Financial Performance - The group's total revenue increased from approximately SGD 66.5 million for the year ended December 31, 2022, to approximately SGD 91.2 million for the year ended December 31, 2023, representing a growth of about 37.1%[2] - Gross profit for the year ended December 31, 2023, was approximately SGD 11.5 million, up about 48.7% from approximately SGD 7.7 million in 2022, with a gross margin increase from 11.6% to 12.6%[4] - The company reported a net profit attributable to equity holders of SGD 1.403 million for 2023, compared to a loss of SGD 1.363 million in 2022, resulting in a basic earnings per share of SGD 0.14[28] - The company's revenue for the year ended December 31, 2023, was SGD 91,181,000, an increase from SGD 66,493,000 in 2022, representing a growth of approximately 37.1%[41] - The net profit attributable to equity holders for 2023 was SGD 1,403,000, a significant recovery from a loss of SGD 1,363,000 in 2022[46] - The company reported a profit of approximately SGD 1.4 million for the year ended December 31, 2023, a recovery from a loss of about SGD 1.4 million in 2022[101] Cost and Expenses - The cost of sales rose from approximately SGD 58.8 million in 2022 to approximately SGD 79.7 million in 2023, an increase of about 35.6%, consistent with revenue growth[3] - The company reported an increase in administrative expenses to SGD 6,000,000, impacting overall profitability[46] - Administrative expenses for the year ended December 31, 2023, were approximately SGD 9.6 million, up from SGD 8.7 million in 2022, primarily due to increased employee costs[87] - The total employee cost for the year ended December 31, 2023, was approximately SGD 15.1 million, up from SGD 12.7 million in 2022[111] Trade and Receivables - Trade receivables decreased from SGD 9.036 million in 2022 to SGD 4.111 million in 2023, with a significant reduction in overdue receivables over 90 days[8] - The group has maintained a credit period of up to 65 days for its customers, with a significant portion of trade receivables aged 0 to 30 days decreasing from SGD 6.344 million in 2022 to SGD 2.449 million in 2023[8] - The allowance for expected credit losses decreased from SGD 257,000 in 2022 to SGD 85,000 in 2023, reflecting improved credit quality of trade receivables[11] Dividends and Shareholder Returns - The company did not declare any dividends for the years ended December 31, 2023, and 2022[6] - There are no plans for dividend distribution following the reporting period[6] - The company does not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[102] Assets and Liabilities - Total liabilities increased to SGD 31,862,000 in 2023 from SGD 30,500,000 in 2022, reflecting ongoing investments in projects[47] - Trade payables decreased to SGD 6,662,000 in 2023 from SGD 8,048,000 in 2022, indicating improved cash flow management[35] - Cash and bank balances totaled approximately SGD 17.0 million as of December 31, 2023, compared to SGD 4.0 million at the end of 2022, indicating improved liquidity[90] - As of December 31, 2023, the company's debt-to-equity ratio was approximately 16.2%, a significant decrease from 67.8% in 2022[108] Business Operations and Market Outlook - The company operates primarily in Singapore, providing interior renovation services, and has a single operating segment without separate financial information for individual segments[56] - The company expects to capture new business opportunities as the construction industry in Singapore recovers, particularly from government land sales and residential developments[39] - The Building and Construction Authority (BCA) forecasts construction demand in Singapore to reach SGD 32 billion to SGD 38 billion in 2024, with the public sector contributing approximately 55%[39] Compliance and Governance - The company has complied with the corporate governance code throughout the year ended December 31, 2023[130] - The company has not early adopted any new international financial reporting standards that are issued but not yet effective, and it expects that the adoption of these standards will not have a significant impact on future financial statements[54] Acquisitions and Investments - The company completed a significant acquisition on January 5, 2024, involving the issuance of convertible notes and new shares[91] - The company has completed the acquisition of 51% of Wuhan Second Factory Beverage Co., Ltd. for HKD 25,500,000, with payment made through the issuance of convertible notes[116] - The company has no significant capital commitments as of December 31, 2023, reflecting a cautious approach to capital expenditure[94] - The company has no significant investments or future plans for capital assets as of December 31, 2023[111] Other Financial Information - Other income for the year ended December 31, 2023, was approximately SGD 0.1 million, a significant decrease from SGD 0.6 million in the previous year, primarily due to the cessation of government subsidies related to COVID-19[66] - The company's tax expense for the year ended December 31, 2023, was approximately SGD 2,000, mainly due to the net value of deferred tax assets recognized during the year[69] - The company has recognized a provision for onerous contracts amounting to SGD 528,000 due to anticipated increases in production costs[36] - The company has a profit guarantee for the target company, ensuring a post-tax profit of no less than HKD 5,000,000 per year for two full financial years following the completion date[116] - The company’s annual general meeting is scheduled for May 24, 2024[122]
RAFFLESINTERIOR(01376) - 2023 - 年度业绩