Financial Performance - For the fiscal year ending December 31, 2022, the company recorded revenue of approximately SGD 10,400,000, an increase of about SGD 1,600,000 or 18.2% compared to the previous fiscal year[7]. - The group's revenue increased by approximately 1,400,000 SGD or 15.9% to about 10,200,000 SGD for the year ended December 31, 2022, compared to approximately 8,800,000 SGD for the previous year[12]. - Gross profit rose by approximately 700,000 SGD or 87.5% to about 1,500,000 SGD for the year ended December 31, 2022, primarily due to the increase in revenue[15]. - The company's loss for the year ended December 31, 2022, was approximately 1,700,000 SGD, a decrease from a loss of about 10,800,000 SGD in the previous year[26]. - Total assets decreased to approximately 6,200,000 SGD as of December 31, 2022, down from about 8,200,000 SGD the previous year[29]. - The debt-to-equity ratio was approximately 31.6% as of December 31, 2022, compared to 21.8% the previous year[29]. Operational Challenges - The revenue growth was primarily due to the easing of COVID-19 measures in Singapore and Vietnam, despite ongoing supply chain disruptions and labor shortages in the construction industry[7]. - The company acknowledges the ongoing challenges in global markets due to geopolitical and economic uncertainties, which have led to disruptions in production, supply chains, and service logistics[10]. - The company has delayed the establishment of new offices in Vietnam due to economic slowdown and rising rental costs[41]. Cost Management - The company emphasizes strict cost control measures to maintain sufficient liquidity and operational stability in the face of economic uncertainties and geopolitical tensions[7]. - Service costs increased by approximately 600,000 SGD or 7.4% to about 8,700,000 SGD for the year ended December 31, 2022, due to higher employee costs[13]. - Administrative expenses decreased by approximately 400,000 SGD or 11.1% to about 3,200,000 SGD for the year ended December 31, 2022[17]. Employee and Workforce Management - Employee costs for the year ended December 31, 2022, were approximately SGD 9.9 million, an increase from SGD 9.2 million in the previous year[39]. - The company had a total of 155 employees as of December 31, 2022, a slight decrease from 156 employees in the previous year[39]. - The employee turnover rate for the group was 20.4% for males and 9.5% for females as of December 31, 2022[91]. - A total of 27 employees voluntarily left the company during the year, with a higher turnover rate observed in the civil and engineering consulting business due to project-specific skill requirements[91][92]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to minimizing environmental, social, and governance (ESG) risks, adhering to legal and regulatory requirements, and maintaining high ethical standards[46]. - The company has established key performance indicators (KPIs) to monitor the execution of its ESG strategies and policies[47]. - The company has implemented a "Green Environmental Policy" to identify and assess the significance of environmental impacts from its activities[54]. - The total indirect carbon dioxide emissions increased by 43.23% from 58.59 tons in 2021 to 83.92 tons in 2022[62]. - The company aims to reduce carbon dioxide emissions by 2% to 3% in the coming year through various energy efficiency initiatives[63]. Corporate Governance - The board of directors is committed to maintaining high corporate governance standards, which are crucial for protecting shareholder interests and enhancing corporate value[120]. - The company has complied with all corporate governance code provisions except for the separation of the roles of chairman and CEO, which is deemed appropriate for effective management[128]. - The board consists of a balanced mix of executive and independent non-executive directors, ensuring diverse expertise and independent judgment[131]. - The company has established a shareholder communication policy to ensure proper handling of shareholder opinions and concerns, which is regularly reviewed for effectiveness[169]. Future Outlook and Strategic Plans - Future outlook indicates a focus on expanding operations in Vietnam, leveraging local expertise to enhance project delivery[195]. - The company is actively pursuing new product development and technological advancements to improve service offerings[198]. - Strategic plans include potential mergers and acquisitions to strengthen market position and diversify service capabilities[191].
WMCH Global(08208) - 2022 - 年度财报