Financial Performance - The company's revenue decreased from approximately SGD 61.5 million for the year ended December 31, 2023, to approximately SGD 50.7 million for the year ended December 31, 2024, representing a decline of about 17.6%[10]. - Gross profit fell from approximately SGD 5.0 million to approximately SGD 4.1 million, maintaining a gross margin of about 8.1%[10]. - The company recorded an annual profit of approximately SGD 3.3 million for the year ended December 31, 2024, compared to approximately SGD 1.8 million for the previous year, primarily due to government subsidies received[11]. - Revenue from human resource outsourcing services decreased by approximately 18.2% to about SGD 49.8 million for the year ending December 31, 2024, down from SGD 60.9 million for the year ending December 31, 2023[17]. - Revenue from human resource recruitment services increased by approximately 33.3% to about SGD 0.8 million for the year ending December 31, 2024, up from SGD 0.6 million for the year ending December 31, 2023[18]. - Other human resource support services revenue rose by approximately 36.7% to about SGD 123,000 for the year ending December 31, 2024, compared to SGD 90,000 for the year ending December 31, 2023[19]. - Other income increased by approximately 67.6% to about SGD 5.7 million for the year ending December 31, 2024, up from SGD 3.4 million for the year ending December 31, 2023[22]. - Profit for the year ending December 31, 2024, was approximately SGD 3.3 million, an increase of about 83.3% from SGD 1.8 million for the year ending December 31, 2023[25]. Operational Challenges - The business environment remains challenging with a weak employment market in Singapore, driven by cautious hiring trends and rapid technological changes[14]. - The company is facing intense competition and evolving regulatory requirements, which complicate the operational landscape[14]. - The company aims to drive revenue growth while maintaining cost efficiency and continuously refining its business strategy[14]. Workforce and Employee Management - The group had 38 full-time employees as of December 31, 2024, compared to 45 employees as of December 31, 2023, indicating a reduction of approximately 15.6%[33]. - As of December 31, 2024, the total employee cost, including director remuneration, was approximately SGD 50.7 million, down from SGD 60.8 million for the year ended December 31, 2023, reflecting a decrease of about 17.4%[33]. - The employee turnover rate for females was 36.67% and for males was 73.33% during the reporting period[82]. - The company recorded a total of 4 injury cases in 2024, a decrease from 6 cases in 2023[84]. - The company provided 100% internal training for female employees in 2024, compared to 69.23% in 2023[87]. - The percentage of management employees receiving external training increased from 69.23% in 2023 to 85.71% in 2024[87]. - Average internal training hours per employee decreased from 95.23 hours in 2023 to 0.74 hours in 2024, while external training hours increased from 17.47 hours to 19.87 hours[88]. Environmental, Social, and Governance (ESG) Initiatives - The group is committed to environmental, social, and governance (ESG) principles, recognizing their importance in creating value for stakeholders[44]. - The company aims to reduce indirect carbon emissions by 1-2% in the upcoming year, following a decrease in emissions from 13.83 tons in 2023 to 9.76 tons in 2024, representing a reduction of 29.43%[53]. - Electricity consumption decreased from 30,764 kWh in 2023 to 22,245 kWh in 2024, marking a reduction of 27.69%[56]. - The company has implemented energy-saving measures, including the use of energy-efficient equipment and encouraging employees to use public transport, resulting in a 26.37% reduction in electricity consumption in Singapore[56]. - The company has not received any violations or fines related to air, water, or waste pollution during the reporting periods[54]. - The company continues to invest in green initiatives to enhance environmental awareness among employees and business partners[50]. Corporate Governance - The company has adopted and complied with the corporate governance code as per GEM listing rules, with a commitment to enhancing shareholder value[100]. - The board of directors consists of five members, including one female director, achieving a gender diversity representation of 20%[113]. - The company has implemented a board diversity policy, focusing on various measurable objectives, including gender, age, and professional experience[113]. - The audit committee, established on June 21, 2017, consists of three independent non-executive directors and is responsible for reviewing financial statements and internal control procedures[119]. - The company has established a corporate governance policy that includes the appointment and re-election of directors, with a minimum term of one year for newly appointed directors[127]. Shareholder Communication - The company has adopted a shareholder communication policy to ensure equal and timely access to information[148]. - Shareholders are informed primarily through financial reports and annual general meetings[149]. - The company evaluates the effectiveness of its shareholder communication measures and considers them effective[150]. Business Development and Strategy - The company is expanding its service offerings to include payroll outsourcing, compliance support, and employer of record services to generate new revenue streams[11]. - The company aims to strengthen its position in the Singapore human resources industry while expanding its business in the Hong Kong market[46]. - The company has a strategic focus on regional business expansion, particularly in China and Vietnam[163]. - The company has been actively expanding its product offerings and competitive advantages through innovative solutions[162].
中安控股集团(08462) - 2024 - 年度财报