Financial Performance - Total revenue for the fiscal year ending December 31, 2024, was SGD 50,241,000, representing an increase of 10.4% from SGD 45,644,000 in 2023[4] - Gross profit decreased to SGD 11,477,000, down 4.6% from SGD 12,029,000 in the previous year[4] - The company reported a net loss of SGD 18,255,000 for the fiscal year, compared to a net loss of SGD 4,112,000 in 2023, indicating a significant increase in losses[4] - Basic and diluted loss per share was SGD 0.35, compared to SGD 0.06 in the previous year, indicating a worsening financial position[5] - The company reported a pre-tax loss of SGD 18,227,000 for 2024, compared to a loss of SGD 3,217,000 in 2023[12] - The group recorded a net loss of SGD 18.3 million in FY2024, compared to a loss of SGD 4.1 million in FY2023, primarily due to share-based payments and expenses related to expanding minimally invasive surgical solutions in China[38] Revenue Breakdown - Customer contract revenue for 2024 was SGD 41,822,000, up 12.5% from SGD 37,029,000 in 2023[11] - Revenue from dormitory services generated rental income of SGD 8,419,000, slightly down from SGD 8,615,000 in 2023[11] - Revenue from minimally invasive surgical solutions and related services rose from SGD 20.4 million in FY2023 to SGD 25.9 million in FY2024, a significant increase of 26.9%[30] - The group experienced a slight decline in revenue from labor dispatch and related services, from SGD 15.8 million in FY2023 to SGD 15.1 million in FY2024, attributed to a sluggish market in Singapore[31] Expenses and Costs - Administrative expenses surged to SGD 31,942,000, up 100% from SGD 15,941,000 in the prior year[4] - The company incurred total financing costs of SGD 773,000 in 2024, significantly higher than SGD 221,000 in 2023[16] - Research and development expenses increased to SGD 850,000 in 2024 from SGD 633,000 in 2023[17] - The company reported a significant increase in employee costs, totaling SGD 30,545,000 in 2024, compared to SGD 18,324,000 in 2023[17] - Administrative expenses increased by SGD 16.0 million, mainly due to share-based payments of SGD 13.2 million and hiring of industry professionals[35] Assets and Liabilities - Total assets decreased to SGD 58,867,000 from SGD 62,220,000, reflecting a decline of 5.5%[6] - Cash and cash equivalents dropped significantly to SGD 10,446,000 from SGD 20,196,000, a decrease of 48.2%[6] - The company’s total liabilities increased to SGD 26,088,000, up from SGD 24,730,000, marking a rise of 5.5%[7] - The company’s non-current assets rose to SGD 28,703,000, up from SGD 19,538,000, an increase of 46.7%[6] - Trade receivables decreased to SGD 4,856,000 from SGD 5,531,000, a decline of 12.2%[6] - Trade payables decreased to SGD 5,129,000 in 2024 from SGD 5,462,000 in 2023, with accrued operating expenses increasing to SGD 2,543,000 from SGD 2,371,000[23] Shareholder Information - The company did not declare or pay any dividends for the years ended December 31, 2024, and 2023[18] - The company completed a share split on December 12, 2024, adjusting the number of shares from 1,292,500,000 to 5,170,000,000[24] - A total of 128,603,750 share options were granted on January 9, 2024, with an exercise price of HKD 2.54 per share[74][75] - As of December 31, 2024, there are 509,245,000 unexercised stock options, adjusted for the share split effective on December 12, 2024[78] Market and Strategic Outlook - The company plans to expand its distribution network and develop new products to enhance competitiveness in the medical industry[26] - The minimally invasive surgical device market in China is projected to grow from USD 1.71 billion in 2025 to USD 2.68 billion by 2030, with a compound annual growth rate of 9.45% from 2024 to 2029[26] - The company is considering diversifying its business and expanding into the Asia-Pacific region, particularly China, to improve business prospects[28] - The company aims to leverage advantages in China, Hong Kong, and Singapore to explore new investment opportunities and enhance long-term economic benefits for shareholders[28] Risk Management - The group faces cash flow interest rate risk due to floating interest rates on bank balances and fixed-rate financing leases, with no current interest rate hedging policy in place[61] - The group is exposed to foreign currency risk due to bank balances and financial assets denominated in USD and RMB, which are not the functional currencies of the group entities[62] - Credit risk has been significantly reduced through established policies for credit limits and monitoring overdue debts, with management regularly reviewing the recoverability of trade debts[64] - The group maintains sufficient levels of cash and cash equivalents to manage liquidity risk and mitigate cash flow volatility[65] Corporate Governance - The audit committee reviewed the annual performance and confirmed that the consolidated financial statements were prepared in accordance with applicable accounting standards[87] - The company maintained sufficient public float throughout the year as per listing rules[89] - The board has adopted the corporate governance code and complied with all applicable provisions during the year[86] - The company expresses gratitude to all customers, management, employees, business partners, and shareholders for their continued support[91]
今海国际(02225) - 2024 - 年度业绩