Financial Performance - The Group's revenue from dental services for the year ended December 31, 2024, was approximately S$2,137,000, an increase of approximately S$98,000 or 4.8% compared to S$2,039,000 for the year ended December 31, 2023, accounting for approximately 42.4% of total revenue[19] - Revenue from dermatologic aesthetics and treatment services amounted to approximately S$2,140,000, representing a significant increase from S$0 for the year ended December 31, 2023, also accounting for approximately 42.4% of total revenue[19] - Revenue from healthcare products, nutritional supplements, and related aesthetics products decreased by approximately S$374,000 or 32.8%, totaling approximately S$767,000 for the year ended 31 December 2024, compared to S$1,141,000 for the previous year[45] - Other operating income decreased to approximately S$184,000 for the year ended 31 December 2024, down approximately S$177,000 from S$361,000 for the year ended December 31, 2023[47] - The loss for the year was approximately S$3,371,000 for the year ended 31 December 2024, a decrease from a loss of approximately S$6,853,000 for the year ended 31 December 2023[63] Strategic Growth and Market Positioning - The Group is strategically positioned for rapid growth, focusing on Clinical Healthcare and Dermatological Services in Hong Kong and Dental Business in China, driven by an aging population and increasing health awareness[20] - The Group recognizes high-growth potential in Southeast Asia's aesthetic industry and is exploring strategic entry opportunities to replicate its success in new markets[40] - The healthcare landscape in Hong Kong and China presents unique expansion opportunities due to increasing health awareness and demand for specialized services[36] - The Group is committed to solidifying its leadership in clinical healthcare, dermatology, and dental services across Hong Kong, Greater China, and beyond through innovation and strategic expansion[40] Operational Efficiency and Cost Management - The Group aims to sustain margins through elevating service quality and optimizing processes by integrating technologies to streamline operations[22] - Efforts to maintain profit margins will focus on elevating service quality and optimizing processes amidst economic recovery and industry-wide price pressures[38] - The Group plans to streamline existing non-core businesses and assets to improve asset utilization efficiency and reduce operating costs[32] - The cost of consumables and medical supplies used decreased by approximately S$238,000 or 14.5%, from approximately S$1,637,000 for the year ended 31 December 2023 to approximately S$1,399,000 for the year ended 31 December 2024[49] Employee and Corporate Governance - The Group's employee count increased to 45 full-time employees as of December 31, 2024, up from 32 in 2023[85][91] - Employee benefits expense decreased to S$2,060,000 for the year ended 31 December 2024, down from S$2,363,000 for the year ended December 31, 2023, primarily due to a reduction in Directors' remuneration[54] - The Board of Directors includes both executive and independent non-executive members, with several appointments and resignations noted during the year[130] - The remuneration committee has been established to review and recommend remuneration policies and packages for executive directors and senior management[143] Financial Position and Liabilities - As of 31 December 2024, the Group had net liabilities of approximately S$24,412,000, an increase from approximately S$12,519,000 as of 31 December 2023[69] - As of December 31, 2024, the total deficit of the Group was approximately S$24,412,000, an increase from approximately S$12,519,000 in 2023[72][76] - The Group's net current liabilities were approximately S$21,555,000 as of December 31, 2024, up from approximately S$12,102,000 in 2023[72][78] - The Group's capital structure included a deficit attributable to owners of the Company of approximately S$19.5 million as of December 31, 2024[73][78] Dividend and Shareholder Information - The Board does not recommend the payment of a final dividend for the year ended 31 December 2024[70] - The Group did not declare a final dividend for the year ended December 31, 2024, consistent with the previous year[77] - As of December 31, 2024, the Group reported no reserves available for distribution to shareholders under the Companies Law of the Cayman Islands[115] - The Group's cash flow position, earnings stability, and long-term investments were considered in determining dividend payouts[109] Compliance and Legal Matters - The Group has complied with all relevant laws and regulations that significantly impact its business operations during the year ended December 31, 2024[110] - There were no material disputes with key stakeholders, including employees, clients, and suppliers, during the year ended December 31, 2024[111] Share Option Scheme - The total number of shares available for issue under the Share Option Scheme is nil as of the date of the report[174] - The maximum entitlement of each participant under the Share Option Scheme is limited to 1% of the total shares of the company in issue within any 12-month period[175] - The Share Option Scheme was adopted on September 22, 2017, to incentivize and reward eligible persons for their contributions to the Group[166] - A total of 60,000,000 share options were granted to ten Directors and eligible participants at a cash consideration of HK$1.00 per grantee, with an exercise price of HK$0.109 per share[186]
德斯控股(08437) - 2024 - 年度财报