Financial Performance - For the year ended December 31, 2023, the total revenue was SGD 61,528,000, a decrease of 35.2% compared to SGD 94,864,000 in 2022[6] - The gross profit for the same period was SGD 5,047,000, down 37.5% from SGD 8,067,000 in the previous year[6] - Operating profit increased to SGD 2,251,000, representing a 74.5% increase from SGD 1,290,000 in 2022[6] - The net profit for the year was SGD 1,843,000, which is a 97.1% increase compared to SGD 935,000 in the prior year[6] - Basic and diluted earnings per share rose to 0.31 Singapore cents, up from 0.16 Singapore cents in 2022, marking a 93.8% increase[6] - Total operating profit before tax increased from SGD 1.234 million in 2022 to SGD 2.229 million in 2023, reflecting a growth of approximately 80.7%[21] - The profit for the year ended December 31, 2023, was approximately SGD 1.8 million, an increase of about SGD 0.9 million or approximately 100% compared to SGD 0.9 million for the year ended December 31, 2022, primarily due to government grants received[51] Revenue Breakdown - Total revenue from client contracts for human resource outsourcing services decreased from SGD 93.639 million in 2022 to SGD 60.851 million in 2023, representing a decline of approximately 35%[16] - Revenue from a major client (Client A) decreased from SGD 40.670 million in 2022 to SGD 13.476 million in 2023, accounting for over 10% of total revenue in both years[16] - Revenue from human resource outsourcing services fell by about SGD 32.8 million or 35% to approximately SGD 60.9 million, primarily due to a reduction in contractor placements related to COVID-19[42] - Revenue from human resource recruitment services decreased by approximately SGD 0.6 million or 50% to about SGD 0.6 million, attributed to a cautious hiring environment in the Asian cities where the company operates[44] - Other human resource support services revenue increased by approximately SGD 43,000 or 91.5% to about SGD 90,000, mainly due to growth in payroll processing services[45] Expenses and Costs - Total employee costs decreased from SGD 91.602 million in 2022 to SGD 60.777 million in 2023, a reduction of about 33.6%[19] - The company's service costs decreased by approximately SGD 30.3 million or 34.9% to about SGD 56.5 million, aligning with the revenue decline[46] - Employee costs, administrative, and other operating expenses decreased by approximately SGD 0.5 million or 8.2% to about SGD 5.6 million, due to a reduction in workforce and active cost management[49] - The total employee cost for the year ended December 31, 2023, was approximately SGD 60.8 million, down from SGD 91.6 million in 2022, with a reduction in full-time employees from 54 to 45[59] Assets and Liabilities - Total assets as of December 31, 2023, were SGD 27,267,000, a slight decrease from SGD 28,522,000 in 2022[7] - Current assets net value increased to SGD 19,773,000 from SGD 17,811,000, reflecting a growth of 11%[7] - The company's equity total was SGD 20,219,000, up from SGD 18,358,000, indicating an increase of 10.1%[7] - Total assets decreased to approximately SGD 28.3 million as of December 31, 2023, from SGD 29.1 million in 2022, while total equity increased to approximately SGD 20.2 million from SGD 18.4 million[53] - Current assets decreased to approximately SGD 27.3 million as of December 31, 2023, from SGD 28.5 million in 2022, and current liabilities decreased to approximately SGD 7.5 million from SGD 10.7 million[53] Other Income and Tax - The company reported a significant increase in other income to SGD 3,437,000 from SGD 170,000, representing a growth of 1,925.9%[6] - Other income surged by approximately SGD 3.2 million or 1,600% to about SGD 3.4 million, primarily due to government grants including SGD 2.4 million for employment growth incentives[48] - The group reported a total tax expense of SGD 386,000 in 2023, compared to SGD 299,000 in 2022, an increase of approximately 29.1%[21] - The group has unutilized tax losses of approximately SGD 5.404 million as of the end of 2023, compared to SGD 4.845 million in 2022[24] Corporate Governance and Compliance - The company has not applied any new or revised international financial reporting standards that would have a significant impact on its financial statements[10] - The company confirms compliance with the GEM Listing Rules regarding related party transactions as of December 31, 2023[74] - The independent non-executive directors confirmed that the controlling shareholders have complied with their non-competition commitments under the non-competition agreement[83] - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the year ending December 31, 2023, and found them to comply with applicable accounting standards and GEM listing rules[88] - The company has adopted a code of corporate governance and believes it has complied with the code throughout the year ending December 31, 2023, except for the separation of the roles of chairman and CEO[84] Future Plans and Investments - The company has no plans for major acquisitions or new product launches mentioned in the conference call[14] - As of December 31, 2023, the net amount of unutilized funds is approximately HKD 13.8 million, which has been used for expanding human resources outsourcing and recruitment services in Singapore[75] - The company plans to fully utilize the remaining funds for expanding human resources recruitment services in Hong Kong by December 31, 2024[75] - A total of HKD 4.5 million has been allocated to improve the company's IT systems and acquire computer hardware to support business operations[75] - The company anticipates that the remaining funds will be fully utilized for enhancing brand awareness by December 31, 2024[75] - The company is currently evaluating whether to further invest in upgrading its IT systems and may allocate more resources if necessary[75] Shareholder Information - The company holds 288 million shares, representing 48.00% of the issued share capital, through Omnipartners Holdings Limited, which is owned by Mr. Zhou Zhijian and Ms. Xiong Yuhan[76] - The board did not recommend the payment of a final dividend for the fiscal years ending December 31, 2023, and 2022[37] - There were no purchases, sales, or redemptions of the company's listed securities by the company or any of its subsidiaries during the year ending December 31, 2023[87] - The annual report for the year ending December 31, 2023, will be sent to shareholders and made available on the stock exchange and the company's website[89]
中安控股集团(08462) - 2023 - 年度业绩