Financial Performance - For the fiscal year ending December 31, 2024, Raffles Interior Limited reported total revenue of SGD 47,120,000, a decrease of 48.3% compared to SGD 91,181,000 in 2023[3] - The cost of sales for the same period was SGD 34,532,000, down 56.6% from SGD 79,686,000 in the previous year, resulting in a gross profit of SGD 12,588,000, an increase of 9.5% from SGD 11,495,000[3] - The operating profit for the year was SGD 1,444,000, slightly down by 4.5% from SGD 1,512,000 in 2023[3] - The net profit from continuing operations was SGD 599,000, a decline of 57.4% compared to SGD 1,403,000 in the prior year[3] - The total comprehensive loss for the year was SGD 4,537,000, compared to a comprehensive income of SGD 1,388,000 in 2023[4] - The company reported a basic loss per share of SGD (0.42) for the year, compared to earnings of SGD 0.14 per share in 2023[4] - The net profit attributable to the company's owners decreased to approximately SGD 0.6 million for the year ended December 31, 2024, down from approximately SGD 1.4 million in 2023[69] - Basic and diluted loss per share from continuing operations was SGD 599 for 2024, down from a profit of SGD 1,403 in 2023[35] - The basic and diluted loss per share from continuing and discontinued operations for 2024 is (SGD 4,154,000) compared to a profit of SGD 1,403,000 in 2023[36] Assets and Liabilities - Total assets decreased to SGD 38,636,000 in 2024 from SGD 44,223,000 in 2023, reflecting a decline of 12.6%[5] - Total equity fell to SGD 8,218,000 in 2024, down from SGD 12,361,000 in 2023, representing a decrease of 33.2%[5] - Trade receivables decreased to SGD 3,380,000 in 2024 from SGD 4,111,000 in 2023, with a net trade receivables amount of SGD 3,350,000 after expected credit loss provisions[40] - The total amount of trade and other receivables is SGD 4,534,000 in 2024, down from SGD 5,180,000 in 2023[40] - Trade payables decreased to SGD 4,370,000 in 2024 from SGD 6,662,000 in 2023[54] - Accrued project costs were SGD 9,436,000 in 2024, down from SGD 18,742,000 in 2023[54] - The maximum credit risk as of the reporting date for trade receivables is SGD 608,000, down from SGD 1,662,000 in 2023[45] - The provision for expected credit losses in 2024 was SGD 55,000, a decrease from SGD 172,000 in 2023, primarily due to a reduction in the total value of trade receivables[45] Revenue Sources and Customer Concentration - The group reported revenue from continuing operations of SGD 47,120 thousand for the year ended December 31, 2024, a decrease from SGD 91,181 thousand in 2023[19] - Revenue from Singapore for the year ended December 31, 2024, was SGD 47,120, a decrease of 48.5% from SGD 91,181 in 2023[24] - The group's largest customer and top five customers accounted for approximately 22.1% and 64.0% of total revenue from continuing operations for the year ended December 31, 2024, compared to 33.2% and 69.3% in 2023[25] - Revenue from customers contributing over 10% to total revenue included Customer A at SGD 10,395 and Customer B at SGD 7,476, totaling SGD 25,272 for 2024, down from SGD 40,486 in 2023[26] Operational Changes and Strategic Decisions - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings report[3] - The group has expanded its operations to include the sale and distribution of soft drink products in China, but has since terminated this segment after selling its entire stake in China Soft Drinks Limited[22] - The company completed the sale of its entire stake in China Soft Drinks Limited for a nominal value of HKD 1, marking a strategic exit from the soft drink sector[31] - The company agreed to acquire 51% of Wuhan Erchang Soft Drink Co., Ltd. for HKD 25,500,000, to be settled through the issuance of convertible notes[76] - The acquisition was completed on January 5, 2024, resulting in the issuance of 187,500,000 new shares at a conversion price of HKD 0.136 per share[76] Compliance and Governance - The company has complied with the corporate governance code throughout the year ended December 31, 2024[100] - The independent auditor expressed a qualified opinion regarding the financial statements due to limitations in scope related to the performance and cash flows of the sold group[85] - The independent auditor has issued a qualified opinion on the consolidated financial statements for the year ended December 31, 2024, indicating potential issues with the financial data related to the sale of the subsidiary[94] Future Outlook and Market Conditions - The construction demand in Singapore is projected to reach SGD 47 billion to SGD 53 billion by 2025, an increase of 6.3% to 19.9% compared to 2024, driven by major projects like Changi Airport Terminal 5 and Marina Bay Sands expansion[58] - The group anticipates that the application of new IFRS will not have a significant impact on the consolidated financial statements for the foreseeable future[15] Shareholder Information - The annual general meeting for shareholders will be held on May 23, 2025[102] - The company will suspend share transfer registration from May 20, 2025, to May 23, 2025, to determine voting rights at the annual general meeting[103] - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website[104] - The 2024 annual report will also be published on the aforementioned websites and will be sent to shareholders in due course[105] - The board expresses gratitude to all shareholders for their support and acknowledges the contributions of all employees[106]
RAFFLESINTERIOR(01376) - 2024 - 年度业绩