Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of approximately SGD 11,800,000, an increase of about SGD 800,000 or 7.3% compared to SGD 11,000,000 for the fiscal year ending December 31, 2023[8]. - The gross profit for the fiscal year 2024 increased to approximately SGD 3,800,000, up SGD 1,300,000 or 52.0% from SGD 2,500,000 in the previous fiscal year, primarily due to an increase in the number of projects undertaken[8]. - Traditional projects accounted for approximately SGD 4,200,000 in revenue for the fiscal year 2024, an increase of about SGD 800,000 from SGD 3,400,000 in the previous year[14]. - Revenue from PPVC projects decreased from approximately SGD 7,200,000 in the fiscal year 2023 to about SGD 7,100,000 in the fiscal year 2024, partially offsetting the overall revenue increase[14]. - The profit for the year ending December 31, 2024, was approximately SGD 300,000, compared to a loss of SGD 100,000 for the year ending December 31, 2023, attributed to higher revenue and lower service costs[22]. Cost Management - The company aims to maintain strict cost control measures while ensuring sufficient liquidity to sustain operations, with a focus on enhancing profitability and exploring long-term growth opportunities[8]. - Service costs decreased by approximately SGD 600,000 or 7.0% to about SGD 8,000,000 for the year ending December 31, 2024, primarily due to lower subcontracting consultancy fees[15]. - Administrative expenses increased by approximately SGD 200,000 or 6.1% to about SGD 3,500,000 for the year ending December 31, 2024, primarily due to rising labor costs[19]. Workforce and Employee Management - As of December 31, 2024, the group had a total of 161 employees, an increase from 143 employees in 2023[35]. - Employee costs for the year amounted to approximately SGD 9.6 million, down from SGD 10 million in 2023[35]. - The employee turnover rate for 2024 was 24.4% for males and 16.2% for females[120]. - The company has implemented measures to reduce employee turnover, including improving talent search and matching processes[126]. - The company achieved a zero occupational accident rate over the past three years, including the reporting period for 2024, with zero work-related fatalities and zero lost days due to injuries[131]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report covers the group's key ESG issues and measures from January 1, 2024, to December 31, 2024[38]. - The company is committed to providing substantial returns to investors while minimizing operational risks and ensuring a safe working environment for employees[45]. - The company conducts annual materiality assessments to understand stakeholder expectations regarding ESG issues[46]. - Key ESG areas identified include emissions, resource usage, climate change, employee health and safety, and community investment[53]. - The company adheres to all national and local environmental laws and regulations, implementing a "green environment policy" to assess environmental impacts[56]. Climate Change and Sustainability - The company aims to reduce CO2 emissions by 2% to 3% in the coming year through various energy efficiency initiatives[66]. - The company reported a decrease in Scope 2 greenhouse gas emissions, from 82.58 tons in 2023 to 75.74 tons in 2024, representing an 8.28% reduction[106]. - The company has identified global warming and water conservation as critical climate issues to address[89]. - The company is exploring new technologies and sustainable materials to adapt to changing resource costs and availability[99]. - The company has achieved ISO 14001:2015 environmental management system certification in Singapore and Vietnam, promoting energy-saving guidelines for green building projects[107]. Corporate Governance - The board emphasizes the importance of high corporate governance standards to protect shareholder interests and enhance corporate value[155]. - The company has adhered to the corporate governance code since its listing, with the exception of one provision regarding the separation of the roles of chairman and CEO[156][164]. - The board consists of a balanced mix of executive and independent non-executive directors, ensuring diverse expertise and independent judgment[166]. - The audit committee held five meetings during the year ending December 31, 2024, to review financial performance and significant financial reporting matters[178]. - The company has established mechanisms to ensure the board can obtain independent viewpoints[195]. Community Engagement and Social Responsibility - The group donated approximately HKD 46,476 to the Run for Heart event and sponsored SGD 10,000 for the Assisi Fun Day, supporting terminally ill patients and their families[150]. - The group sponsored approximately HKD 11,185 for Malaysia's National Day event and donated around HKD 25,066 to the Memorial Blood Centers Donation 2024[150]. - The company has implemented a comprehensive safety and health policy, ensuring a harmonious and pleasant working environment without labor disputes or litigation during the reporting period[137].
WMCH Global(08208) - 2024 - 年度财报