Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of 11,020 thousand SGD, an increase of 7.8% compared to 10,221 thousand SGD in the previous year[5] - The gross profit for the year was 2,451 thousand SGD, representing a significant increase of 66.5% from 1,478 thousand SGD in the prior year[5] - Administrative expenses rose to 3,315 thousand SGD, up from 3,184 thousand SGD, indicating a 4.1% increase year-over-year[5] - The company recorded a net loss of 124 thousand SGD for the year, a substantial improvement compared to a net loss of 1,730 thousand SGD in the previous year[5] - The basic and diluted loss per share improved to 0.02 SGD from 0.24 SGD year-over-year[5] - Other income increased to 683 thousand SGD, compared to 393 thousand SGD in the previous year, marking a growth of 73.7%[5] Assets and Liabilities - Total assets decreased from 4,649,000 to 4,468,000, a decline of approximately 3.9% year-over-year[6] - Current assets decreased from 4,588,000 to 4,453,000, a decline of about 2.9% year-over-year[6] - Cash and cash equivalents decreased from 2,166,000 to 1,738,000, a decline of approximately 19.7% year-over-year[6] - Total liabilities decreased from 1,598,000 to 1,423,000, a decline of about 10.9% year-over-year[6] - Non-current liabilities decreased from 760,000 to 747,000, a decline of approximately 1.7% year-over-year[6] - Total equity decreased from 3,889,000 to 3,721,000, a decline of about 4.3% year-over-year[6] - Current liabilities decreased from 1,114,000 to 924,000, a decline of approximately 17.0% year-over-year[6] - The company reported a net asset value of 3,721,000, down from 3,889,000, reflecting a decrease of about 4.3%[6] - The company’s total borrowings decreased from 703,000 to 657,000, a decline of approximately 6.5% year-over-year[6] - The company’s retained earnings decreased from 2,632,000 to 2,464,000, a decline of about 6.4% year-over-year[6] Revenue Breakdown - Revenue from Singapore was 8,556 thousand SGD in 2023, up from 7,677 thousand SGD in 2022, indicating a growth of about 11.4%[19] - Revenue from Vietnam was 2,246 thousand SGD in 2023, slightly down from 2,331 thousand SGD in 2022, reflecting a decrease of approximately 3.6%[19] - The expected remaining performance obligations for the next year are 8,773 thousand SGD, compared to 9,986 thousand SGD in the previous year, showing a decline of about 12.2%[17] - The group has identified a single operating segment focused on civil and structural engineering consulting services, with no separate segment analysis provided[17] Operational Insights - The company has not reported any significant new product launches or technological advancements during the fiscal year[5] - There are no updates on market expansion or mergers and acquisitions mentioned in the report[5] - Future outlook remains cautious, with a focus on improving operational efficiency and reducing losses[5] - The group aims to expand its workforce to provide high-quality and efficient services, while exploring other revenue sources through acquisitions of promising businesses or projects[42] - The group has been operating in the civil and structural engineering market in Singapore for over 17 years and has expanded its services to Vietnam since 2009[39] - The group faces challenges from geopolitical and economic uncertainties, including inflationary pressures and labor shortages, which may impact profitability[41] Employee and Cost Management - Total employee costs, including director remuneration, increased to NT$9,959,000 in 2023 from NT$9,935,000 in 2022, a rise of 0.24%[25] - As of December 31, 2023, the group had a total of 143 employees, a decrease from 155 employees in 2022[68] - Employee costs for the year amounted to approximately SGD 10,000,000, compared to SGD 9,900,000 in 2022, reflecting a slight increase[68] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance, which is essential for protecting shareholder interests and enhancing corporate value[70] - The independent auditor's report confirms that the consolidated financial statements reflect the financial position of the company as of December 31, 2023[34] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2023, and believes they comply with applicable accounting standards[76] - The announcement complies with GEM listing rules, ensuring the accuracy and completeness of the information provided[84] Future Plans and Investments - The company plans to invest HKD 5.5 million (34.16%) in further R&D to enhance its PPVC technology[66] - The expected utilization of unallocated net proceeds includes HKD 6.2 million (38.51%) for working capital[66] - The company aims to establish a support office in Hong Kong, with an expected allocation of HKD 1.0 million (6.21%)[66] - The expansion plans in Vietnam have been delayed primarily due to economic slowdown since early 2020[67] - The company is actively enhancing its information technology systems, including purchasing more software licenses to improve efficiency[67] Dividends and Shareholder Communication - The company did not declare or recommend any dividends for the year ending December 31, 2023, consistent with 2022[26] - The board has resolved not to declare any dividends for the year ending December 31, 2023[56] - The annual report for the year ending December 31, 2023, will be sent to shareholders and made available on the company's and the stock exchange's websites[80] - The company expresses gratitude to shareholders, business partners, and employees for their support and efforts as of December 31, 2023[81]
WMCH Global(08208) - 2023 - 年度业绩