Financial Performance - The company reported total revenue of SGD 18,345,177 for the fiscal year ending December 31, 2023, representing a 95.5% increase from SGD 9,386,895 in 2022[6]. - Gross profit for the year was SGD 3,060,683, compared to a gross loss of SGD 2,980,230 in the previous year, indicating a significant turnaround[6]. - The company incurred a loss before tax of SGD 1,437,938, an improvement from a loss of SGD 6,761,072 in 2022[6]. - Basic loss per share improved to SGD (0.30) from SGD (1.41) year-over-year[6]. - The total revenue from other income sources in 2023 was SGD 568,101, an increase of 82.5% from SGD 311,467 in 2022[44]. - The pre-tax loss for 2023 was SGD 1,437,938, a significant improvement from a pre-tax loss of SGD 6,761,072 in 2022, representing a reduction of approximately 78.7%[49]. - The after-tax loss for the fiscal year ending December 31, 2023, was approximately SGD 1,438,000, compared to an after-tax loss of SGD 6,765,000 in 2022, primarily due to increased rental income from leasing vacant land and reduced interest expenses[136]. Assets and Liabilities - Total assets decreased to SGD 13,675,302 in 2023 from SGD 12,182,702 in 2022, while total liabilities increased slightly to SGD 6,644,604 from SGD 6,350,646[8][9]. - The company reported a net asset value of SGD 9,733,343, down from SGD 11,153,687 in the previous year, reflecting a decrease in retained earnings[9]. - Cash and cash equivalents decreased by SGD 1,465,961 in 2023, compared to a decrease of SGD 864,790 in 2022, indicating a 69.5% increase in cash outflow[14]. - The company has a total borrowing of SGD 2,544,457 as of December 31, 2023, down 7.1% from SGD 2,739,198 in 2022[115]. - The company has approximately SGD 14,000,000 in unutilized tax losses available to offset future profits, with SGD 2,200,000 confirmed as deferred tax assets[116]. Cash Flow - Cash flow from operating activities showed a net outflow of SGD 684,502, compared to an inflow of SGD 967,844 in 2022, indicating challenges in cash generation[13]. - The company reported a net cash used in financing activities of SGD 892,830 in 2023, a significant reduction from SGD 1,713,939 in 2022, showing a 48% improvement[14]. - The total cash outflow for lease liabilities, including principal and interest, was SGD 621,710 in 2023, compared to SGD 594,536 in 2022[78]. Revenue Sources - Major clients contributed over 10% of total revenue, with Client I generating SGD 3,992,907 in 2023, up from SGD 2,285,204 in 2022, representing a 74.8% increase[31]. - Client II's revenue increased to SGD 3,633,119 in 2023 from SGD 1,784,238 in 2022, marking a 103% growth[31]. - Client III contributed SGD 3,152,652 in 2023, which was not applicable in 2022, indicating new revenue generation[31]. - The group reported a rental income from investment properties of SGD 475,611 in 2023, compared to SGD 150,530 in 2022, representing a growth of 215.5%[44]. - The group recorded a gain from the sale of investment properties amounting to SGD 340,533 in 2023, with no such income reported in 2022[45]. Expenses - Total employee costs, excluding director remuneration, increased to SGD 3,811,475 in 2023 from SGD 2,874,707 in 2022, reflecting a rise of about 32.5%[50]. - The total service costs recognized as expenses amounted to SGD 15,284,494 in 2023, compared to SGD 12,367,125 in 2022, indicating an increase of approximately 23.5%[50]. - Sales and administrative expenses for the fiscal year ending December 31, 2023, were approximately SGD 5,309,000, up from SGD 3,944,000 in 2022[135]. - The company experienced a significant increase in contractor costs, which rose to SGD 5,999,432 in 2023 from SGD 4,095,941 in 2022, an increase of approximately 46.6%[50]. Strategic Plans - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[6]. - The company aims to strengthen its market position in the steel structure industry in Singapore while exploring yak milk product distribution in China and the Asia-Pacific region[161]. - The company will continue to manage expenses prudently and regularly review its business strategies to identify new opportunities[159]. Market Outlook - The total construction demand in Singapore for 2024 is projected to be between SGD 32 billion and SGD 38 billion, with public sector demand expected to be a major catalyst, estimated at SGD 18 billion to SGD 21 billion[160]. - Private sector construction demand for 2024 is estimated to be between SGD 14 billion and SGD 17 billion, driven by government land sales and residential project surges[160]. - Major upcoming public projects include the Housing Development Board's latest on-demand construction projects and the Changi Airport Terminal 5 infrastructure works, contributing to the expected construction demand[160]. Shareholder Information - The company reported that as of December 31, 2023, Wanbao International Holdings Limited holds a 60.40% stake in the company, with 289,920,000 shares[164]. - The company plans to issue up to 96,000,000 new shares, representing 20% of the existing share capital, through the exercise of warrants, potentially raising up to SGD 384 million[126]. - The company has not granted or agreed to grant any options under the share option plan as of the date of the consolidated financial statements[123]. Compliance and Governance - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM listing rules[168]. - The audit committee reviewed the financial statements for the year ended December 31, 2023, and provided feedback[181]. - The annual report for 2023 will be published on the company's website and the Hong Kong Stock Exchange website in accordance with GEM listing rules[182].
高原之宝(08402) - 2023 - 年度业绩