Financial Performance - The group's revenue for the year ended December 31, 2024, was SGD 74.697 million, representing a 12.3% increase from SGD 66.538 million in 2023[9] - The group reported a profit before tax of SGD 1.348 million for 2024, compared to a profit of SGD 552,000 in 2023[9] - Total revenue for the year ended December 31, 2024, was approximately SGD 74.7 million, an increase of about 12.3% compared to SGD 66.5 million for the year ended December 31, 2023, driven by new large contracts in Singapore and organic growth in Thailand's environmental services[14] - Cost of sales for the year ended December 31, 2024, was approximately SGD 63.6 million, an increase of about 10.4% from SGD 57.5 million for the year ended December 31, 2023[15] - Gross profit increased from approximately SGD 9.0 million for the year ended December 31, 2023, to approximately SGD 11.1 million for the year ended December 31, 2024, with gross margin rising from 13.5% to 14.9%[16] - Net profit for the year ended December 31, 2024, was approximately SGD 822,000, an increase of about 73.1% compared to SGD 475,000 for the year ended December 31, 2023[22] - The board proposed a final dividend of SGD 0.002 per share for the year ended December 31, 2024, compared to SGD 0.0015 per share for 2023[23] Assets and Liabilities - Total assets decreased to SGD 40.995 million in 2024 from SGD 44.475 million in 2023[10] - The total liabilities of the group were SGD 13.062 million in 2024, down from SGD 14.381 million in 2023[10] - The equity attributable to the company's owners was SGD 27.817 million in 2024, a decrease from SGD 30.049 million in 2023[10] - As of December 31, 2024, the group's current assets were approximately SGD 37.0 million, with a current ratio of 3.0, down from 3.4 as of December 31, 2023[24] - The net cash position as of December 31, 2024, indicated that cash and cash equivalents exceeded bank borrowings, making the net debt-to-equity ratio not applicable[24] Operational Efficiency and Investments - The group aims to enhance productivity through investments in technology and training, despite a competitive environment in the Singapore environmental services industry[13] - The group continues to invest in digital solutions to improve operational efficiency and decision-making processes[12] - The group has 311 ongoing service contracts as of March 28, 2025, with an outstanding contract value of approximately SGD 66.9 million[12] - The company is committed to maintaining its market leadership in the environmental services sector through innovation and process improvement[7] - The group may explore additional investment opportunities that could yield extra returns[13] Employee and Management Information - As of December 31, 2024, the group had a total of 2,690 full-time employees and 156 part-time employees, an increase from 2,464 full-time and 145 part-time employees as of December 31, 2023[79] - The total salary cost incurred by the group for the year ended December 31, 2024, was SGD 53,199,000, compared to SGD 44,158,000 in 2023, reflecting an increase of approximately 20.5%[79] - Peh Poon Chew has nearly 40 years of experience in the cleaning industry, having joined the group in June 2002 as Operations Director[35] - Ms. Chok Li Qiu has over 25 years of experience in the cleaning industry and has been responsible for financial management and compliance since 2008[36] - Mr. Wang Xu has extensive experience in auditing, accounting, and financial management across various industries, including automotive and construction[37] - Mr. Liu Zhenrong has served as an independent non-executive director since September 1, 2023, and has a background in accounting and finance[40] - Mr. Liang Zhi Heng has over 20 years of experience in corporate finance and capital market transactions, currently serving as the financial reporting head at Newlinks Technology Limited[41] Corporate Governance - The company has a strong focus on compliance with statutory and regulatory obligations, ensuring proper financial management and reporting[36] - The management team includes individuals with diverse backgrounds in finance, operations, and compliance, enhancing the company's governance structure[39] - The board includes independent directors with significant experience in various sectors, contributing to effective oversight and strategic direction[37] - The company emphasizes the importance of operational management and customer relations in its service delivery[35] - The board has established a dividend policy to ensure appropriate procedures for declaring and recommending dividends, allowing shareholders to share in the company's profits while retaining liquidity for future growth opportunities[58] - The company has a financial secretary with over 17 years of experience in accounting and finance, previously holding positions at Ernst & Young and other firms[47] - The company has established three committees to oversee specific functions as part of good corporate governance[138] Environmental, Social, and Governance (ESG) Initiatives - The board of directors is responsible for overseeing the group's environmental, social, and governance (ESG) matters, with a sustainable development committee assisting in the management of these issues[161] - The group has set environmental goals related to greenhouse gas emissions, energy efficiency, waste management, and water consumption, with annual reviews to track progress[163] - The group reported a significant reduction in nitrogen oxides (NOx) emissions, decreasing from 921.1 kg in FY2023 to 484.9 kg in FY2024, representing a reduction of approximately 47.4%[180] - Sulfur oxides (SOx) emissions also decreased from 1.1 kg in FY2023 to 0.9 kg in FY2024, a reduction of about 18.2%[180] - Particulate matter (PM) emissions fell from 85.8 kg in FY2023 to 46.5 kg in FY2024, marking a decrease of approximately 45.8%[180] - The group aims to achieve carbon neutrality in accordance with government targets, with a 25% increase in greenhouse gas emissions density compared to FY2021, which was 2.0 tons of CO2 equivalent per million SGD revenue[183] - The greenhouse gas emissions density for FY2024 decreased by about 32.4% compared to FY2023, primarily due to improved operational efficiency leading to a reduced fleet size[183] - The group has identified 16 significant environmental, social, and governance (ESG) issues through internal assessments, which will guide their ESG reporting and strategy[173] - The group has implemented various environmental, social, and governance-related goals and regularly monitors these objectives to enhance stakeholder understanding[176] Risk Management - The company faces market risks related to interest rates, credit, and liquidity, with details on risk management measures provided in the financial statements[55] - The board is responsible for assessing and determining the nature and extent of risks related to the group's operations, continuously reviewing the internal control system[152] - The company has adopted a three-tier risk management approach to identify, assess, and manage various risks[153] - The audit committee conducts an annual review of the effectiveness of the internal control and risk management systems, covering significant financial, operational, and compliance controls[153] Shareholder Communication and Relations - The company has adopted a shareholder communication policy to ensure shareholders and potential investors can access balanced and easily understandable information[157] - The company emphasizes the importance of effective communication with shareholders to enhance their understanding of the group's business and performance[160] - The company has arranged appropriate liability insurance for legal claims against directors[115] Miscellaneous - The company was incorporated as an exempted company in the Cayman Islands on February 28, 2019, and its shares were listed on the main board of the Stock Exchange on July 3, 2020[50] - The annual general meeting is scheduled for May 15, 2025[56] - The group made charitable donations totaling SGD 9,750 during the reporting period[54] - The company has not engaged in any significant legal disputes as of December 31, 2024[82] - The company has not entered into any equity-linked agreements as of December 31, 2024[84]
HYGIEIA GROUP(01650) - 2024 - 年度财报