Financial Performance - The company's profit for the year ended December 31, 2022, increased by approximately 58.6% to about SGD 4.6 million compared to SGD 2.9 million for the year ended December 31, 2021[5]. - Revenue rose approximately 24.5% from about SGD 45.8 million for the year ended December 31, 2021, to approximately SGD 57.0 million for the year ended December 31, 2022[14]. - Net profit rose by approximately SGD 1.7 million from SGD 2.9 million in 2021 to SGD 4.6 million in 2022, with net profit margin increasing from approximately 6.3% to 8.1%[27]. - Gross profit increased by approximately SGD 4.8 million or 35.8% from SGD 13.4 million in 2021 to SGD 18.2 million in 2022, primarily due to recovery in local truck transportation and freight forwarding sectors[19]. - Gross margin improved from approximately 29.3% in 2021 to 31.9% in 2022, with truck transportation service gross margin rising from 25.9% to 31.5%[20]. - Administrative expenses increased by approximately SGD 3.3 million or 33.3% from SGD 9.9 million in 2021 to SGD 13.2 million in 2022, mainly due to higher depreciation, employee costs, and director remuneration[25]. Business Expansion and Acquisitions - The company completed the acquisition of 70% of Resolute Solutions on July 15, 2022, enhancing its service offerings in the logistics sector[10]. - The company acquired 70% of Resolute Solutions for a total consideration of SGD 2.1 million, aiming to expand its service offerings in the dismantling and packing sector[37]. - The company is focused on expanding its value-added transportation services and warehouse capacity to create a favorable environment for future business growth[12]. - The logistics supply chain industry in Singapore is expected to continue growing, providing long-term growth opportunities for the company[5]. - The company is positioned to benefit from the recovery of the global economy post-COVID-19, with an optimistic outlook for Singapore's long-term economic prospects[5]. Revenue Breakdown - Truck transportation service revenue increased by approximately SGD 4.5 million or 28.5% from SGD 15.8 million in 2021 to SGD 20.3 million in 2022, driven by the reopening of borders and rising demand post-COVID-19[15]. - Freight forwarding service revenue rose by approximately SGD 3.9 million or 16.0% from SGD 24.4 million in 2021 to SGD 28.3 million in 2022, attributed to economic rebound and global trade recovery[16]. - Value-added transportation service revenue grew by approximately SGD 2.9 million or 51.8% from SGD 5.6 million in 2021 to SGD 8.5 million in 2022, due to increased temporary storage income from new logistics yards and warehouses[17]. Corporate Governance - The company has adopted all provisions of the Corporate Governance Code as set out in Appendix 14 of the Listing Rules, except for the C.2.1 provision[64]. - The board is responsible for formulating and implementing the company's policies and business strategies, overseeing accounts, IT, and operational matters[65]. - The company has a strong commitment to high standards of corporate governance to protect shareholder interests and enhance company value[64]. - The board consists of two executive directors and three independent non-executive directors as of December 31, 2022[68]. - The independent non-executive directors confirmed their independence in accordance with the listing rules, ensuring compliance with corporate governance standards[72]. Risk Management - The board confirmed its responsibility for maintaining effective risk management and internal control systems to protect shareholder interests[98]. - The company has established a risk management policy and procedures to identify, analyze, and monitor risks associated with its operations[99]. - The board reviews the effectiveness of the risk management and internal control systems at least annually[101]. - The company does not have an internal audit function but has engaged external consultants to perform internal audit duties annually[101]. Employee and Board Diversity - The company emphasizes gender diversity in hiring and career development opportunities for female employees[79]. - The company aims to achieve at least one female board member and a minimum of 10% female representation by the end of 2023[79]. - The company has adopted a board diversity policy, recognizing the need for gender diversity, as currently all directors are male[75][77]. - The board has resolved not to recommend the payment of a final dividend for the year ended December 31, 2022, consistent with the previous fiscal year[190]. Sustainability and ESG Initiatives - The company is committed to sustainability as a key to ongoing success and has integrated sustainability into its business strategy[194]. - An Environmental, Social, and Governance (ESG) working group has been established to collect relevant data and report on ESG performance[195]. - The board of directors is responsible for overseeing the company's ESG strategies, risks, and opportunities, meeting at least once a year to review these aspects[196]. - The company has set environmental goals and implemented the latest ESG-related policies and guidelines to demonstrate its commitment to sustainability[196]. - Key performance indicators (KPIs) are disclosed with explanations to establish benchmarks for ESG performance[200].
LEGION CONSO(02129) - 2022 - 年度财报