Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was SGD 50,723,000, a decrease of 17.5% from SGD 61,528,000 in the previous year[5] - Gross profit for the same period was SGD 4,135,000, down 18.1% from SGD 5,047,000 year-on-year[5] - Operating profit increased to SGD 4,017,000, compared to SGD 2,251,000 in the previous year, representing an increase of 78.5%[5] - The net profit for the year was SGD 3,284,000, which is a 78.2% increase from SGD 1,843,000 in the previous year[5] - Basic and diluted earnings per share rose to 0.55 Singapore cents, up from 0.31 Singapore cents, marking a 77.4% increase[5] - The group's revenue from human resource outsourcing services decreased to SGD 49,788,000 in 2024 from SGD 60,851,000 in 2023, representing a decline of approximately 18.2%[14] - Total revenue and other income for 2024 was SGD 50,723,000, down from SGD 61,528,000 in 2023, indicating a decrease of about 17.5%[14] - The group's pre-tax profit for 2024 was SGD 3,982,000, compared to SGD 2,229,000 in 2023, reflecting an increase of approximately 78.7%[19] - The group reported a significant increase in government grants, rising to SGD 5,319,000 in 2024 from SGD 3,244,000 in 2023, which is an increase of about 63.9%[16] - Employee costs decreased to SGD 50,709,000 in 2024 from SGD 60,777,000 in 2023, a reduction of approximately 16.5%[17] - Interest income increased to SGD 133,000 in 2024 from SGD 66,000 in 2023, marking a growth of about 101.5%[16] - The company's annual profit attributable to owners increased to SGD 3,284,000 in 2024 from SGD 1,843,000 in 2023, representing a growth of approximately 78.2%[21] - The overall revenue of the company decreased by approximately SGD 10.8 million or 17.6% to about SGD 50.7 million for the fiscal year ending December 31, 2024[36] - Revenue from human resource recruitment services increased by approximately SGD 0.2 million or 33.3% to about SGD 0.8 million, primarily driven by new clients in the startup and financial services sectors[38] - Other human resource support services generated revenue of approximately SGD 123,000, an increase of about SGD 33,000 or 36.7%, mainly due to increased income from payroll processing services[39] - The company's gross profit slightly decreased by approximately SGD 0.9 million to about SGD 4.1 million, with a stable gross margin of 8.1%[41] - Other income rose by approximately SGD 2.3 million or 67.6% to about SGD 5.7 million, mainly due to government subsidies recognized under the Progressive Wage Credit Scheme[42] - The company reported a profit of approximately SGD 3.3 million for the fiscal year ending December 31, 2024, an increase of about SGD 1.5 million or 83.3% compared to the previous year[45] Assets and Liabilities - Total assets as of December 31, 2024, were SGD 30,656,000, an increase from SGD 27,267,000 in the previous year[6] - The company's net asset value increased to SGD 23,506,000 from SGD 20,219,000, reflecting a growth of 16.9%[6] - Trade receivables decreased to SGD 6,410,000 from SGD 8,590,000, a decline of 25.4%[6] - Cash and cash equivalents increased significantly to SGD 20,071,000 from SGD 15,059,000, representing a growth of 33.3%[6] - Contract assets rose significantly to SGD 4,045,000 in 2024 from SGD 2,183,000 in 2023, marking an increase of approximately 85.2%[25] - The company reported a total of SGD 1,715,000 in other payables and accrued expenses in 2024, down from SGD 1,804,000 in 2023, a decrease of about 4.9%[26] - The total remuneration for key management personnel increased to SGD 1,478,000 in 2024 from SGD 1,136,000 in 2023, reflecting a rise of approximately 30.2%[31] - The company recorded a contract liability of SGD 33,000 in 2024, up from SGD 11,000 in 2023, indicating an increase of approximately 200%[28] - The group had approximately SGD 6,349,000 in unutilized tax losses available to offset future profits as of the reporting date[20] Shareholder Information - As of December 31, 2024, the company had issued 600,000,000 ordinary shares, unchanged from the previous year[32] - The average number of ordinary shares for basic earnings per share calculation remained constant at 600,000,000 shares for both years[21] - The company did not recommend the payment of a final dividend for the years ended December 31, 2024, and December 31, 2023[33] - The group did not recommend a final dividend for the year ended December 31, 2024, consistent with the previous year[59] - Omnipartners Holdings Limited holds 288 million shares, representing 48.00% of the company's issued share capital as of December 31, 2024[68] - The company's major shareholders, including directors, do not have any competing business interests that could conflict with the company's operations as of December 31, 2024[72] - The company has taken measures to manage conflicts of interest arising from competitive businesses and to protect shareholder interests[72] - The share option scheme allows for the issuance of up to 60 million shares, which accounts for 10% of the issued shares[70] - The company has confirmed compliance with non-competition agreements by its major shareholders as of December 31, 2024[73] Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements for the year ending December 31, 2024, ensuring compliance with applicable accounting standards and GEM listing rules[78] - The company has adopted a code of conduct for directors' securities trading, which is not less stringent than the GEM listing rules[75] - The company believes that the current arrangement of having the same individual serve as both Chairman and CEO does not compromise the balance of power and authority[74] - The company has complied with the corporate governance code, except for the provision regarding the separation of the roles of Chairman and CEO[74] - The audit committee has engaged an external independent consulting firm to provide internal audit functions, including corporate risk assessment and review of internal control systems[78] - The audit committee has been established since June 21, 2017, with a defined scope of responsibilities[77] - The company will continue to review the separation of the roles of Chairman and CEO at an appropriate time based on the overall situation[74] - The company has not identified any non-compliance with the trading rules for directors for the year ending December 31, 2024[75] Future Outlook and Investments - The group expects that the adoption of new and revised international financial reporting standards will not have a significant impact on its consolidated financial statements upon first application[10] - The group has not reported separate financial information for its operating segments as it has integrated resources and does not operate independent segments[11] - The group has no plans for significant investments or capital assets beyond those disclosed in the prospectus and annual performance announcement[60] - The company is currently evaluating whether to further invest in upgrading its IT systems and may allocate additional resources if necessary[65] - Approximately HKD 4.5 million has been allocated to improve the company's IT systems and acquire computer hardware to support business operations and remote work policies as of December 31, 2024[65] - The company has delayed the use of remaining net proceeds due to the impact of the Omicron variant on the business environment, which has affected the original timeline for utilizing the proceeds as disclosed in the prospectus[65] - As of December 31, 2024, approximately HKD 13.8 million has been utilized to expand the company's human resources outsourcing and recruitment services in the ICT, retail, and catering sectors in Singapore[65] Compliance and Regulatory Matters - The group had no significant contingent liabilities as of December 31, 2024, consistent with the previous year[51] - The group has complied with all applicable laws and regulations governing its business operations as of December 31, 2024[56] - The company has not purchased, sold, or redeemed any of its listed securities for the year ending December 31, 2024[76] - There were no significant events occurring after December 31, 2024, up to the date of this announcement[34] - The group reported a fair value of SGD 2,399,000 for other financial assets as of December 31, 2024, compared to an investment cost of SGD 2,600,000[54] - The group recorded unrealized foreign exchange gains of approximately SGD 3,000 as of December 31, 2024, down from SGD 18,000 in the previous year, due to the appreciation of the Hong Kong dollar against the Singapore dollar[57] - No significant acquisitions or disposals of subsidiaries or associates occurred during the year ended December 31, 2024[55]
中安控股集团(08462) - 2024 - 年度业绩