Financial Performance - Total revenue for the year ended December 31, 2024, was SGD 61.831 million, a decrease of 30.9% compared to SGD 89.506 million in 2023[3] - Gross profit for the same period was SGD 18.916 million, down 31.5% from SGD 27.611 million in the previous year[3] - Net profit for the year was SGD 789,000, representing a significant decline of 79.7% from SGD 3.882 million in 2023[3] - Earnings per share attributable to shareholders decreased by 85.7%, from 0.14 cents to 0.02 cents[3] - The company reported a total comprehensive income of SGD 1.573 million for the year, down from SGD 3.300 million in 2023[4] - The group reported a pre-tax profit of SGD 321,000 for the year ended December 31, 2024, a significant decrease from SGD 2,892,000 in 2023[29] - Net profit decreased by approximately 79.7% from approximately SGD 3.9 million for the fiscal year ending December 31, 2023, to approximately SGD 0.8 million for the fiscal year ending December 31, 2024, primarily due to reduced revenue[54] Assets and Liabilities - Total assets as of December 31, 2024, amounted to SGD 68.393 million, down from SGD 72.044 million in 2023[5] - Current liabilities decreased from SGD 18.843 million in 2023 to SGD 15.082 million in 2024[5] - Non-current liabilities totaled SGD 10.254 million, a decrease from SGD 11.524 million in the previous year[6] - The total assets of the group amounted to SGD 81,488,000, with the furniture sales segment holding SGD 42,134,000 in assets[16] - The group reported a total liability of SGD 25,336,000, with the furniture sales segment accounting for SGD 14,382,000[16] - The group's trade receivables decreased to SGD 5.784 million in 2024 from SGD 8.748 million in 2023, reflecting a reduction of approximately 33.5%[32] - The expected credit loss provision for trade receivables was SGD 241,000 in 2024, down from SGD 559,000 in 2023, indicating a decrease of approximately 56.8%[36] - The aging analysis of trade receivables showed that amounts overdue by more than three months increased to SGD 291,000 in 2024 from SGD 11,000 in 2023, a significant increase[35] - The trade payables increased to SGD 3.080 million in 2024 from SGD 2.845 million in 2023, reflecting an increase of approximately 8.2%[39] - The expected credit loss provision for overdue trade receivables over three months was 40.73% in 2024, a significant decrease from 98.53% in 2023[37] Revenue Breakdown - The total segment revenue for the year ended December 31, 2024, was SGD 62,068,000, with the largest contribution from furniture sales at SGD 39,398,000[16] - The group’s revenue from customer contracts totaled SGD 61,831,000, with SGD 39,398,000 derived from furniture sales[22] - The revenue recognized at a point in time was SGD 48,590,000, while revenue recognized over time was SGD 13,241,000[22] - The revenue from the US furniture sales segment was approximately SGD 39.4 million for the fiscal year 2024, down about 30.1% from SGD 56.4 million in 2023, accounting for approximately 63.7% of the group's total revenue[42] - The furniture sales division generated revenue of approximately SGD 17.1 million for the fiscal year ending December 31, 2024, down from approximately SGD 24.5 million in 2023, primarily due to a slowdown in the high-end residential market[44] - Revenue from Singapore sales points decreased to approximately SGD 9.2 million for the fiscal year ending December 31, 2024, compared to approximately SGD 14.9 million in 2023[44] - The interior design division's revenue decreased from approximately SGD 8.6 million for the fiscal year ending December 31, 2023, to approximately SGD 5.3 million for the fiscal year ending December 31, 2024, a decline of about SGD 3.3 million[45] Expenses and Costs - Selling and distribution expenses decreased by approximately SGD 2.3 million or 16.6%, from approximately SGD 13.8 million for the fiscal year ending December 31, 2023, to approximately SGD 11.5 million for the fiscal year ending December 31, 2024[49] - Administrative expenses decreased by approximately SGD 2.6 million or 27.0%, from approximately SGD 9.5 million for the fiscal year ending December 31, 2023, to approximately SGD 6.9 million for the fiscal year ending December 31, 2024[50] - Financing costs decreased by approximately 6.0% from approximately SGD 0.8 million for the fiscal year ending December 31, 2023, to approximately SGD 0.7 million for the fiscal year ending December 31, 2024[51] - The total depreciation expense for the year was SGD 1,104,000, up from SGD 921,000 in 2023, indicating an increase of 19.8%[26] - The company incurred total financing costs of SGD 711,000 in 2024, slightly down from SGD 756,000 in 2023[25] Corporate Governance and Compliance - The group maintains a high level of corporate governance standards, ensuring shareholder interests are protected[70] - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors during the reporting period[75] - The audit committee consists of five members, including independent non-executive directors, with the chairman being Lin Wenzheng[78] - The audit committee has reviewed the company's annual performance for the fiscal year ending December 31, 2024[79] - The company's auditor, Ernst & Young, confirmed that the financial data in the preliminary announcement aligns with the consolidated financial statements for the year[80] - The board of directors includes both executive and non-executive members, ensuring compliance with governance standards[82] Future Outlook and Shareholder Information - The board does not recommend a final dividend for the year ended December 31, 2024, maintaining the previous year's dividend of SGD 0.0038 per share[28] - The annual general meeting is scheduled for June 16, 2025, with relevant information to be published in accordance with listing rules[76] - Share registration will be suspended from June 11 to June 16, 2025, to determine eligibility for attending the annual general meeting and voting[77] - The annual report for the fiscal year ending December 31, 2024, will be sent to shareholders as needed and available on the company's website[81]
设计都会(01545) - 2024 - 年度业绩