Financial Performance - The company recorded revenue of approximately SGD 30,379,000 for the year ended December 31, 2022, representing a 63.8% increase from SGD 18,542,000 in 2021[11]. - The gross profit for the year was approximately SGD 3,362,000, with a gross margin of about 11.1%, down from 12.5% in 2021[15]. - The company incurred a loss of approximately SGD 1,622,000 for the year, compared to a profit of SGD 246,000 in 2021[17]. - Selling and administrative expenses increased by approximately 70.7% to SGD 4,178,000, primarily due to higher employee costs, advertising expenses, and legal and professional fees[16]. - The company reported other income of approximately SGD 118,000 related to COVID-19 subsidies and interest income of about SGD 147,000 from loans receivable[15]. - Revenue from sales of signage and advertising in Singapore for the year ended December 31, 2022, was approximately SGD 7,539,000, a decrease of about SGD 400,000 compared to SGD 7,939,000 in 2021[20]. - Revenue from renovation services in commercial and residential development for the year ended December 31, 2022, was approximately SGD 22,840,000, significantly up from SGD 10,603,000 in 2021[20]. - Total employee costs, including director remuneration, for the year ended December 31, 2022, were approximately SGD 3,834,000, an increase from SGD 2,838,000 in 2021[26]. - As of December 31, 2022, the company's distributable reserves amounted to SGD 15,488,350, an increase from SGD 14,002,553 in 2021, reflecting a growth of approximately 10.6%[103]. - The company does not recommend the payment of a final dividend for the year ended December 31, 2022[88]. Borrowings and Financial Position - As of December 31, 2022, the total interest-bearing borrowings amounted to SGD 3,210,000, up from SGD 2,659,000 in 2021[19]. - The asset-liability ratio as of December 31, 2022, was approximately 17.3%, compared to 15.5% in 2021[19]. - As of December 31, 2022, the company's borrowings included property loans of approximately SGD 2,258,000, down from SGD 2,608,000 in 2021, and lease liabilities of about SGD 952,000, up from SGD 50,000 in 2021[99]. - As of December 31, 2022, the group's borrowings were secured against the ownership of leased land, buildings, and vehicles, with a total carrying value of approximately SGD 3,415,000, down from SGD 3,733,000 in 2021[24]. Employee and Workforce - The group employed a total of 97 employees as of December 31, 2022, compared to 70 employees in 2021[26]. - The gender composition of employees, including senior management, is approximately 72% male and 28% female as of December 31, 2022[61]. - The company conducts regular performance evaluations to determine employee suitability for promotions and salary increases[170]. - A total of 32 employees received 606 hours of training during the reporting period, emphasizing the importance of employee development[183]. - The average training hours per employee slightly decreased to 6.2 hours in 2022 from 6.4 hours in 2021[198]. - Employee turnover rate improved to 12% in 2022 from 24% in 2021[197]. Governance and Compliance - The board of directors consists of five members, including two executive directors and three independent non-executive directors, ensuring a balance of oversight and management[41]. - The board held a total of 7 meetings and 1 annual general meeting during the year ending December 31, 2022, with attendance rates of 71.4% for executive directors and 100% for independent non-executive directors[43]. - The audit committee, composed of three independent non-executive directors, held 5 meetings during the year and reviewed the group's financial performance, internal controls, and risk management[52]. - The company has adopted a code of conduct for securities trading by directors, confirming compliance with the relevant trading standards for the year ended December 31, 2022[40]. - The company has received annual confirmations of independence from all independent non-executive directors, ensuring compliance with GEM listing rules[46]. - The company has established a policy to ensure at least 50% of board members hold a bachelor's degree or higher[60]. - The company has adopted a nomination policy outlining the selection criteria for appointing and reappointing directors[62]. Risk Management and Internal Controls - The group has established a risk management and internal control system that provides reasonable assurance but not absolute assurance against foreseeable adverse events[72]. - The board believes that the risk management and internal control system is sufficient and effective as of December 31, 2022[71]. - The board of directors is responsible for ensuring effective risk management practices are in place to minimize operational risks[93]. - The company has adopted risk management policies to address identified risks and uncertainties that may impact its financial condition and operations[93]. - The company has engaged independent consultants to perform internal audit functions and assess the risk management system[71]. Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report covers the group's sustainable development performance, achievements, and challenges for the year ending December 31, 2022[142]. - The board is responsible for overseeing the group's ESG matters and implementing comprehensive ESG policies[146]. - Key ESG issues identified include energy consumption, employee welfare, occupational health and safety, and supply chain management[149]. - The total greenhouse gas emissions for the reporting period amounted to 214.6 tons of CO2 equivalent, with a density of 7.1 tons of CO2 equivalent per million Singapore dollars in revenue[153]. - The company aims to reduce greenhouse gas emissions by 1% by 2023 compared to 2022 levels[153]. - Total energy consumption for the reporting period was 761.6 MWh equivalent, with a density of 25.1 MWh equivalent per million Singapore dollars in revenue[158]. - The company plans to reduce energy consumption by 1% by 2023 compared to 2022 levels[158]. - Total water consumption for the reporting period was 1,760.9 cubic meters, with a density of approximately 58.0 cubic meters per million Singapore dollars in revenue[162]. - The company aims to reduce water consumption by 1% by 2023 compared to 2022 levels[162]. - The company has achieved ISO 45001:2018 certification, indicating a commitment to occupational health and safety[177]. Legal and Compliance Issues - The company had no significant contingent liabilities, legal proceedings, or potential lawsuits as of December 31, 2022, indicating a stable legal environment[92]. - The company adheres strictly to local labor laws, ensuring no child or forced labor is present in its operations[184]. - The company was fined a total of SGD 5,000 for violating Singapore's Workplace Safety and Health Act due to incidents causing employee injuries[45]. - There were no reported cases of corruption or related legal issues during the reporting period[195]. Shareholder and Stakeholder Engagement - The company has established multiple channels for communication with shareholders to enhance transparency[79]. - The group prioritizes stakeholder engagement through open and honest communication, including regular interactions with investors and shareholders[147]. - The company has a public float of at least 25% of its issued share capital as of the last practicable date before the publication of the annual report[130]. Business Operations - The main business involves investment holding and providing subcontracting services for commercial property and residential development renovation projects[86]. - The group primarily engages in the design, production, installation, and maintenance of signage and related products, as well as renovation and refurbishment services for commercial and residential properties[139]. - The corporate goal is to achieve sustainable growth in business and financial performance by expanding renovation and refurbishment services in both public and private sectors in Singapore[140].
吉辉控股(08027) - 2022 - 年度财报