Financial Performance - For the fiscal year ending December 31, 2024, total revenue reached SGD 57,172,000, an increase of 2.6% compared to SGD 55,740,000 in 2023[4] - The company reported a net profit of SGD 2,793,000 for 2024, down 61.8% from SGD 7,310,000 in 2023[4] - Basic and diluted earnings per share for 2024 were SGD 0.35, a decrease from SGD 0.91 in 2023[4] - The total comprehensive income for the year was SGD 2,790,000, compared to SGD 8,844,000 in the previous year, indicating a significant decline[4] - The company reported a fair value gain of SGD 1,546,000 from investment properties, down from SGD 6,320,000 in 2023[4] - The tax expense for 2024 was SGD 284,000, compared to SGD 609,000 in 2023, showing a decrease of 53.4%[4] - The overall financial performance shows a mixed trend with certain revenue streams growing while others decline, necessitating strategic adjustments moving forward[27][28] Revenue Breakdown - Total revenue for the year ending December 31, 2024, is projected to be 57,172 thousand Singapore dollars, with external rental income contributing 9,211 thousand Singapore dollars[18] - The segment profit for the year is reported at 3,077 thousand Singapore dollars, with a breakdown showing a profit of 4,017 thousand Singapore dollars from one segment and a loss of 3,414 thousand Singapore dollars from another[18] - The group recorded a total revenue of SGD 57.2 million for the 2024 fiscal year, with 75.7% of this revenue coming from the sale of cooked food, beverages, and tobacco products[48] - The cleaning and utility services contributed approximately SGD 4.7 million or 8.2% to the total revenue in the 2024 fiscal year, up from SGD 3.9 million or 7.1% in the previous year[48] Expenses and Costs - The cost of goods sold was SGD 18,527,000, slightly lower than SGD 18,732,000 in the previous year[4] - Employee costs increased to SGD 17,417,000 in 2024 from SGD 16,964,000 in 2023, reflecting a rise of 2.7%[4] - The company incurred operating expenses of SGD 4,572,000 for rental and related expenses, up from SGD 4,362,000 in 2023[4] - Financial costs for 2024 amounted to SGD 4,115,000, an increase of 27.3% from SGD 3,233,000 in 2023[29] - Cost of goods consumed decreased from approximately SGD 18.7 million in FY2023 to about SGD 18.5 million in FY2024, a decline of 1.1%[51] Assets and Liabilities - Total assets as of December 31, 2024, amounted to SGD 180,828,000, an increase from SGD 177,751,000 in 2023, reflecting a growth of approximately 1.2%[5] - The company's net assets increased to SGD 89,208,000 in 2024 from SGD 86,418,000 in 2023, representing a growth of about 3.3%[5] - Total liabilities rose to SGD 91,620,000 in 2024, compared to SGD 91,333,000 in 2023, indicating a slight increase of 0.3%[5] - The company's cash and cash equivalents decreased to SGD 7,158,000 in 2024 from SGD 7,386,000 in 2023, a decline of approximately 3.1%[5] - The total current assets as of December 31, 2024, were SGD 9.779 million, while current liabilities were SGD 23.217 million, resulting in a net current liability of SGD 13.438 million[65] Strategic Initiatives - The company plans to focus on market expansion and new product development to drive future growth[3] - The group aims to drive sustainable growth and enhance long-term stakeholder value through strategic initiatives focused on high-demand areas and upgrading existing food centers[44] - The group plans to remove underperforming assets and reallocate capital to higher-value growth opportunities[46] Corporate Governance and Compliance - The audit committee consists of three independent non-executive directors, ensuring oversight of the group's financial reporting[75] - The group has adhered to corporate governance standards since its listing date, with ongoing reviews to ensure compliance[72] - The company is committed to transparency and will publish the annual report on both the Hong Kong Stock Exchange and its official website[78] Market Environment - The operating environment for the food and beverage industry in Singapore remains challenging, with rising interest rates and labor costs impacting operational expenses[44]
K2 F&B(02108) - 2024 - 年度业绩