Financial Performance - The group's revenue for the three months ended March 31, 2023, was SGD 16,585,000, a decrease of 38.5% compared to SGD 26,980,000 for the same period in 2022[7] - Gross profit for the same period was SGD 1,260,000, down 57.0% from SGD 2,933,000 year-on-year[7] - Operating profit increased to SGD 2,122,000, up 54.0% from SGD 1,378,000 in the previous year[7] - Net profit for the period was SGD 1,855,000, representing a 67.5% increase compared to SGD 1,107,000 in the prior year[8] - The total comprehensive income for the period was SGD 1,871,000, compared to SGD 1,129,000 in the same quarter of 2022, marking a 65.7% increase[8] - Basic and diluted earnings per share for the quarter were SGD 0.31, up from SGD 0.18 in the previous year, reflecting a 72.2% increase[8] - The group reported other income of SGD 2,507,000, significantly higher than SGD 44,000 in the same period last year[7] - Total revenue and other income for the three months ended March 31, 2023, was SGD 19,092,000, compared to SGD 27,024,000 for the same period in 2022, representing a decrease of 29.4%[25] Revenue Breakdown - For the three months ended March 31, 2023, revenue from human resource outsourcing services was SGD 16,449,000, a decrease of 38.5% from SGD 26,722,000 in the same period of 2022[24] - Revenue from human resource recruitment services was SGD 126,000, down from SGD 251,000 year-on-year, reflecting a decline of 49.8%[24] - The company experienced a decrease in revenue from human resource outsourcing services, which fell to approximately SGD 16.4 million from SGD 26.7 million, a decrease of about SGD 10.3 million[41] Costs and Expenses - The group reported a total employee cost of SGD 16,387,000 for the three months ended March 31, 2023, down 35.0% from SGD 25,220,000 in the previous year[26] - The group’s pre-tax profit for the three months ended March 31, 2023, was impacted by a total service cost of SGD 15,325,000, a decrease of 36.4% from SGD 24,047,000 in the same period of 2022[26] - The company reported a decrease in service costs by approximately SGD 8.7 million or 36.3% to about SGD 15.3 million for the three months ended March 31, 2023, compared to SGD 24.0 million for the same period in 2022[42] - Administrative expenses remained stable at approximately SGD 1.4 million for both the three months ended March 31, 2023, and 2022[45] Government Grants and Other Income - The group recognized government grants of SGD 2,466,000 during the three months ended March 31, 2023, compared to SGD 11,000 in the same period of 2022, indicating a significant increase[25] - Other income increased by approximately SGD 2.5 million to about SGD 2.5 million for the three months ended March 31, 2023, primarily due to government grants including SGD 1,727,000 for employment growth incentives[43] Equity and Financial Position - The total equity of the group as of March 31, 2023, was SGD 20,229,000, an increase from SGD 18,519,000 a year earlier[10] - As of March 31, 2023, the group's cash and bank balance was approximately SGD 14.1 million, an increase from SGD 13.2 million as of December 31, 2022[52] - The current ratio as of March 31, 2023, was approximately 3.8 times, compared to 2.7 times as of December 31, 2022[52] - The group held fixed income fund units valued at approximately SGD 2.5 million as of March 31, 2023, compared to SGD 2.3 million as of December 31, 2022[59] - The group recorded a net fair value loss of approximately SGD 14,000 on fixed income funds during the period ended March 31, 2023[61] Corporate Governance and Compliance - The audit committee, consisting of two independent non-executive directors, has reviewed the unaudited consolidated financial statements for the three months ending March 31, 2023, and found them compliant with applicable accounting standards[85] - The company has complied with the corporate governance code as per GEM Listing Rules, except for the combined roles of Chairman and CEO[80] - The company has not reported any conflicts of interest among its directors or major shareholders[77] Future Outlook and Strategic Plans - The company plans to expand into the non-public sector to capture new market opportunities despite facing challenges from inflation and rising costs[39] - The company is committed to investing in talent reserves and internal business processes to improve profitability while managing costs[39] - The company aims to reduce operational costs by I% through efficiency improvements in the supply chain[90] - The overall performance guidance for the fiscal year has been adjusted to reflect a J% increase in expected earnings[90]
中安控股集团(08462) - 2023 Q1 - 季度财报