Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of approximately SGD 10.5 million, an increase from SGD 9.1 million in the previous fiscal year[11]. - The gross profit turned positive at SGD 0.2 million, compared to a gross loss of SGD 0.7 million in the fiscal year 2023, indicating improved cost management[11]. - The net loss for the fiscal year 2024 was approximately SGD 2.6 million, significantly reduced from a net loss of SGD 6.8 million in the fiscal year 2023[11]. - The group's revenue increased by approximately SGD 1.4 million or 15.4% from SGD 9.1 million in FY2023 to approximately SGD 10.5 million in FY2024, primarily due to sales and manufacturing of disposable medical device injection molded plastic components in Singapore[19]. - The overall gross profit improved from a gross loss of approximately SGD 0.7 million in FY2023 to a gross profit of approximately SGD 0.2 million in FY2024, representing an increase of approximately SGD 0.9 million or 128.6%[21]. - The net other income increased from a net loss of approximately SGD 15,000 in FY2023 to a net other income of approximately SGD 0.2 million in FY2024, attributed to gains from lease termination and foreign exchange gains[23]. - Total comprehensive loss for the year was SGD 2,631,000, down from SGD 6,835,000 in 2023, showing a 61% improvement[173]. - The company reported a net loss from continuing operations of SGD 2,631,000 for 2024, compared to SGD 4,685,000 in 2023[173]. - Other income increased significantly to SGD 759,000 in 2024 from SGD 90,000 in 2023, marking a growth of 743%[173]. Operational Changes - The company successfully sold its gaming machines and equipment division in December 2023, allowing it to focus on core business areas[13]. - The company has ceased its gaming machine and equipment operations, focusing on manufacturing and selling disposable medical devices[185]. - The company continues to explore new revenue sources and business opportunities to mitigate external economic challenges[17]. - The company is committed to operational optimization and enhancing efficiency across its business units[13]. - Strategic resource allocation and strict cost control measures have been implemented to align business strategies with changing market conditions[12]. Governance and Management - The company has appointed new executive directors, including Mr. Li and Mr. Yang, effective from October 1, 2024, and November 22, 2024, respectively[49][50]. - The company’s founder, Mr. Pan, has been with the group since 1981 and plays a crucial role in overall management and business development[45]. - The board of directors includes experienced professionals with extensive backgrounds in finance, management, and consulting[51][53]. - The company emphasizes the importance of sound corporate governance for long-term success and sustainable development, maintaining high standards and procedures to enhance accountability and transparency[63]. - The company has complied with the corporate governance code, except for the provision that the roles of chairman and CEO should be separated, which is currently held by Mr. Pan[64]. - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring independent judgment[68]. - The company has established three functional committees to assist the board in fulfilling its responsibilities, including the audit committee, remuneration committee, and nomination committee[77]. - The company has adopted trading standards for directors' securities transactions, confirming compliance during the fiscal year 2024[75]. Financial Position and Cash Flow - The current ratio improved to approximately 1.8 times as of December 31, 2024, compared to 1.4 times in 2023, due to increases in trade and other receivables[29]. - The total borrowings decreased to approximately SGD 2.4 million as of December 31, 2024, down from SGD 4.2 million in 2023[30]. - The company reported a decrease in cash used in investing activities, with cash outflow for the purchase of property, plant, and equipment increasing to SGD 255,000 from SGD 47,000[183]. - The total cash and cash equivalents at the end of 2024 rose to SGD 1,779,000, up from SGD 1,598,000 at the end of 2023, indicating a positive cash flow trend[183]. - The company received a loan from a shareholder amounting to SGD 2,000,000, which was not present in the previous year[183]. - The company’s cash flow from operating activities was not detailed in the provided documents, indicating a need for further analysis in future reports[183]. Compliance and Risk Management - The company is committed to complying with insider information disclosure regulations and has engaged a third-party firm to review internal controls[98]. - The company confirmed that the consolidated financial statements for the fiscal year 2024 were prepared in accordance with relevant accounting standards and principles, reflecting the group's true and fair condition, performance, and cash flows[99]. - The audit committee discussed internal controls and financial reporting matters for the fiscal year 2024, confirming compliance with applicable standards and regulations[82]. - The independent auditor has confirmed that the consolidated financial statements reflect the group's financial position as of December 31, 2024, in accordance with International Financial Reporting Standards[157]. - The company has complied with applicable laws and regulations, ensuring that its operations meet significant legal requirements[119]. Shareholder Engagement - The board of directors is committed to maintaining effective and ongoing communication with shareholders and potential investors[101]. - The company encourages all shareholders to attend the annual general meeting and future meetings to maintain good communication[106]. - The company has received annual independence confirmations from all independent non-executive directors as required by GEM listing rules[129]. Future Outlook - Future outlook remains cautious with ongoing assessments of cash flow forecasts and key assumptions impacting financial performance[173]. - The company is actively exploring future development opportunities and market expansion strategies[41].
官酝控股(08513) - 2024 - 年度财报