Financial Performance - The Group reported revenue of SGD 26,980,000 for the three months ended March 31, 2022, representing a 44% increase compared to SGD 18,713,000 in the same period of 2021[8]. - Gross profit for the same period was SGD 2,933,000, up from SGD 2,424,000, indicating a gross margin improvement[8]. - Operating profit increased to SGD 1,378,000, compared to SGD 1,034,000 in the previous year, reflecting a growth of 33%[8]. - The profit before tax for the quarter was SGD 1,374,000, a 34% increase from SGD 1,026,000 in Q1 2021[8]. - Net profit for the period was SGD 1,107,000, up from SGD 847,000, marking a 30% year-over-year growth[8]. - The total comprehensive income for the period was SGD 1,129,000, compared to SGD 847,000 in the same quarter of the previous year[10]. - Basic and diluted earnings per share for the quarter were SGD 0.18, an increase from SGD 0.14 in Q1 2021[10]. - The company's profit before tax for the three months ended March 31, 2022, was SGD 1,107,000, compared to SGD 847,000 for the same period in 2021, reflecting a 30.7% increase[34]. - Basic earnings per share for the period was SGD 0.18, an increase from SGD 0.14 in the previous year[34]. - The profit for the period was approximately SGD 1.1 million, an increase of approximately SGD 260,000 or 30.7% compared to SGD 847,000 for the same period last year[51]. Revenue Breakdown - Revenue from human resource outsourcing services was SGD 26,722,000, up 44.5% from SGD 18,477,000 in the previous year[26]. - The company generated significant revenue from major clients, with Client A contributing SGD 7,345,000 and Client B contributing SGD 6,415,000, representing 27.3% and 23.8% of total revenue respectively[22]. - The company's revenue increased from approximately SGD 18.7 million to approximately SGD 27.0 million, representing a growth of 44.4% for the three months ended March 31, 2022[44]. - Revenue from human resource outsourcing services rose from approximately SGD 18.5 million to approximately SGD 26.7 million, driven by more work orders from various Singapore government agencies and the private sector[44]. Cost and Expenses - Total service costs increased to SGD 25,220,000 from SGD 17,317,000, representing a 45.7% rise year-on-year[28]. - Service costs increased from approximately SGD 16.3 million to approximately SGD 24.0 million, a rise of 47.2% due to higher labor costs and related expenses[45]. - The company’s tax expense for the period was SGD 267,000, compared to SGD 179,000 in the prior year, reflecting an increase of 48.9%[31]. - The company’s other income decreased to SGD 44,000 from SGD 127,000, primarily due to a reduction in government grants[27]. - Other income decreased by approximately SGD 83,000 or 65.4%, down to approximately SGD 44,000, primarily due to reduced foreign exchange gains[46]. - Administrative expenses remained relatively stable, increasing slightly from approximately SGD 1.5 million to approximately SGD 1.6 million[48]. Equity and Cash Position - The Group's total equity as of March 31, 2022, was SGD 18,519,000, up from SGD 16,711,000 a year earlier[12]. - As of March 31, 2022, the group's cash and bank balances were approximately SGD 14.5 million, up from SGD 10.5 million as of December 31, 2021[54]. - The current ratio as of March 31, 2022, was approximately 2.5 times, compared to 2.4 times as of December 31, 2021[54]. - Total employee costs for the three months ended March 31, 2022, were approximately SGD 25.2 million, an increase from SGD 17.3 million for the same period in 2021[56]. Operational Insights - The Group continues to focus on expanding its human resource outsourcing and recruitment services in Singapore[14]. - The company continues to explore new business opportunities and expand its operations into neighboring countries[42]. - The management remains cautiously optimistic about the company's preparedness to face current challenges and achieve sustainable growth[42]. - The group had 63 full-time employees as of March 31, 2022, an increase from 60 employees as of March 31, 2021[56]. Governance and Compliance - The company did not declare any dividends for the three months ended March 31, 2022, consistent with the previous year[33]. - The group confirmed compliance with applicable disclosure requirements under GEM listing rules regarding related party transactions[67]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial information for the three months ended March 31, 2022, and believes it complies with applicable accounting standards and GEM listing rules[79]. - The company has adopted the corporate governance code and has complied with its provisions, except for the separation of the roles of chairman and CEO, which are currently held by the same individual[79]. Capital Commitments and Investments - The group had no significant capital commitments as of March 31, 2022[58]. - As of March 31, 2022, the group had no significant investments or acquisitions during the reporting period[61][65]. - The group had approximately SGD 60,000 in pledged fixed deposits as of March 31, 2022, down from SGD 80,000 as of March 31, 2021[62]. - There were no significant contingent liabilities or guarantees as of March 31, 2022[63]. - The group had no major plans for significant investments or capital assets beyond those disclosed in the prospectus and report as of March 31, 2022[64]. - The company has not purchased, sold, or redeemed any of its listed securities during the three months ended March 31, 2022[77].
中安控股集团(08462) - 2022 Q1 - 季度财报