Financial Performance - The group's revenue increased from approximately SGD 51.7 million for the year ended December 31, 2020, to approximately SGD 85.0 million for the year ended December 31, 2021, representing a growth of about 64.4%[12] - The gross profit rose from approximately SGD 5.9 million to approximately SGD 7.4 million, with a gross profit margin decreasing from about 11.3% to approximately 8.7% due to adjustments in business strategy to cope with market competition[12] - The group recorded a profit of approximately SGD 1.5 million for the year ended December 31, 2021, compared to a profit of approximately SGD 0.2 million for the previous year, primarily due to increased revenue and government subsidies[12] - Revenue from human resource outsourcing services increased from approximately SGD 51.1 million to approximately SGD 84.2 million, a rise of about 64.8% driven by demand from public sector clients[18] - Revenue from human resource recruitment services increased slightly from approximately SGD 0.6 million to approximately SGD 0.7 million[17] - The increase in revenue was mainly attributed to a significant rise in public sector human resource outsourcing services and competitive pricing strategies[18] - Service costs increased by approximately SGD 31.8 million or 69.4% to about SGD 77.6 million for the year ended December 31, 2021, primarily due to increased labor costs[22] - Other income increased by approximately SGD 595,000 or 65.7% to about SGD 1.5 million for the year ended December 31, 2021, mainly due to government subsidies related to COVID-19[24] - The net profit for the year ended December 31, 2021, was approximately SGD 1.5 million, an increase of about SGD 1.3 million or 650% compared to the previous year[28] Business Strategy and Market Conditions - The company plans to explore new business opportunities conservatively to identify markets with growth potential, particularly in the Asian region[15] - The operating environment remains challenging due to ongoing virus-related restrictions affecting economic connections between Singapore, Hong Kong, and Western countries[15] - The company aims to achieve sustainable business growth and long-term benefits for shareholders by seizing various market opportunities[16] - The company will continue to review market conditions and adjust its business diversification strategies to mitigate potential risks[15] Employee and Workforce Management - As of December 31, 2021, the total number of employees in the group was 2,053, comprising 57 internal employees and 1,996 outsourced employees[75] - The group employed 1,126 female employees and 927 male employees in 2021, reflecting a diverse workforce[78] - The internal employee count decreased from 59 at the beginning of 2020 to 57 by the end of 2021, indicating a reduction in workforce[87] - Employee compensation is determined based on current market levels, skills, qualifications, and experience, ensuring competitive remuneration[72] - The employee turnover rate for male employees was 58.82%, while for female employees, it was 83.33%[88] - The group has fulfilled all responsibilities towards employees, including salary payments and health benefits, with no disputes or violations reported[89] - The group continues to promote a fair and equitable work environment, encouraging open communication and innovation among employees[75] Health and Safety - In the reporting period of 2021, the group recorded 36 injury or COVID-19 cases among outsourced employees in Singapore, an increase of 32 cases compared to 2020[95] - The total number of lost workdays due to injuries or COVID-19 was 318 days in 2021, up from 15 days in 2020[95] - The group aims to maintain a good health and safety record in the coming year[95] - The group has implemented safety rules and policies that comply with all relevant laws and regulations in Singapore and Hong Kong[94] - The group has not reported any work-related fatalities in the past three years, including the reporting period of 2021[95] Environmental Initiatives - The group has implemented green measures to enhance environmental awareness among employees and business partners[56] - The group has set a goal to control electricity consumption and encourages the use of natural ventilation instead of air conditioning[57] - The group has invested in energy-saving tools and equipment, such as energy-efficient printers and computers[57] - Indirect CO2 emissions in Singapore decreased by approximately 32.5% from 12.64 tons in 2020 to 8.53 tons in 2021[60] - Total indirect CO2 emissions reduced by 17.31% from 12.64 tons in 2020 to 10.45 tons in 2021[60] - Energy consumption in Singapore dropped by 32.40% from 30,936 kWh in 2020 to 20,913 kWh in 2021[64] - Paper usage in Singapore reduced by 67.17% from 100,701 sheets in 2020 to 33,057 sheets in 2021[65] - The company aims to reduce indirect CO2 emissions by 1% to 2% in the coming year[60] - The company plans to continue implementing energy-saving measures with a target of reducing electricity consumption by 1% to 2%[65] - The company has not received any environmental violations or complaints during the reporting period[61] - The company is committed to zero complaints regarding pollution issues in the coming year[69] Corporate Governance - The company has adopted and complied with the corporate governance code as per GEM listing rules, with a commitment to enhancing shareholder value[115] - The board of directors consists of eight members, including four independent non-executive directors, exceeding the GEM listing rules requirement of at least one-third[125] - The company has adopted a board diversity policy aiming for 30% female representation, with three out of eight directors being women as of the report date[135] - The Audit Committee, established on June 21, 2017, is responsible for reviewing financial statements and overseeing internal control procedures[144] - The company has a structured approach to corporate governance with established committees to monitor specific areas of business[141] - The company has engaged an independent auditor, Guo Wei Accounting Firm, for audit services, with a total fee of SGD 130,000 for the year[159] - The company has a code of conduct and compliance manual applicable to employees and directors[157] Community Engagement - The company continues to provide training and job placement for hundreds of unskilled and semi-skilled workers, contributing to community investment[110] - The company encourages employees to participate in charitable and community support activities, allowing paid leave for such engagements[110] Management Team - The executive directors include Mr. Zhou Zhijian, who has over 19 years of experience in the human resources outsourcing and recruitment industry[180] - Ms. Xiong Yuehan, an executive director, has over 20 years of experience in the same industry and joined the group in 2009[182] - Ms. Lu Yongxin, the Chief Financial Officer, has over 20 years of experience in accounting, financial management, and restructuring[183] - Mr. Wang has over 28 years of professional experience in financial auditing for multinational corporations and publicly listed companies[192] - Ms. Huang Mingli has been appointed as the Regional Manager for Hong Kong since January 2009, overseeing strategic business operations and development in Hong Kong[200]
中安控股集团(08462) - 2021 - 年度财报