Financial Performance - Adjusted EBITDA loss narrowed by approximately 42% from SGD 9.2 million in 2023 to SGD 3.9 million in 2024, with an adjusted EBITDA margin improvement of 3.4 percentage points to -3.8%[6] - Revenue for the year was SGD 101.9 million, a decrease of 19.5% year-on-year, primarily due to a strategic shift towards the higher-margin D2B business model[16] - Gross profit remained stable at SGD 31.3 million, with a gross margin of 30.8%, an increase of 5.7 percentage points year-on-year[16] - Adjusted EBITDA improved significantly from a loss of SGD 9.2 million in 2023 to a loss of SGD 3.9 million in 2024, with the adjusted EBITDA margin increasing from -7.2% to -3.8%[16] - D2B revenue increased by 23.7% from SGD 26.6 million in 2023 to SGD 32.9 million in 2024, reflecting the successful transition to a higher-margin business model[23] - D2C revenue decreased by 31.1% from SGD 100.0 million in 2023 to SGD 68.9 million in 2024, as some brand partners were successfully transitioned to the D2B model[24] - Total gross profit for 2024 was SGD 31.3 million, with a gross margin of 30.8%, up from 25.1% in 2023, driven by the increased contribution from the D2B model[29] - The D2B sales cost increased by 2.3% to SGD 8.9 million in 2024, while D2C sales cost decreased by 28.4% to SGD 61.7 million, aligning with the decline in D2C revenue[28] - Net loss for 2024 recorded at SGD 269.8 million, compared to SGD 17.3 million in 2023, resulting in a net loss margin of 264.8%[44] Strategic Initiatives - The company aims to expand its business footprint in Greater China and other markets in 2025, focusing on innovative digital solutions and AI-driven transformations[6] - Synagistics Limited plans to invest in strategic acquisitions and joint ventures to enhance its capabilities in providing tailored Agentic AI solutions for Asian enterprises[6] - The launch of Geene AI reinforces the company's leadership in innovation and establishes its position in the rapidly evolving AI sector[7] - The company is committed to sustainability and carbon neutrality, promoting environmental initiatives throughout its operations[13] - The company is focused on enhancing its operational efficiency and financial performance through strategic leadership[84] - Strategic acquisitions will be actively pursued to expand market share and create long-term value, including a potential acquisition of up to 100% equity in a Chinese big data and digital transformation platform[60] Corporate Governance - The company is committed to maintaining high levels of corporate governance to protect shareholder interests and enhance corporate value and accountability[95] - The board of directors has established four committees, including the Audit Committee, Compensation Committee, Nomination Committee, and Finance and Risk Committee, to oversee specific aspects of the company's affairs[97] - The company has adopted a corporate governance code that has been in compliance since the completion date of the SPAC merger transaction[95] - The board's composition reflects a commitment to independent oversight and governance, ensuring accountability and transparency[77][82] - The company has mechanisms in place for independent directors to express their opinions and seek external advice when necessary[110] Employee and Board Composition - As of December 31, 2024, the company has a total employee count of 333, with total compensation costs amounting to SGD 30.1 million during the reporting period[64] - The company emphasizes competitive compensation and career development opportunities to attract and retain qualified personnel[64] - The board consists of two executive directors, three non-executive directors, and three independent non-executive directors as of the report date[101] - The board's independent non-executive directors exceed one-third of the total board members, ensuring compliance with independence regulations[107] - The company recognizes the importance of gender diversity and aims to improve its board composition over the coming years[105] Risk Management and Compliance - The company has established an internal audit department led by the Chief Financial Officer to oversee risk and internal control matters[146] - The company conducts annual internal control assessments to ensure compliance with internal control systems and to address any identified deficiencies[147] - The board believes that the risk management and internal control systems are effective and sufficient to protect the interests of all stakeholders[148] - The company has implemented a whistleblowing policy to allow employees to report concerns confidentially regarding financial reporting and internal controls[146] Market Position and Future Outlook - The company is a leading data-driven digital solutions platform in Southeast Asia, providing comprehensive digital solutions to brand partners in both D2B and D2C models[163] - The Southeast Asian e-commerce market's growth slowdown may reduce demand for the company's products[169] - The company emphasizes the importance of attracting and retaining partners to drive sales growth[169] - The company maintains a consistent contribution rate to the Central Provident Fund for eligible employees in Singapore, with a salary cap of SGD 6,800 per month[170] Shareholder Communication - The company is committed to maintaining effective communication with shareholders and stakeholders to ensure the quality and effectiveness of information disclosure[177] - The board confirmed that the shareholder communication policy was effectively implemented during the reporting period, considering various communication channels and shareholder participation in meetings[153] - The company emphasizes the importance of timely and non-selective disclosure of information to enable informed investment decisions by shareholders and investors[152]
狮腾控股(02562) - 2024 - 年度财报