Financial Performance - The group's revenue increased from SGD 3,983,000 in 2022 to SGD 9,906,000 in 2023, representing a growth of 149.0%[10] - Net profit for the year ended December 31, 2023, was SGD 1,737,000, a significant increase of SGD 4,450,000 or 164.2% compared to a net loss of SGD 2,707,000 in 2022[13] - The group achieved a pre-tax profit of SGD 2,414,000 in 2023, compared to a pre-tax loss of SGD 2,423,000 in the previous year[15] - The group maintained profitability for the fourth consecutive quarter, indicating a positive turnaround in financial performance since 2022[13] - The company reported a profit of SGD 1,737,000 for 2023, compared to a loss of SGD 2,707,000 in 2022, marking a turnaround in financial performance[162] Revenue Sources - The increase in revenue was attributed to project management fees of SGD 3,380,000 from two completed development projects and dividend income of approximately SGD 4,400,000 from real estate funds[13] - The investment management segment generated SGD 798,000 in revenue, while the fund management segment contributed SGD 5,521,000, and project management services brought in SGD 3,550,000[130] - The company’s project management services generated SGD 2,365,000 in revenue, reflecting a robust demand for these services in the real estate sector[130] - Total revenue for the year ended December 31, 2023, reached SGD 9,906,000, a significant increase from SGD 3,983,000 in 2022, representing a growth of approximately 148%[130] Assets and Liabilities - Total assets increased to SGD 31,596,000 in 2023 from SGD 27,454,000 in 2022, reflecting a growth of 15.5%[10] - The group's total liabilities rose to SGD 9,109,000 in 2023, up from SGD 6,501,000 in 2022, indicating an increase of 40.5%[10] - The group's total equity increased from SGD 20,953,000 to SGD 22,487,000, reflecting a growth of about 7.3% year-over-year[20] - The group's total non-current assets decreased from SGD 3,724,000 to SGD 3,210,000, a decline of approximately 13.8% year-over-year[19] - Current assets increased from SGD 23,730,000 to SGD 28,386,000, representing a growth of about 19.4% year-over-year[19] Cash Flow - The group's operating cash flow improved significantly, with a net cash flow from operating activities of SGD 3,756,000 compared to a cash outflow of SGD 1,707,000 in the previous year[24] - The group's investment cash flow was positive at SGD 2,347,000, down from SGD 4,361,000 in the previous year, indicating a decrease in investment activities[24] - Net cash flow from financing activities was SGD 831,000, compared to a net outflow of SGD 865,000 in the previous year[25] - Cash and cash equivalents increased by SGD 6,934,000, up from SGD 1,789,000 in the previous year[25] - The group reported a financial asset impairment loss of SGD 733,000 in 2023, compared to SGD 205,000 in 2022[15] Employee Costs - Employee costs rose by SGD 900,000 or 23.4%, from SGD 3,853,000 in 2022 to SGD 4,750,000 in 2023, primarily due to improved revenue and net profit leading to discretionary bonuses[13] - Total remuneration for directors increased from SGD 1,468,000 in 2022 to SGD 1,954,000 in 2023, representing a 33% increase[148] - The total remuneration for executive directors and senior management was SGD 1,954,000 in 2023, compared to SGD 1,468,000 in 2022, showing a 33% increase[152] Taxation - The income tax expense for 2023 was SGD 677,000, up from SGD 284,000 in 2022, reflecting a significant increase of 138%[160] - The company did not incur any tax provisions for operations in other countries or jurisdictions, as there were no taxable profits generated outside Singapore[159] Financial Instruments and Fair Value - The group measures financial instruments at fair value, including unquoted equity investments and financial derivatives, based on observable market data whenever possible[40] - The group classifies fair value measurements into three levels: Level 1 (quoted prices in active markets), Level 2 (significant other observable inputs), and Level 3 (unobservable inputs)[42] - The fair value of financial derivatives is measured using the Black-Scholes model, with inputs derived from observable markets when possible[119] Impairment and Provisions - The company has set aside a specific provision for impairment losses on financial assets amounting to SGD 5,085,000 as of December 31, 2023, related to legal proceedings[118] - The impairment provision for trade receivables decreased from SGD 508,000 at the beginning of 2023 to SGD 226,000 by year-end, following a write-off of SGD 345,000[180] - Provisions are recognized when there is a present obligation arising from past events, and it is probable that an outflow of resources will be required to settle the obligation[105] Dividends and Shareholder Returns - Cash dividends declared to shareholders are recognized as a liability when authorized and approved by shareholders[49] - No dividend will be paid for the fiscal year ending December 31, 2023, consistent with the previous year[164] Related Party Transactions - The company reported receivables from related parties totaling SGD 3,432,000 in 2023, slightly up from SGD 3,427,000 in 2022[187] - The group’s payables to related parties amounted to SGD 2,092,000 in 2023, compared to SGD 224,000 in 2022, indicating a significant increase[198] Other Financial Metrics - Basic and diluted earnings per share improved to SGD 0.09 in 2023, compared to a loss of SGD 0.14 per share in 2022[13] - The carrying amount of trade receivables was SGD 4,135,000 as of December 31, 2023, compared to SGD 3,888,000 in 2022, reflecting an increase in receivables[117] - The company’s investment in subsidiaries remained stable at SGD 11,775,000 as of December 31, 2023, after accounting for impairment provisions[188]
杰地集团(08313) - 2023 - 年度业绩