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万马控股(06928) - 2024 - 年度业绩
TOMO HOLDINGSTOMO HOLDINGS(HK:06928)2025-03-28 11:39

Financial Performance - Total revenue for the year ended December 31, 2024, was SGD 2,831,000, a decrease of 68.8% compared to SGD 9,071,000 in 2023[3] - Gross profit increased to SGD 933,000, representing a 122.1% increase from SGD 420,000 in the previous year, with a gross margin of 32.9% compared to 4.6% in 2023[3] - The net loss for the year was SGD 2,630,000, a significant reduction of 75.1% from a loss of SGD 10,582,000 in 2023[3] - The company reported a total loss before tax of SGD 2,630,030 in 2024, compared to a loss of SGD 10,410,191 in 2023, reflecting an improvement in financial performance[26] - The basic and diluted loss per share for 2024 was SGD 0.58, down from SGD 2.35 in 2023, reflecting a reduction in losses[32] Assets and Liabilities - Cash and cash equivalents decreased by 40.7% to SGD 4,929,000 from SGD 8,317,000 in the previous year[3] - Total assets decreased by 23.4% to SGD 11,210,000 from SGD 14,638,000 in 2023[3] - Total liabilities decreased by 57.4% to SGD 592,000 from SGD 1,389,000 in the previous year[3] - Total equity decreased by 19.9% to SGD 10,619,000 from SGD 13,249,000 in 2023[3] - The total assets of the company decreased from SGD 14,637,793 in 2023 to SGD 11,210,366 in 2024, a reduction of approximately 23.5%[23] - The company’s cash and cash equivalents decreased significantly from SGD 8,317,344 in 2023 to SGD 4,928,607 in 2024, a decline of about 40.5%[23] - The company’s total liabilities decreased from SGD 1,389,191 in 2023 to SGD 591,794 in 2024, a reduction of approximately 57.5%[23] Business Segments - The company continues to focus on the sales and installation of automotive leather interiors and electronic accessories, as well as the sale of electronic and automotive parts[7] - Total revenue for the automotive leather interior segment in 2024 was SGD 515,357, compared to SGD 515,021 in 2023, showing a slight increase[22] - The automotive electronic components segment generated revenue of SGD 2,071,094 in 2024, up from SGD 1,577,178 in 2023, representing a growth of approximately 31.3%[22] Employee and Operational Costs - The company reported a significant increase in employee benefits expenses, totaling SGD 3,961,679 in 2024, compared to SGD 4,612,157 in 2023[26] - Total employee costs, including director remuneration, were approximately SGD 3,962,000 for the year, down from SGD 4,612,000 in 2023[53] - Sales and distribution expenses decreased from approximately SGD 505,000 to about SGD 482,000, a reduction of about SGD 23,000[45] - Administrative expenses decreased from approximately SGD 4,622,000 to about SGD 3,864,000, a reduction of about SGD 758,000[46] Financial Reporting and Compliance - The company has implemented new international financial reporting standards, which did not have a significant impact on financial performance[9] - The group is evaluating the impact of new IFRS standards on its financial reporting and is committed to ensuring compliance with the latest accounting regulations[11][13] - The independent auditor's report indicates that the financial statements for the year ending December 31, 2024, reflect the group's financial position accurately, except for certain reservations[69] - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2024, and confirmed compliance with applicable accounting standards and legal requirements[75] - The financial reporting process has been reviewed and supervised by the audit committee[75] Governance and Management - The board of directors is composed of experienced individuals who regularly meet to discuss operational issues to ensure effective governance[65] - The company is committed to acting in the best interests of its shareholders and will continue to evaluate necessary changes to its governance structure[65] - The company adhered to all corporate governance rules as of December 31, 2024, except for the separation of the roles of Chairman and CEO[64] Market Conditions and Challenges - The group faced challenges due to the ongoing US-China trade war and a weak consumer confidence environment, impacting overall business performance[38] - The number of new car registrations in Singapore is expected to see a slight increase in 2024, following a higher quota compared to 2023[38] Investments and Impairments - The group holds a 49% stake in Ocean Dragon Group, with an investment cost of SGD 6,421,491, which has been fully written off due to insufficient accounting records[71] - The previous independent auditor expressed concerns regarding the lack of complete and accurate records from Ocean Dragon Group, impacting the ability to audit financial data[72] - The company confirmed a loss of SGD 6,421,491 related to its investment in Ocean Dragon Group, recorded in the consolidated income statement for the year ending December 31, 2023[71] Future Outlook - The board anticipates sufficient resources for the group to continue as a going concern in the foreseeable future[14] - The management recognizes the importance of resilience and adaptability in response to market trends and consumer preferences[40] - The company aims to enhance operational efficiency and provide excellent customer service to achieve long-term success in the industry[41]