Financial Performance - For the year ended December 31, 2024, the Group recorded a revenue of approximately S$23,255,000, representing a 26.8% increase compared to S$18,345,000 in FY2023[20]. - The gross profit for FY2024 was approximately S$4,007,000, reflecting a 30.9% increase from S$3,061,000 in FY2023[20]. - The loss after tax for FY2024 decreased to approximately S$1,084,000, down from a loss of approximately S$1,438,000 in FY2023[20]. - The decrease in loss after tax was mainly attributed to the increase in gross profit and other income[21]. - Revenue from construction services for FY2024 was approximately S$23,255,000, an increase from S$18,345,000 in FY2023, reflecting a growth of about 27.5%[66]. - The loss before tax for FY2024 was approximately S$729,000, improved from a loss of S$1,438,000 in FY2023, indicating a reduction in losses by about 49.3%[67]. Market Demand and Expansion - For FY2024, the Group recorded revenue of approximately S$23,255,000, a 26.8% increase from S$18,345,000 in FY2023, driven by an increase in project numbers and larger contract values due to strong demand in the Singapore construction market[27][33]. - Total construction demand in Singapore for 2025 is projected to be between S$35 billion and S$39 billion, with an average demand of S$39 billion to S$46 billion per year from 2026 to 2029[23][29]. - The strong demand for construction is supported by large-scale developments such as Changi Airport Terminal 5 and the expansion of Marina Bay Sands Integrated Resort[78]. - The anticipated demand includes contributions from high-spec industrial buildings, educational developments, healthcare facilities, and major infrastructure projects like the Thomson-East Coast Line and Cross Island Line[82]. - The Group is actively expanding its distribution business for silver economy products, particularly Tibetan Plateau yak dairy products, to capitalize on the growing silver economy market in China[24][30]. Financial Stability and Borrowings - As of December 31, 2024, the Group's borrowings included bank borrowings of approximately S$1,905,000, down from S$2,544,000 in FY2023[38][42]. - The Group's cash and cash equivalents were approximately S$1,588,000 as of December 31, 2024, compared to S$3,243,000 in FY2023[42]. - The gearing ratio improved to approximately 21.9% in FY2024 from 26.1% in FY2023, indicating better financial stability[42]. - The Group's debt-to-equity ratio was approximately 21.9% for FY2024, compared to 26.1% for FY2023[49]. Corporate Governance - The company has complied with the Corporate Governance Code during the year ended December 31, 2024[113]. - The Board currently consists of eight directors, including three executive directors, two non-executive directors, and three independent non-executive directors[121]. - The company emphasizes objectivity, transparency, and ethical acts in its decision-making processes[109][111]. - The company has established a whistleblower system to uphold its corporate culture and ethical standards[107]. - The Board is responsible for setting strategies and directions to enhance shareholder value and ensure compliance with legal and regulatory requirements[122]. Board Composition and Diversity - As of December 31, 2024, the gender diversity ratio in the workforce is 14.8% female and 85.2% male[139]. - The Company has a board diversity policy that emphasizes the importance of a balance of skills, experience, and perspectives among Board members[141]. - The Nomination Committee focuses on finding individuals with high integrity and relevant qualifications to represent the best interests of the Group[148]. - The Company aims to maintain a gender diversity goal with a variance of 3% from the current workforce gender ratio[140]. Internal Control and Risk Management - The Group's internal control system is designed to provide reasonable assurance against material misstatement or loss[197]. - The Group engaged an internal control consultant to perform an independent review of the risk management and internal control system for the financial year ended December 31, 2024[199]. - The review covers financial reporting, operational and compliance aspects, including key corporate governance policies[200]. - Recommendations for control improvement have been made by the internal control consultant[200]. Staffing and Employment - As of 31 December 2024, the Group had 128 employees, down from 142 in FY2023[56]. - Total staff costs, including Directors' emoluments, were approximately S$3,420,000 for FY2024, a decrease from S$4,393,000 in FY2023[57].
高原之宝(08402) - 2024 - 年度财报