audited financial statements for the year ending December 31, 2024[84] - There are no conflicts of interest or competitive businesses involving directors or major shareholders as of the announcement date[79] - The company will suspend shareholder registration from May 20 to May 23, 2025, for the annual general meeting[83] - The company has adopted trading standards for directors' securities transactions and confirmed compliance for the fiscal year 2024[82] Strategic Outlook - The company plans to continue exploring new revenue sources and business opportunities while managing operational costs and risks associated with business growth[49] - The company is strategically positioned to manage its business and seize future opportunities despite geopolitical tensions and inflationary pressures[49] Stock Options - The stock option plan aims to attract and retain qualified personnel, providing additional incentives to employees, directors, consultants, and business partners[78] - The total number of shares to be issued upon the exercise of stock options is capped at 10% of the shares issued as of the listing date, which is 40,000,000 shares[78] - The exercise price of any stock option will not be less than the higher of the closing price on the date of grant or the average closing price over the five trading days preceding the grant[78] - The stock option plan is valid for ten years from the adoption date, unless terminated early by shareholders[80]
加和国际控股(08513) - 2024 - 年度业绩