Financial Performance - For the nine months ended September 30, 2023, the company reported total revenue of SGD 7,414,000, an increase of 12.2% compared to SGD 6,608,000 for the same period in 2022[6]. - The gross profit for the same period was SGD 1,200,000, significantly up from SGD 189,000 in 2022, reflecting a gross margin improvement[6]. - The company incurred a loss before tax of SGD 792,000, which is an improvement from a loss of SGD 1,663,000 in the previous year[6]. - The total comprehensive loss for the period was SGD 802,000, compared to SGD 1,667,000 in the same period last year, indicating a reduction in overall losses[6]. - Basic and diluted loss per share for the nine months was SGD 0.11, down from SGD 0.25 in the previous year[9]. - The company reported other income of SGD 700,000 for the nine months, up from SGD 269,000 in the previous year, indicating growth in additional revenue streams[6]. - The company reported a loss attributable to owners of the company of 792 thousand SGD for the nine months ended September 30, 2023, compared to a loss of 1,663 thousand SGD in the same period of 2022, indicating an improvement[36]. - The group reported a loss of approximately SGD 800,000 for the nine months ended September 30, 2023, a decrease from a loss of SGD 1,700,000 for the same period in 2022[49]. Revenue Breakdown - Revenue from Singapore increased to 5,990 thousand SGD, up 20.9% from 4,949 thousand SGD in 2022, while revenue from Vietnam decreased to 1,284 thousand SGD, down 21% from 1,623 thousand SGD[26]. - Revenue from the Prefabricated Prefinished Volumetric Construction (PPVC) projects was approximately SGD 3,600,000, an increase of about SGD 500,000 from SGD 3,100,000 in the previous year[42]. - The group's revenue increased by approximately SGD 800,000 or 12.1% to about SGD 7,400,000 for the nine months ended September 30, 2023, compared to SGD 6,600,000 for the same period in 2022[42]. Expenses and Costs - Administrative expenses increased to SGD 2,638,000 from SGD 2,188,000, reflecting higher operational costs[6]. - Administrative expenses rose to 2,638 thousand SGD, an increase of 20.5% from 2,188 thousand SGD in the previous year, primarily due to higher employee costs and research and development expenses[30]. - The group's administrative expenses increased by approximately SGD 400,000 or 18.2% to SGD 2,600,000, primarily due to higher auditor fees and increased travel expenses following the reopening of borders[45]. - The company's total employee costs, including directors' remuneration, increased to 7,425 thousand SGD from 7,130 thousand SGD in the previous year[34]. - Research and development expenses increased to 379 thousand SGD, up from 339 thousand SGD in the previous year, reflecting the company's commitment to innovation[30]. - Financing costs rose by approximately SGD 24,000 or 80.0% to SGD 54,000, mainly due to increased interest rates on bank loans and lease liabilities[46]. Equity and Assets - The company's total equity as of September 30, 2023, was SGD 3,087,000, a decrease from SGD 3,983,000 at the beginning of the year[10]. - Total assets decreased to approximately SGD 4,800,000 from SGD 5,900,000 in the previous year, while total equity decreased to approximately SGD 3,100,000 from SGD 4,000,000[50]. Shareholder Information - Mr. Huang Sheng holds 367,212,000 shares, representing 51.0% of the company's ordinary shares, through WMCH Global Holdings Limited[70]. - Ms. Tan Seow Hong, as the spouse of Mr. Huang Sheng, holds 367,920,000 shares, representing 51.1% of the company's ordinary shares[70]. - The company has a significant concentration of ownership, with major shareholders holding over 51% of the total shares[70]. Corporate Governance - The company confirmed compliance with the GEM Listing Rules regarding public float requirements as of the reporting date[104]. - The board of directors has adhered to the corporate governance code principles and rules since the listing date up to September 30, 2023, with one exception noted[109]. - The chairman and CEO positions are held by the same individual, Mr. Huang Sheng, which the board believes is in the best interest of the company for effective management and business development[110]. - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the nine months ending September 30, 2023, and confirmed compliance with applicable accounting standards[113]. - The company has established an audit committee to ensure proper governance and oversight of financial reporting and internal controls[113]. Stock Options and Incentives - The company has a stock option plan that allows for a maximum of 60,000,000 shares to be issued upon exercise, which is 10% of the total shares issued at the time of listing[83]. - The stock option plan aims to attract and retain top talent and provide additional incentives to employees, directors, and business partners[78]. - As of September 30, 2023, the company has not granted any stock options since the adoption of the stock option plan on November 6, 2019, and there are no unexercised stock options[74]. - The company has not issued any stock options since the adoption of the plan, indicating a potential focus on other forms of compensation or incentives[75]. - The stock option plan is subject to the terms and conditions set forth in the GEM Listing Rules[79]. Related Party Transactions - The group entered into related party transactions amounting to SGD 59,000 for the nine months ended September 30, 2023, compared to none in 2022[94]. - There were no related party transactions established by the group for the nine months ended September 30, 2023, consistent with 2022[95].
WMCH Global(08208) - 2023 Q3 - 季度财报