Financial Performance - In the fiscal year 2022, the group's revenue increased by 26% to SGD 180.5 million, while net profit attributable to equity shareholders grew by 36% to SGD 71.4 million[24]. - Core operating profit attributable to equity shareholders rose by 23% to SGD 57.1 million, excluding fair value gains from investment properties and related deferred taxes[24]. - The overall gross profit margin improved by two percentage points to 68% in the fiscal year 2022[24]. - The company reported a gross profit of SGD 123.6 million for the fiscal year 2022, compared to SGD 94.3 million in 2021, indicating a significant increase[147]. - The net profit after tax increased by 37% to 76.3 million SGD in FY2022, compared to 55.8 million SGD in FY2021[166]. - Core profit for the fiscal year 2022 was SGD 57.1 million, up 23% from SGD 46.5 million in 2021[143]. - Earnings per share for core business increased to SGD 6.79 in 2022, compared to SGD 5.53 in 2021, reflecting a growth of 22.7%[155]. - The company’s compound annual growth rate (CAGR) for revenue from 2011 to 2022 was 27%[191]. Revenue Growth Drivers - Revenue growth of 40% to SGD 90.5 million in the first half of the year was driven by strong contributions from purpose-built worker dormitories and student accommodation in Singapore, Australia, and the UK[20]. - The company’s purpose-built worker dormitory business in Singapore and Malaysia saw a revenue increase of 23%, totaling SGD 134.7 million, with a stable segment profit margin of 58%[36]. - The purpose-built student accommodation business in Australia, the UK, the US, and Korea experienced a revenue growth of 38%, reaching SGD 44.2 million, with a segment profit margin increasing by 7 percentage points to 40%[36]. - The revenue contribution from Singapore was 68.7% in 2021, which slightly decreased to 66.7% in 2022[142]. - The company's revenue from the student accommodation segment accounted for 76.5% of total revenue in 2022, up from 74.6% in 2021[140]. Operational Capacity and Assets - The group held a total of 36 operational accommodation assets, providing approximately 66,291 bed spaces as of December 31, 2022[9]. - The total number of beds in the asset portfolio will increase to 68,487 with the upcoming operation of the new facility in Seattle's Light Town in Q3 2023[109]. - The group operates approximately 33,898 beds in Singapore and 26,313 beds in Malaysia as of December 31, 2022[112][118]. - The group has a total of 2,807 beds in the UK, with various student accommodation facilities located in cities such as Bristol, Liverpool, and Manchester[125]. - The company manages 17 high-quality purpose-built worker dormitory assets in Singapore and Malaysia[106]. - The company holds, develops, and manages 19 high-quality purpose-built student accommodation assets adjacent to top universities in Australia, Korea, the UK, and the USA[106]. Strategic Initiatives and Future Plans - The company plans to continue exploring opportunities for portfolio and revenue growth, including strategic reviews of its assets and capital recycling[30]. - The company is focused on managing efficiency and optimizing rental income to mitigate the impacts of inflation and rising interest rates[39]. - The company has diversified its asset portfolio strategically across six countries to achieve greater balance and stability[27]. - The company is developing a new dedicated worker dormitory project in Singapore, expected to add approximately 1,650 beds upon completion in 2025[199]. - The group aims to balance acquisitions of operational assets to support current income and future growth investment projects[174]. Financial Position and Liquidity - Cash and bank balances stood at 68.3 million SGD as of December 31, 2022, ensuring sufficient liquidity to meet short-term liabilities[169]. - The company has unutilized committed credit facilities amounting to 129.2 million SGD, providing additional financial flexibility[169]. - The group's borrowings decreased from SGD 727.7 million as of December 31, 2021, to SGD 663.1 million as of December 31, 2022, due to loan repayments and currency depreciation impacts[174]. - The average term of long-term bank debt as of December 31, 2022, was 6 years, with a net debt-to-equity ratio of 43%, down from 47% as of December 31, 2021[174]. - The interest coverage ratio remained strong at 3.9 times, indicating sufficient capacity to meet interest obligations[174]. Market and Brand Development - The group operates under the "Westlite" brand for worker dormitories and the "dwell" brand for student accommodation, with significant assets located in Singapore, Malaysia, the UK, Australia, Korea, and the US[9]. - The "dwell" brand is expanding its influence globally and is becoming a recognized brand in city center student communities[106]. - The company is expanding its market presence in the Asia-Pacific region, targeting an increase in market share by E% over the next two years[81]. Sustainability and Corporate Governance - Sustainability initiatives are being prioritized, with a commitment to reduce carbon emissions by H% over the next five years[71]. - The company has received recognition for its corporate governance practices, which are expected to strengthen investor confidence[71]. - The board believes in the resilience of the business fundamentals and strategic assets for long-term shareholder value enhancement[175].
胜捷企业(06090) - 2022 - 年度财报