Financial Performance - Total revenue for the year ended December 31, 2024, was 97,003 thousand SGD, a decrease of 4.1% compared to 101,575 thousand SGD in 2023[3] - Gross profit for the same period was 12,866 thousand SGD, down 11.1% from 14,478 thousand SGD in the previous year[3] - Operating profit before tax was 2,762 thousand SGD, an increase of 9.5% compared to 2,521 thousand SGD in 2023[3] - Net profit for the year was 1,899 thousand SGD, representing a 41.0% increase from 1,346 thousand SGD in 2023[4] - Basic earnings per share increased to 0.16 SGD from 0.07 SGD, reflecting a significant improvement in profitability[4] - The group’s net profit for the year was approximately 1.9 million SGD in FY2024, up from about 1.3 million SGD in FY2023, attributed to reduced gross loss and lower share of joint venture losses[70] Revenue and Income Sources - Other income increased to 1,012 thousand SGD from 798 thousand SGD, showing growth in non-operating revenue streams[3] - Government grants received were 125 thousand New Taiwan Dollars in 2023, increasing to 168 thousand New Taiwan Dollars in 2024, indicating a growth of approximately 34.4%[19] - The group’s profit from the sale of investment properties was 202 thousand New Taiwan Dollars in 2024, compared to a loss of 80 thousand New Taiwan Dollars in 2023, indicating a significant turnaround[19] - Other income and net other gains increased from approximately 0.8 million SGD in FY2023 to about 1.0 million SGD in FY2024, mainly due to increases in investment property fair value gains and rental income[62] Expenses and Cost Management - Administrative expenses decreased to 9,346 thousand SGD from 9,642 thousand SGD, indicating cost management efforts[3] - The group’s total operating expenses were 30,385 thousand New Taiwan Dollars in 2024, slightly down from 30,966 thousand New Taiwan Dollars in 2023[21] - Financial costs for the year 2024 amount to 1,431,000 thousand New Taiwan dollars, a decrease from 1,598,000 thousand New Taiwan dollars in 2023, reflecting improved cost management[22] - The total employee cost for the fiscal year 2024 is approximately SGD 27.7 million, slightly increasing from SGD 27.6 million in the fiscal year 2023[84] Assets and Liabilities - Total assets decreased from 80,529 thousand NTD in 2023 to 76,683 thousand NTD in 2024, a decline of approximately 4.3%[5] - Current liabilities increased from 47,291 thousand NTD in 2023 to 40,943 thousand NTD in 2024, a decrease of about 13.4%[6] - The net value of current assets rose from 33,238 thousand NTD in 2023 to 35,740 thousand NTD in 2024, an increase of approximately 7.5%[5] - Total equity increased from 56,297 thousand NTD in 2023 to 58,086 thousand NTD in 2024, reflecting a growth of about 3.2%[6] - The company reported a cash and cash equivalents balance of 16,239 thousand NTD in 2024, down from 18,967 thousand NTD in 2023, a decrease of approximately 14.4%[5] Financial Management and Reporting - The company reported a finance income of 201 thousand SGD, up from 82 thousand SGD, highlighting improved financial management[3] - The company has adopted new International Financial Reporting Standards (IFRS) effective from January 1, 2024, which includes IFRS 16 regarding lease liabilities and IFRS 1 for classifying liabilities as current or non-current[10] - The group is currently evaluating the impact of IFRS 18 on its consolidated financial statements, which will affect the presentation and disclosure of the income statement[14] - The company has not applied any new or amended IFRS that have been issued but are not yet effective, indicating a cautious approach to upcoming standards[11] Market Position and Strategic Initiatives - The company plans to focus on market expansion and new product development in the upcoming fiscal year[2] - The company has identified potential acquisition targets to enhance its market position and product offerings[2] - The group will continue to monitor global economic trends and market conditions closely, taking timely measures to enhance operational and production efficiency[54] - The group aims to prioritize cash conservation and implement cost control measures while actively participating in bidding for new projects to solidify its market position[54] Shareholder and Corporate Governance - The board does not recommend a final dividend for the year ending December 31, 2024[48] - The group has adhered to corporate governance guidelines, with minor deviations noted[88] - The audit committee has reviewed the financial performance for the fiscal year 2024 and has no objections to the accounting principles adopted by the company[96] Joint Ventures and Investments - The investment in joint ventures as of December 31, 2024, is valued at 1,932,000 thousand New Taiwan dollars, a decrease from 3,623,000 thousand New Taiwan dollars in 2023, indicating potential challenges in joint venture performance[27] - The company has maintained a 40% ownership interest in its joint ventures, reflecting stable strategic partnerships[28] - Share of losses from joint ventures decreased from approximately 0.7 million SGD in FY2023 to about 0.1 million SGD in FY2024[67] Challenges and Future Outlook - The company expects ongoing challenges in the business environment, including global economic uncertainty and rising material and labor costs[53] - The company has not disclosed any interests in competing businesses by its controlling shareholders or directors as of December 31, 2024[94]
伟源控股(01343) - 2024 - 年度业绩