Financial Performance - Revenue for the fiscal year 2023 increased by 149% to approximately SGD 9.91 million, up from about SGD 3.98 million in fiscal year 2022[8] - The company achieved a net profit of SGD 1.74 million in 2023, a significant improvement from a net loss of approximately SGD 2.71 million in 2022[8] - For the fiscal year 2023, the group's revenue was SGD 9.906 million, a substantial increase from SGD 3.983 million in 2022[30] - The group reported a pre-tax profit of SGD 2.414 million for 2023, recovering from a loss of SGD 2.423 million in 2022[30] - The total assets of the group reached SGD 31.596 million in 2023, up from SGD 27.454 million in 2022[30] - The net profit for the year ended December 31, 2023, was SGD 1.74 million, a significant increase of SGD 4.45 million or 164.2% YoY from a net loss of SGD 2.71 million in 2022[33] - Revenue increased from SGD 3.98 million in 2022 to approximately SGD 9.91 million in 2023, representing a growth of 149.0%, primarily due to project management fees of SGD 3.38 million from two completed development projects in Singapore and an increase of approximately SGD 4.4 million in dividend income from real estate funds[41] Operating Costs and Expenses - Operating costs increased, with employee costs rising by SGD 0.9 million and provisions for receivables and impairments totaling approximately SGD 0.37 million[8] - Other expenses decreased by 16.2%, from SGD 1.79 million in 2022 to SGD 1.5 million in 2023[8] - Employee costs rose by SGD 0.9 million or 23.4%, from SGD 3.85 million in 2022 to SGD 4.75 million in 2023, attributed to improved revenue and net profit leading to discretionary bonuses for eligible employees[33] - The increase in revenue was partially offset by operational cost increases, including a provision for impairment losses of approximately SGD 0.37 million related to receivables and a higher impairment loss of about SGD 0.3 million[40] - Financial asset impairment losses increased from SGD 0.21 million in 2022 to SGD 0.73 million in 2023, an increase of SGD 0.52 million or 247.6%[55] - Interest expenses surged from SGD 0.09 million in 2022 to SGD 0.62 million in 2023, an increase of SGD 0.53 million or 588.9%[58] Market and Economic Conditions - The Singapore economy grew by 2.2% in Q4 2023, with an annual growth rate projected at 1.1%[10] - Private residential property prices rose by 6.8% in 2023, contributing to a total increase of 26% over the past three years[10] - The overall interest rates are easing, and the private equity influx in Singapore is creating a stable and optimistic outlook for the group[20] - The group sees significant opportunities in the Australian housing market, with demand continuing to exceed supply post-pandemic[21] Project Developments - The Arina East residential project is expected to launch in Q2 2024, with anticipated price increases due to nearby project launches[15] - The Bukit Batok West Ave 8 project sold 100% of its units at a median price of SGD 1,479 per square foot[16] - The Landmark project has achieved prices of SGD 2,934 per square foot, with nearly 90% of units sold[16] - Revenue from acquisition and project management services increased from SGD 1.39 million in 2022 to SGD 3.55 million in 2023, a rise of SGD 2.16 million or 155.4%[48] Client and Asset Management - As of December 31, 2023, the group's assets under management exceeded SGD 4.75 million, representing a year-on-year increase of 3.81% compared to 2022[17] - The group has over 350 clients, with approximately 38% being repeat transaction clients, indicating strong customer loyalty and trust[17] - The group continues to leverage its expertise in integrated services to assist family offices in project development and asset acquisition in Singapore[9] - The group has a total of 23 private equity and fund structures across 22 real estate projects and assets in Singapore, Malaysia, Indonesia, Australia, and Hong Kong[37] Sustainability and Corporate Governance - The company is committed to sustainable development and corporate governance, as evidenced by its executives' involvement in various committees and boards[110] - The greenhouse gas emissions for 2023 were approximately 8.81 tons, a significant reduction of 61% compared to 22.9 tons in 2022[132] - Total electricity consumption for 2023 was 22,447 kWh, which represents a 60% decrease from 2022[136] - The company aims to reduce its carbon footprint by 5-10% by the end of 2024 through various energy-saving measures[134] - The company has implemented measures such as turning off air conditioning after hours and replacing lights with LED to improve energy efficiency[132] Employee Engagement and Development - The company has a diverse leadership team with extensive experience in real estate, project management, and legal compliance, ensuring effective governance and operational efficiency[104][107] - Employee engagement initiatives include annual town hall meetings and biannual dialogue sessions to address employee concerns and improve organizational communication[163] - A total of 24 employees received training, with 54% being male and 46% female, highlighting a balanced approach to employee development[176] - Average training time per employee was 7 hours, ensuring continuous skill enhancement across all levels[179] Compliance and Risk Management - The company has implemented strict anti-corruption policies and training for all new employees[188] - The company’s compliance responsibilities include anti-money laundering and cybersecurity measures[190] - The board's report includes a discussion of the main risks and uncertainties facing the business[193] - The company adheres to local employment laws and international labor principles, promoting fair employment practices[181]
杰地集团(08313) - 2023 - 年度财报