Financial Performance - The company's revenue increased from approximately SGD 85.0 million for the year ended December 31, 2021, to approximately SGD 94.9 million for the year ended December 31, 2022, representing a growth of about 11.6%[11]. - Revenue from human resource outsourcing services rose from approximately SGD 84.2 million to approximately SGD 93.6 million, an increase of about SGD 9.4 million[16]. - The gross profit increased from approximately SGD 7.4 million to approximately SGD 8.1 million, with a slight decrease in gross margin from about 8.7% to 8.5% due to competitive market adjustments[11]. - The company recorded a profit of approximately SGD 0.9 million for the year ended December 31, 2022, down from approximately SGD 1.5 million for the previous year, primarily due to a reduction in government subsidies received[11]. - Revenue from human resource recruitment services rose from approximately SGD 0.7 million for the year ended December 31, 2021, to approximately SGD 1.2 million for the year ended December 31, 2022, an increase of about 65.1%[19]. - Total service costs rose from approximately SGD 77.6 million for the year ended December 31, 2021, to approximately SGD 86.8 million for the year ended December 31, 2022, an increase of about 11.9%[21]. - Other income decreased from approximately SGD 1.5 million for the year ended December 31, 2021, to approximately SGD 0.2 million for the year ended December 31, 2022, a decline of about 88.7%[23]. - The profit for the year ended December 31, 2022, was approximately SGD 0.9 million, a decrease of about 37.2% compared to approximately SGD 1.5 million for the year ended December 31, 2021[26]. - Total employee costs for the year ended December 31, 2022, were approximately SGD 91.6 million, up from approximately SGD 82.2 million for the year ended December 31, 2021[31]. - The total assets decreased to approximately SGD 29.1 million as of December 31, 2022, from SGD 29.8 million as of December 31, 2021[32]. Market Strategy and Expansion - The company plans to expand into the non-public sector in 2023 to explore new market opportunities[14]. - The increase in revenue is attributed to competitive pricing strategies and increased demand for human resource outsourcing services from the public sector[14]. - The company aims to achieve its set goals despite anticipated challenges ahead[14]. - The group aims to strengthen its position in the human resources industry in Singapore while expanding its business in Hong Kong[46]. - The company has allocated HKD 23.0 million for expanding its human resources outsourcing and recruitment services in Singapore, with HKD 13.8 million already utilized[200]. - The company has allocated HKD 5.0 million for expanding its human resources recruitment services in Hong Kong, with HKD 4.4 million already utilized[200]. Environmental and Social Responsibility - The group has implemented green measures to enhance environmental awareness among employees and business partners[53]. - The group aims to control electricity consumption to reduce indirect carbon dioxide emissions and has invested in energy-efficient equipment[54]. - The group emphasizes compliance with local environmental laws and regulations[55]. - Indirect CO2 emissions increased by 53.11% from 10.45 tons in 2021 to 16.00 tons in 2022, with Singapore's emissions rising by 42.32% and Hong Kong's by 101.04%[56]. - Energy consumption rose by 38.76% from 23,613 kWh in 2021 to 32,765 kWh in 2022, with Singapore's usage increasing by 30.71% and Hong Kong's by 101.11%[60]. - The company has implemented clear environmental policies aimed at achieving pollution-free operations and conserving scarce resources[59]. - The company has committed to zero complaints regarding pollution issues in the coming year[63]. - The company continues to encourage energy-saving practices among employees, including timely shutdown of appliances and using energy-efficient devices[62]. - The company has not received any environmental violations or fines during the reporting period[57]. Employee Management and Training - The total number of employees as of December 31, 2022, is 1,481, comprising 54 internal employees and 1,427 outsourced employees[70]. - The employee count decreased from 2,053 in 2021 to 1,481 in 2022, reflecting a reduction of approximately 27.8%[71]. - The internal employee count slightly decreased from 57 at the beginning of 2022 to 54 by the end of the year[82]. - The average training hours per employee for internal training in 2022 was 0.44 hours, a significant decrease from 10.18 hours in 2021[93]. - For external training, the average training hours per employee in 2022 was 120.44 hours, compared to 11.95 hours in 2021[93]. - The group plans to continue providing internal and external training programs to enhance employee skills in the competitive human resources industry[91]. Corporate Governance - The board of directors consists of six members, including four independent non-executive directors, exceeding the GEM listing rules requirement[117]. - The company has adopted and complied with the corporate governance code as per GEM listing rules, with a noted deviation from one specific provision[108]. - The board is responsible for overseeing the company's business affairs and overall performance management, ensuring necessary financial and human resources are in place[110]. - The company has established a whistleblowing policy to report potential misconduct, ensuring confidentiality and protection against retaliation for whistleblowers[102]. - The company has a governance policy in place to ensure compliance with legal and regulatory requirements[143]. - The company has a shareholder communication policy to ensure equal and timely access to information for shareholders[160]. Financial Management and Audit - The independent auditor Hu Guan Chen LLP was engaged to provide audit and non-audit services, with total fees amounting to SGD 132,000, including SGD 120,000 for audit services and SGD 12,000 for non-audit services[146]. - The Audit Committee consists of three independent non-executive directors, with Mr. Wang Jianyuan as the chairman, and has reviewed the financial statements for the year ending December 31, 2022, ensuring compliance with applicable accounting standards and GEM listing rules[132]. - The company has established an internal control system to prevent corruption and fraud, with zero reported cases of bribery or corruption during the 2022 reporting period[102]. - The company has not established an independent internal audit department but has appointed an external consulting firm for annual reviews of the internal control system[149]. Shareholder Information - The company does not recommend the payment of a final dividend for the year 2022, consistent with the previous year[197]. - The company has a dividend policy in place since January 1, 2019, which will be reviewed periodically by the board[128]. - The board has confirmed that there are no significant uncertainties regarding the company's ability to continue as a going concern[147].
中安控股集团(08462) - 2022 - 年度财报