Financial Performance - The company's revenue for Q1 2023 was SGD 6,668,000, representing a 20.8% increase from SGD 5,519,000 in Q1 2022[9] - The pre-tax profit for Q1 2023 was SGD 600,000, up 81.8% from SGD 330,000 in the same period last year[9] - The net profit for Q1 2023 was SGD 600,000, compared to SGD 295,000 in Q1 2022, marking a 102.5% increase[9] - The total comprehensive income for Q1 2023 was SGD 610,000, which is a 106.8% increase from SGD 295,000 in Q1 2022[9] - Basic and diluted earnings per share for Q1 2023 were SGD 0.022, up from SGD 0.015 in Q1 2022, reflecting a 46.7% increase[9] - The profit for the period was approximately 0.60 million Singapore dollars, a significant increase from approximately 0.29 million Singapore dollars in the same period of 2022, primarily due to the overall increase in revenue, especially from new business contributions in mainland China[30] - The basic earnings per share for the three months ended March 31, 2023, was 0.022 Singapore cents, compared to 0.015 Singapore cents for the same period in 2022[28] - The company achieved a profit of approximately SGD 0.60 million for the three months ended March 31, 2023, compared to a profit of approximately SGD 0.29 million for the same period in 2022, driven by overall revenue growth, particularly from new operations in mainland China[42] Revenue Sources - Revenue from the passenger car service sector, including maintenance and modification services, contributed approximately 87% of total revenue for the period ended March 31, 2023[30] - The Singapore business revenue increased by 5.4% to 5.77 million Singapore dollars during the same period[30] - For the three months ended March 31, 2023, the company's revenue increased by approximately SGD 1.15 million or 20.8% to approximately SGD 6.67 million, primarily due to additional revenue of SGD 0.90 million from new business in mainland China[37] Cost Management - The company's material costs for Q1 2023 were SGD 3,345,000, slightly up from SGD 3,299,000 in Q1 2022[9] - The company's material costs increased only by approximately SGD 0.05 million or 1.4%, despite a significant revenue increase, indicating effective cost management[38] - Employee benefits expenses increased to SGD 1,731,000 in Q1 2023 from SGD 1,332,000 in Q1 2022, representing a 30% rise[9] - Employee benefits expenses rose by approximately SGD 0.40 million or 30% to approximately SGD 1.73 million, reflecting the company's decision to expand its workforce to support business growth and operations in mainland China[39] - Other expenses surged by approximately SGD 0.56 million or 330% to approximately SGD 0.73 million, primarily due to higher professional fees and additional operational costs from new subsidiaries in mainland China[41] Financial Position - The total equity attributable to owners of the company as of March 31, 2023, was SGD 8,019,000, an increase from SGD 7,923,000 as of March 31, 2022[10] - The company has maintained a strong financial position with total assets and liabilities reflecting stable growth trends[12] - The group had no pledged assets as of March 31, 2023[49] Corporate Governance - The group did not recommend any dividends for the three months ended March 31, 2023, consistent with the previous year[27] - The board does not recommend the payment of any dividends for the three months ended March 31, 2023[59] - No significant related party transactions were entered into during the three months ended March 31, 2023[47] - The group did not engage in any major investments, acquisitions, or disposals during the three months ended March 31, 2023[57] Market and Industry Insights - The group operates as a leading automotive service provider in Singapore with over 18 years of experience in the passenger car service industry[30] - The Singapore government's vehicle ownership policy limits the issuance of new vehicle ownership certificates, impacting the supply and demand dynamics in the automotive market[33] - By 2030, Singapore aims to install 60,000 electric vehicle charging points to promote the adoption of electric vehicles, which may influence the company's service offerings in the automotive sector[34] - The company is expanding into the new smart kitchen segment, integrating various business models including offline retail, takeaway, and SaaS+ services, aiming to become a leading platform in the global pre-prepared food industry[35] Compliance and Standards - The group has not adopted new or revised International Financial Reporting Standards that have been issued but are not yet effective[14] - The group’s financial statements are prepared in accordance with International Financial Reporting Standards and presented in Singapore dollars[16] - The group is subject to a 17% tax rate on estimated profits generated in Singapore and a 25% tax rate on estimated profits generated in China[23][24] - The group has not used any hedging financial instruments to mitigate foreign exchange risks as of the report date[50] Shareholder Information - As of March 31, 2023, the total number of issued shares is 2,000,000,000[1] - Mr. Li Jie holds a beneficial interest of 586,020,000 shares, representing 29.3% of the company's equity[46] - Ms. Han Mei, as a spouse of Mr. Li Jie, also holds 586,020,000 shares, representing 29.3% of the company's equity[46] - Ms. Li Lidan holds a beneficial interest of 120,810,000 shares, representing 6.04% of the company's equity[46] Future Outlook - The company will continue to pursue technological advancements in maintenance equipment and new engine types to prepare for market developments in the automotive sector[34] - The group has not reported any significant events related to the group's business or financial performance after the reporting period[58]
中食民安(08283) - 2023 Q1 - 季度财报